Stipends in Clinical Trials: 4 Reasons Why You Need a Secure Payment System
An important part of any research participant’s participation in a clinical trial is knowing that they will receive their stipend payments for the time and contributions that they invest in a study. The truth of the matter is that no matter the amount, it’s important to make sure patients get paid in a timely manner. Timely stipend payments help to increase subject compliance, and ultimately, improve study timelines and outcomes.
Making the decision to move to an electronic stipend payment system can provide many benefits, not just to the study participants, but for the site as well. Here are four things to consider when evaluating the benefits of moving to an electronic stipend payment system.
1. Reduced Costs and Improved Security
Initially, the transition to an electronic stipend system may seem more costly and more difficult to manage, but the reality is that the time-savings to staff and the built-in accountability that these systems provide save money and help to ensure greater transparency and security. Some questions you want consider when looking at a stipend payment system are:
- Does it integrate with your current CTMS?
- Is it secure, and how does it prevent fraud?
- Is it user-friendly and patient-friendly?
- What are the reporting options?
Each one of these above questions will help you make the right decision and provide a better experience for site bookkeepers and staff as well as the clinical trial participants.
2. Streamlined Payment Processes
When your payment system is integrated with your CTMS, you don’t spend time writing checks, chasing the check signor down for signatures, distributing to staff and/or patients, dealing with lost checks, canceled checks, re-issuing checks, check fraud, etc. You will also have access to real-time stipend account balances and low account balance alerts. Site staff, such as clinical research coordinators, can easily load the patient’s stipend card with a click of a button as soon as the visit is complete and the patient will leave with a smile on their face, probably looking forward to their next visit.
3. Track Financials
Tracking stipend payments is easier with a CTMS-integrated stipend payment solution. Many sites are still trying to pay stipends with cash, leading to numerous challenges with tracking and the potential for theft/fraud. Checks come with their own security risks as well as more time to process. Electronic stipend payment system tracking is simple and funds distributions are quick and secure. 1099 reporting at year’s end can also be completed in a snap as patient stipends are tracked across any and all studies that a patient has participated in. Aggregate reporting is available for study-level and site-level accruals as well.
4. Customer Service
Your business is solely dependent on volunteer participation. Every improvement that you make in a patient’s experience provides a boost in your site’s bottom line. When you have a streamlined stipend payment system, patients get paid faster, have quicker access to their funds for purchases, and have customer support standing by to assist with any issues they may have with their funds or stipend cards. The positive effects of happy, satisfied patients have short and long-term benefits that will help your site be successful, long-term.
At RealTime, we proudly offer superior, state of the art cloud-based software solutions for the clinical research industry. Our streamlined SitePAY solution benefits include some of the following:
- Secure- RealTime’s privilege-based system allows you to limit or extend PAY privileges to your staff, as needed.
- Easy Accounting- Funds are immediately off your books, and pre-set stipends can be loaded to PAYcards by multiple designated staff.
- Branded PAYcards- Customized branded PAYcards allow you to promote your site with a “billboard in the wallet!”
- Improved Subject Experience- Patients can receive a text or email when funds are loaded onto their PAYcard. Funds are available immediately, and can be viewed, managed, and transferred to their bank account through the PAYcard portal. The RealTime-PAY portal has both desktop and mobile capabilities.
If you are interested in learning more about RealTime-SitePAY, or any other RealTime solution, call us today at (210) 852-4310, or click HERE!