Tag: Clinical trials

Innovative Payments Solutions Streamline the Administrative Burden of Clinical Trial Participant Compensation

Clinical trials are crucial in advancing medical knowledge and improving patient care. However, the administrative tasks associated with managing participant compensation are often a significant burden for researchers and site personnel. According to recent studies, 44% of site personnel engaged in accounting also juggle other study-related responsibilities. This administrative workload can detract from the scientific focus of the research process. Fortunately, there are innovative solutions to address these challenges and streamline the compensation process.

Leveraging Digital Payment Methods

Adopting digital payment platforms is one of the most promising advancements in simplifying clinical trial participant compensation. Traditional methods of compensation disbursement often involve manual paperwork, which is not only time-consuming but also prone to human errors. By embracing digital payment platforms, researchers can automate the compensation disbursement process, reducing the need for extensive paperwork. Digital payment platforms offer secure and seamless compensation transfers, ensuring that participants receive their compensation in a timely manner. This enhances participant satisfaction and frees up valuable time for researchers and site personnel. Instead of allocating significant hours to processing payments, these individuals can redirect their efforts towards more critical aspects of the trial.

Moreover, prepaid debit cards have become a convenient and flexible payment method for clinical trial participants. These cards can be loaded with compensation funds and used just like regular debit cards, issued instantly as either a virtual or physical card, and provide participants with a hassle-free way to access their funds. Prepaid debit cards offer participants the freedom to choose how and when to use their compensation. This flexibility enhances participant satisfaction and encourages continued engagement and participation in the trial.

Time and Cost Savings

One of the most compelling advantages of digital payment platforms is the potential for significant time and cost savings. Research indicates that implementing such platforms can save up to 15 minutes per participant, considerably reducing administrative burden. These time savings compound as the number of participants in a clinical trial increase.

Researchers can devote more attention to study design, data analysis, and patient care by reallocating these saved hours. Furthermore, the cost savings associated with transitioning to digital payment platforms should not be overlooked.

By digitizing payments, administrators can significantly reduce manual paperwork, printing, and postage costs, leading to considerable financial benefits throughout a clinical trial. These cost savings can be reinvested into other research areas, contributing to the overall success of the study.

Automated Payment Tracking Systems

Automated payment tracking systems have gained traction further to improve the transparency and efficiency of the compensation process. By automating payment tracking, researchers can identify and promptly address discrepancies or issues. This proactive approach prevents potential delays in compensation disbursement and maintains participant trust throughout the trial.

These payment systems provide real-time monitoring of compensation disbursement, allowing researchers and site personnel to have a clear overview of payment statuses. Real-time tracking minimizes the risk of errors and ensures accurate record-keeping, thus enhancing transparency and compliance.

The administrative burden of managing participant compensation in clinical trials has long been a challenge for researchers and site personnel. However, the landscape is changing with the emergence of innovative payment solutions, such as digital payment platforms, prepaid debit cards, and automated payment tracking systems.

Solutions like B4B Payments’ instant prepaid card issuing platform streamline the compensation process, offer substantial time and cost savings, enhance participant satisfaction, and improve trial transparency. Advanced, easy-to-use payment platforms allow researchers to focus more on their work’s scientific aspects, drive progress in medical research, and ultimately improve patient care.

Tags Clinical trials, compensation, US

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Optimizing Payment: The Key to Clinical Trial Participant Satisfaction and Retention

Clinical trials are an essential cornerstone of medical research, enabling the development of new treatments and therapies that can revolutionize healthcare. However, Clinical Research Organizations (CROs), sponsors, and independent trial sites often face significant challenges in recruiting and retaining participants, leading to delays and increased costs.

One crucial factor that can address these bottlenecks is the optimization of participant payment processes. By providing timely and seamless compensation, researchers can incentivize participants to enroll and ensure their commitment throughout the trial.

The Importance of Participant Recruitment and Retention

Participant recruitment and retention are notorious hurdles in the world of clinical trials. Lengthy recruitment processes and high dropout rates can lead to delayed trial completion, increased expenses, and compromised data accuracy.

The reasons for these challenges are multifaceted, ranging from stringent eligibility criteria to the burden of participation. One effective strategy to address these issues lies in optimizing the payment experience for participants.

Seamless Compensation as an Incentive

One of the primary reasons individuals consider participating in clinical trials is the compensation offered for their time, effort, and potential health risks. In one survey, 39% of participants reported compensation as their primary motive for participating in clinical trials.

This percentage can go up to 90% for healthy volunteers. Optimizing payment processes is an effective way to incentivize participants to enroll and actively engage in the trial. The amount of payment for participation should not be overlooked, as this recent headline points out: Paying research participants — a lot — may be a key to increasing diversity in studies.

Timely, reliable, and hassle-free compensation fosters a sense of value and appreciation, boosting participants’ motivation to actively engage in the trial, follow protocols, attend appointments, and provide accurate data.

Source: TrialFacts

An Easy Way to Streamline Payment Processes

Efficient payment solutions, such as B4BPayments’ prepaid cards, are pivotal in streamlining payment processes for clinical trial participants. Prepaid cards offer a convenient and secure way to deliver compensation promptly, eliminating manual processes and the delays associated with traditional payment methods like checks or bank transfers.

The global prepaid card market, projected to reach $4.1 trillion in transaction value by 2026, according to Juniper Research, attests to the increasing demand for this convenient form of payment. This growth is primarily driven by emerging markets, where the reach of traditional banking systems may not be as extensive.

We have made it easy to overcome the burdens of administrative tasks, empowering sites to have more time to focus on research. B4B Payments’ all-in-one, intuitive management platform gives administrators full control and the power to instantly issue or schedule and automate the issuance of reloadable Visa prepaid physical and virtual cards globally with the agreed-upon compensation amount, for single or multiple trials and set milestones.

Administrators gain a new level of transparency in tracking each account and payment made, B4B Payments is a technology-first company, and we have designed an easy-to-use platform that flawlessly integrates into existing accounting and program management software.

Moreover, prepaid cards reduce the necessity for trial participants to have a bank account, use currency exchanges, or wait to receive checks in the mail. Trial participants can receive funds immediately for incentives, completion of milestones, and reimbursements. With increased consumer adoption of digital payments, cardholders can use a friendly mobile application to easily add their cards to highly used Apple or Google wallets for seamless mobile payments and manage their cards.

By adopting a simple, digital prepaid approach to participant compensation, operators can foster inclusion and diversity and ensure that participants receive their compensation without unnecessary friction, which can significantly impact their overall trial experience.

Impact on Retention Rates

The goal of optimizing payment processes is to improve participant retention rates. When participants have a positive payment experience and feel well compensated for their time and efforts, they are more likely to stay enrolled in the trial until completion. Studies have shown that participants who are paid promptly and without inconvenience are 2.5 times more likely to complete the required clinical trial steps than those who face payment-related challenges.

Higher retention rates translate to more accurate and comprehensive data collection, which is vital for drawing reliable conclusions from the trial. Reliable data is essential for gaining regulatory approval, advancing medical knowledge, and bringing new treatments to market. By prioritizing payment optimization, researchers can significantly contribute to their clinical trials’ success and healthcare’s overall advancement.

Optimizing payment processes is a critical yet often overlooked aspect of ensuring the success of clinical trials. As the healthcare industry continues to evolve, prioritizing payment optimization can be a game-changer in achieving successful clinical trials that drive meaningful progress. Contact B4B Payments to learn how we can help optimize the trial experience.

Tags Clinical research, Clinical trials, compensation, US

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Science tech start-ups boosted by EU investment

42 start-ups involved in the science and technology industries are set to receive a welcome investment boost from the EU’s European Innovation Council (EIC) as part of a drive to boost Europe’s international standing in these fields.

The EIC will be investing a hefty €178 million in total, taking stakes of 10% – 25% for each company. This is significant news for anyone with knowledge of the EU’s role in funding ground-breaking science and innovation. Traditionally, the union’s funding bodies such as the European Fund for Strategic Investments have limited their offerings to loans, grants or guarantees rather than direct investments. In other words, they have taken a backseat in deciding how allocated funding is actually invested.
The recent decision to switch to equity investments is borne of the fact that Europe has failed to translate its pioneering scientific endeavours into commercial accomplishments in recent years. Faced with a tough economic environment, start-up companies have been finding it difficult to secure the venture capital needed to grow and thrive.
It is anticipated that the EIC’s direct investments will change this stagnant commercial environment, helping to attract investment and mitigate the risks that inhere within any new business venture.
2021 is a big year for the EIC as Horizon Europe – its billion-euro research programme – gets up and running. As part of the programme, the organisation expects to make more direct investments in promising science and technology firms through to 2027.

How start-ups can secure funding

Start-ups can apply for a simple grant or a blended option of support, grant and equity. It should be noted, however, that while the pool of money available for budding start-ups is generous, the selection process is set to be very competitive.
The first step involves making an initial application to the EIC, who will go on to identify the most promising start-ups from the funding round. CEOs who make it past this initial step will then be invited to an interview panel of six experts in the fields of technology, law and investment.
The panel will pass their recommendations over to the EIC regarding which start-ups are worthy of funding and another panel – this time made up of investment experts – will recommend how much money each of the selected businesses deserve. The EIC will then confirm their decisions based on the advice of experts.
If you’re heading a start-up and are looking to take advantage of the EU’s new investment drive, you should note that the grant process is set to change as Horizon Europe gets up and running. The precise nature of the changes is still being negotiated, but rest assured that the future for promising new scientific ventures is looking bright.

Hit the ground running with B4B Payments

Are you a finance manager involved in a science-based industry such as pharmaceuticals or biotech? Perhaps you’re a start-up looking for ways to streamline your financial transactions with a partnering organisation? Look no further than B4B Payments. We offer companies smart financial solutions for organising payroll, payouts, reimbursements, incentives and more, giving them the tools needed to thrive and grow.

Tags Biotechnology, Clinical trials, Pharmaceuticals