Patient payment processing can be a painful process for sites for numerous reasons. Fortunately, CTMS applications often have the ability to integrate with patient payment software to help streamline this process. A popular technology in patient payments are patient debit card systems, which eliminate the need to print and mail checks by allowing organizations to quickly and easily pay their trial patients. Below are four key benefits how a CTMS integrated with a patient payment system can benefit your organization:
Centralized Financial Information
With these technologies integrated together, study budgets and forecasts are brought together with patient payments, which helps reduce the time required to effectively manage your trial finances.
Reduce Cost and Risk
With debit cards, your organization no longer has to waste the time accurately printing and ordering checks. What’s more, debit cards can be used anywhere, so patients are no longer required to have a bank account to deposit a check (which can come up more than you might think).
Improved Tracking and Reporting
With your payment data being processed and tracked within a CTMS, you can easily generate reports ensuring all payments are being made correctly and according to your set budget. Reports can also be generated that can be sent to sponsors or used as tax documentation.
Increase Patient Retention
With debit card payments, patients are more likely to be satisfied with their trial experience, especially because they were paid so quickly and easily. Knowing this, patients are more likely to agree to sign up for future trials, which is great when you reach out to them after finding out they are likely to qualify for future studies based on data found in your CTMS.
As research becomes more complex, the integration of clinical research technology has the additional potential to make the research process easier and more enjoyable for the patients, in addition to the organizations doing the research.