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Tag: reimbursement card

31 Jul 2019

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.

RealTime-SitePAY

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!

13 Jul 2018
RealTime-PAY: Best Practices Guide

RealTime-PAY: Best Practices Guide

You’ve adopted RealTime-PAY because your subjects and their experience are your main priority. Our system has helped your site reimburse patients for their time and travel with innovative technologies such as direct deposit and an online portal.

Consequently, YOU are our main priority. Our team of experts works night and day to provide you with the best tools to help you run your studies smoothly. That’s why we’ve compiled a guide of best practices your site can use when introducing the PAY portal and system to your patients. This will ensure your patients get all the information they need to get started with PAY while keeping their personal information secure.

MORE: Prioritize your subject’s experience

Do’s and Don’ts when setting up RealTime-PAY

DON’Ts

  1. Don’t – Write down or document any information such as PIN NUMBERS, PASSWORD, and SECURITY QUESTIONS. We understand that having this information might help you assist your patient, especially if they are not familiarized with the online portal or have trouble remembering their security information.
    However, if there is any type of fraud on the account, your site might be liable. Information such as the ones stated above should only be known by the account holder.
  2. Don’t – As a coordinator, you may want to assist your patient by calling Cardholder Services on their behalf but since they may be dealing with sensitive information such as PIN NUMBERS, PASSWORD, and SECURITY QUESTIONS, we recommend for you to refer them to the online portal or to a cardholder service representative.If your patient has questions about the usage of the card, card balance, PIN number, report a lost or stolen card or need general support, referred them to Cardholder Services.

    North America: +1 (877) 546-8220
    Worldwide: +1 (604) 638-6657
  3. Don’t – As mentioned before, the Cardholder Services call center is here to assist cardholders with inquiries about their account. If you have any questions about the portal or how RealTime-PAY can help your site, please call RealTime-PAY customer support at (210) 852-4310.

DO’s

  1. Do – When setting up a new card for a patient:
  • Always verify the spelling of the patient’s name, DOB, address, email, and phone number before assigning a RT-PAY card. All this information is pushed to the card during account creation.
  • Always assign the cards in RealTime before you hand over the card to the patient. This is important to ensure the correct cards are given to the assigned patient.
  • No special characters are allowed in the name field when assigning a card, for example, “Niki” or (Niki).
  • If you receive an error message when assigning a card, check the DOB first. Cards cannot be assigned to anyone under the age of 14.
  1. Do – Take the time to educate your patient about the capabilities of the PAY system and provide them with the resources to ask for help in case it is needed.
    The easiest way to make changes to the account is through the online portal but if further assistance is needed, refer them to Cardholder Services.
  2. Do – When explaining how to set up a PIN number, print out a list of steps for the patient so they can take notes while you go through the process with them. If necessary, sit with the patient through the whole set-up process but clarify that all the information needed is to be for their knowledge only.
  3. Do – Share the following tips with your patients:
  • Memorize your PIN; don’t carry it in a wallet or write it on the card.
  • Enter your PIN so others cannot see it. Do not share your PIN with anyone.
  • If the terminal appears to be modified or suspicious, do not enter your PIN.
  • Notify the Issuer immediately if a PIN change took place without your request.
  • When purchasing gasoline, pay for gas inside the station.
    Gas stations may place a hold up to $125.00 on your card balance when paying at the pump,
    regardless of the amount you pump. This hold may take up to 7 days to release to your balance.
  • When making purchases at restaurants hotels, gas stations, car rental agencies, cruise lines, mail order, and telecommunication companies, keep in mind that they may increase the purchase authorization request or place a “hold” on your card’s available balance to accommodate for potential card overdrafts.
  • Notify the Issuer immediately if a PIN change took place without your request.

Following the previous best practices will help you keep your subjects happy and their information safe.

Key Takeaways:

  • Never write down any sensitive information such as PIN NUMBERS, PASSWORD, and SECURITY QUESTIONS.
  • Take your time going over the PIN setup steps with your patient and if necessary, print a list of steps for them to follow when explaining the process.
  • Review all the TIPS on using the card with your patient.
  • Referred them to Cardholder services if they have any questions or issues with the usage of the card, card balance, PIN number, report a lost or stolen card or need general support.

If you have any questions about RealTime-PAY call one of our experts at (210) 852-4310.

To download the infographics click the link under the image and click “save” or send us an email to rtpay@realtime-ctms.com.

RealTime-PAY: Best Practices Blog                                     

PIN Number Tips                                                          Security Measures                                          DOs and DON’Ts for sites only