vHelp is starting to work with Clinical Research Organizations (CROs) and the team understands the complexities involved in reimbursing clinical trial participants. Efficient participant payment systems are crucial for ensuring smooth operations and maintaining patient satisfaction. Here are three critical points CROs should consider when selecting a participant payment solution.
1. Does Your Participant Always Receive the Funds You’ve Reimbursed?
In some cases, clinical trial patients, like volunteers, may participate in a single visit or multiple visits. It’s essential to have a versatile payment solution that does not involve upfront costs. A common issue with prepaid cards is that patients need to activate them, which can sometimes fail. This means that participants may spend considerable time on the phone trying to access the funds they are eligible to receive. In some cases, they may never activate the card, resulting in unclaimed funds.
With **vHelp**, participants make a reimbursement claim, and once the CRO approves it, the funds appear in the participant’s bank account within hours. While we guarantee a 24-hour window for fund transfers, we often exceed this expectation. Every cent transferred from the CRO account reaches the participant’s bank account, ensuring that there are no delays or lost funds.
2. Are There Any Hidden Fees or Limitations on Prepaid Cards?
Prepaid cards used in clinical trials can often come with hidden fees, such as charges for withdrawing cash or restrictions on where the funds can be spent. These limitations can be frustrating for participants who expect seamless access to their compensation.
With **vHelp**, the reimbursed amount is transferred directly into the participant’s bank account, giving them the freedom to use the money as they wish, without any additional costs. This straightforward approach ensures transparency and convenience for all parties involved.
3. What Happens to Funds Left on Prepaid Cards for long periods?
Some prepaid card providers impose inactivity fees, which can deplete the funds on the participant’s card if it is not used within a specific period, such as six months. This can lead to significant distress among participants, who may log in after several months to find their funds substantially reduced due to inactivity charges.
By reimbursing participants directly into their bank accounts, vHelp eliminates the risk of inactivity fees and ensures that participants always have access to their full compensation. This not only provides peace of mind for the participants but also upholds the CRO’s commitment to ethical and transparent financial practices.
By addressing these critical concerns, CROs can ensure a smooth and reliable reimbursement process for their clinical trial participants. vHelp offers a robust, transparent, and participant-friendly solution that enhances the overall experience for both CROs and their participants.
Photo by National Cancer Institute on Unsplash