Blog

Establishing a business case to invest in a patient reimbursement solution

When it comes to patient reimbursements, doing so manually with checks, cash and gift cards is consuming, error prone and provides zero transparency into money movement at the clinical trial.

While you may fully recognize the value in a solution that automates patient reimbursements, not everyone in your organization can always see the clear benefits that this technology can deliver. The reality is that there is a cost associated with investing in new technologies, and the ROI is not always clear. This is definitely the case in automating payments because calculating the costs associated with payments and processing are not always measurable.

According to 2016 client satisfaction study, nearly 80 percent of Greenphire clients see a return on their investment since using Greenphire’s solution – the majority of which see this return in the first year just in both time and cost savings.

So, how do you make the case to invest in a new technology for patient reimbursements?

Here are some questions to encourage your team to think about:

What impact would automating patient reimbursement have on the site’s performance?

By eliminating manual processes with a proven solution to reimburse patients quickly and easily – with a reporting tool to back it up – sites can remain focused on the execution of the clinical trial. Additionally, reimbursing patients quickly and easily with a debit card can eliminate any hurdles in patient participation, keeping them retained in the study for longer periods of time.

What types of reports around patient payments are available to you today? Can these be improved?

Automating patient reimbursement with a solution designed specifically for clinical research sites comes with the added value of providing the data and insights needed for tracking, reporting and transparency. Regardless of the purpose of the reports, all of the information related to study-level budgeted patient spend compared to actual patient spend or patient-level transaction history is contained in one easy-to-use portal, eliminating manual data entry and rework for various reporting needs.

What measures are you currently taking to ensure payment accuracy?

Reimbursing patients through a centralized portal ensures that the right payments are made on time, every time. The solution nearly eliminates the common human errors that are inherent with the host of errors that are inherent with manual processes.

How long does your payment approval process currently take and what delays can (does) that have on your trial?

Even if there has been an established and approved payment process, complying with this process can add administrative tasks to an already busy role at a research site. A pre-configured tool can aggregate and automate approvals to streamline this process, simplifying and improving the ability to move funds into the hands of the patients.

How secure is your current process for patient reimbursement?

Surprisingly in 2016, a time when we can use our phone to make a purchase almost anywhere, there are many research sites still reimbursing patients with cash. The risks associated with handling cash are costly, error prone and lack the visibility needed for the growing number of reports required around clinical trial payments. However, because so many patient reimbursements are not huge amounts of money, sites use cash as a quick and easy way to reimburse the subject. With a patient reimbursement solution designed for clinical trials, a patient can receive the funds just as quickly as cash, but with an added level of security, and sites gain the visibility and control over the patient reimbursement processes.

 

Kyle Cunningham
Written by Kyle Cunningham

As Chief Product Officer, Kyle leads the strategic direction of product development, ensuring that Greenphire solutions are constantly evolving to address client needs.