Clinical trials are at the cutting edge of medical innovation. Yet, one of their core processes still feels like it’s moving at a snail’s pace – holding back important progress the industry craves.
We all know that an efficacious trial is dependent on patient enrollment, engagement, and retention. But there is a critical facet of the patient experience – one that affects not just the trial’s outcome but also the patient’s journey and the overall healthcare ecosystem – that keeps being overlooked: the processing of the patient’s payments.
Patient payment systems have traditionally been treated as administrative detail, resulting in a disjointed, often inefficient experience for patients and research stakeholders.
Convoluted billing procedures, delayed reimbursements, and a lack of transparency have all contributed to a sense of frustration among patients, impacting their willingness to engage in clinical trials.
For the industry to stay at the cutting edge of progress and make real inroads into global healthcare equality, it’s time for a bigger-picture approach.
In this blog, we look at two areas where the team at Skyelarke is doing things differently: future-proofing patient payment systems and reimaging their role in efficacious clinical trials.
Effective Patient Payment System See the Bigger Picture
Flexibility of Payment Options
Flexible payment options are a cornerstone of an effective patient payment system, addressing trial participants’ diverse financial circumstances and preferences.
Traditional payment models often offer limited choices, potentially alienating individuals who prefer alternative methods or timing for reimbursements. Patient-centric systems recognize that a one-size-fits-all approach doesn’t work and that patients’ circumstances may change. So, for one visit, they may want to be reimbursed by Venmo, whereas for another time, it may work best to have a direct-to-bank transaction.
By offering a range of payment options, including direct bank transfers, digital wallets, prepaid cards, Venmo, and PayPal with patient choice per visit, our SkyePay patient-centric payment system accommodates participants’ needs in real-time.
This not only simplifies the payment process but also empowers patients to receive payments in the right way and at the right time. The ability to choose the frequency of payments, whether per visit, milestone achievement, or upon trial completion, aligns with individual needs, creating a sense of empowerment and control over financial interactions.
The positive impact of flexible payment options extends beyond mere convenience. It addresses the diverse financial landscapes participants navigate, ensuring that rigid payment structures don’t deter those with unique circumstances or limitations. Patient-centric payment systems foster inclusivity, boost engagement, and contribute to a more diverse and representative trial population.
Seamless Integration with Clinical Workflows
Seamless integration with clinical workflows represents a pivotal feature of effective patient payment systems, bridging the gap between financial processes and medical research activities. Traditional payment systems often operate as standalone entities, detached from the intricate network of patient interactions, data collection, and trial management.
In contrast, we recognize the relationship between these elements. By being able to integrate payment processes with electronic health records (EHR) and clinical trial management systems, patient-centric payment systems facilitate real-time data exchange.
This integration streamlines administrative tasks and ensures accurate and up-to-date participant payment information. Payments can be triggered automatically based on predefined criteria, such as completed study visits or specific milestones, reducing the potential for errors and delays associated with manual interventions.
Right now, our SkyePay platform already delivers real-time reporting for sites and clients to ensure total visibility of budget and expenditure, with advanced reporting options to view spending activity on-demand to keep budgets in check and trials running smoothly. The further integration and configuration options we have planned will not only future-proof but advance the future of global healthcare.
It’s Time To Transform Patient Payment Systems
We are already seeing the effects implementing a patient-centric payment platform can have on the efficacy of a clinical trial. Our partner CROs, Sites, and Sponsor focus their energy on patient care and research activities, freed from the administrative burden of the traditional patient payment system. By working with and understanding the patient and being a true partner in their care, transforming patient payment systems will, in turn, transform the health of our global community.