Colpitts Clinical: Prepaid Patient Expense Cards See 90% Adoption Rate
NORWOOD, MASS. – Clinical trial sponsors, CROs and clinical trials sites are quick to seize an opportunity to eliminate time and costs associated with issuing patient reimbursement and stipend checks, according to Colpitts Clinical. Colpitts, which has partnered on over 500 clinical trials in more than 70 countries, reports that 90 percent of its clients adopted our prepaid reloadable MasterCard for patient expense management in the past two years.
“We have seen more than 14,000 transactions totaling in excess of $5M on the reloadable prepaid cards since 2016,” Colpitts Clinical Senior Advisor Alan M. Krensky said. “Our pharmaceutical and biotechnology partners are really looking at ways to improve the patient experience, and on top of that reduce trial costs and time spent on administrative tasks.”
The reloadable prepaid cards allow trial sponsors to request per diem payments for trial participants, so they have money on-hand while attending their clinical trial appointments and they will not have to file extensive paperwork for reimbursement. Unlike the traditional process of check payments, there is no lapse when a patient needs to extend their participation time, as sponsors can immediately request a reload to the patient’s MasterCard. If a card is lost or stolen, remaining funds can easily be transferred to a new card without financial or emotional stress for the patient.
Trial sponsors consistently report patient recruitment and retention as one of their greatest challenges. As many sponsors begin to offer stipends – often referred to as compensation or milestone payments – reloadable cards allow the ability to quickly and efficiently track and process patient stipend payments for US and UK residents.
“Typically, there is a hesitation to adopt a new technology or change a process, but our clinical partners have found great value in utilizing the reloadable cards – both in terms of positive patient feedback and the sponsors’ cost and time savings,” Colpitts Clinical Account Manager, Laurie Rent said.
About Colpitts Clinical:
Colpitts Clinical is one of the only full-service travel and expense management providers dedicated specifically to the clinical trial sponsors and patients. Headquartered in Norwood, Massachusetts, Colpitts Clinical is a Direct Travel company, and has offices throughout the United States, Canada as well as offices in the U.K. Our international network, Direct ATPI Global Travel, has offices throughout the world with the ability to deliver solutions customized to the needs of its pharmaceutical, biotechnology, CRO and site clients.