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Blog
Enhancing Participant Payments: A New Approach with IQVIA’s Participant Payments Solution
Shaun Williams, Senior Director, Clinical Trial Payment Solutions
May 23, 2024
  • Blogs
  • Enhancing Participant Payments: A New Approach with IQVIA’s Participant Payments Solution

Managing participant payments in clinical trials is a multifaceted challenge that affects participants, sites, and sponsors alike. As clinical trials grow in scale and complexity, the need for an efficient, secure, and globally compliant payment solution becomes increasingly critical. This blog explores the complexities of participant payments and introduces a new approach, using IQVIA's Participant Payments solution, which addresses these challenges.

The Complex Landscape of Participant Payments

Clinical trials are essential for advancing medical knowledge and bringing new therapies to market. However, managing payments for trial participants can be a significant hurdle. The traditional approach often involves cumbersome processes, multiple vendors, and inconsistent payment methods, leading to delays and dissatisfaction among participants. Moreover, sponsors often face the daunting task of ensuring compliance with various regulatory requirements across various countries.

Participant Challenges

For participants, the primary issues revolve around transparency and reliability. Many participants report that compensation is a key motivator for their involvement in clinical trials. However, expectations often do not match reality, leading to frustration and disengagement. Delays in payment processing, limited payment options, and the complexity of reimbursement claims are common pain points.

Site Burden

Clinical trial sites bear a substantial administrative burden when it comes to managing participant payments. From tracking payments to ensuring timely disbursement, the process can divert valuable resources from more critical clinical activities. Sites often must navigate multiple systems and vendors, further complicating the payment process.

Sponsor's Perspective

For sponsors, the challenge lies in consolidating these disparate processes into a streamlined, efficient system. The goal is to enhance participant retention, ensure regulatory compliance, and gain better visibility into payment data. A robust payment solution is not just a convenience but a strategic imperative to ensure the smooth execution of clinical trials.

Introducing IQVIA’s Participant Payments

Recognizing these challenges, IQVIA has developed an innovative solution designed to simplify and streamline the payment process for all stakeholders involved in clinical trials.

What makes this solution different?

  • Global Payment Capabilities: IQVIA Participant Payments supports payments in over 180 countries, providing multiple payment options, including virtual debit cards. This ensures that participants receive their payments in their local currency, enhancing convenience, engagement, and retention.
  • Real-Time Payments: With real-time processing of stipends and micro-payments, participants no longer have to wait for their compensation. This immediate payment processing significantly improves participant retention and satisfaction.
  • User-Friendly Technology: The solution offers an intuitive mobile app and web-based platform, making it easy for participants to submit expenses and receive payments. The technology is designed to accommodate all participant categories, including those who may not be tech-savvy.
  • Automated Data Processing: IQVIA Participant Payments seamlessly integrates with existing systems, automating data processing, and reducing administrative workload for sites.
  • US Tax Support: Comprehensive support for US tax requirements, including W-9 collection, TIN validation, and 1099 reporting, ensures that sponsors remain compliant with federal and state regulations.
  • Data Security: Advanced security measures, including encryption, tokenization, and automatic redaction of personal information, protect participant data and ensure compliance with global data protection regulations.

 

Conclusion

In the evolving landscape of clinical trials, efficient participant payment management is crucial for success. IQVIA Participant Payments addresses the key challenges faced by participants, sites, and sponsors, offering a streamlined, secure, and globally compliant platform. By enhancing operational efficiency and participant satisfaction, this solution empowers sponsors to conduct clinical trials more effectively and efficiently.

For more information about IQVIA Participant Payments, register for our upcoming webinar here or contact us at: OrchestrateYourTrials@iqvia.com.

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Why IQVIA Participant Payments?

Empower participants, simplify operations, and maximize retention with a global payments experience
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Navigating the Complexities of Clinical Trial Budget Forecasting and Payments
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The Impact of Clinical Trial Payments on Site-Sponsor Relationships
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