A full-service CRO with decades of industry experience conducts over 250 studies each year, resulting in the distribution of up to 500 checks per month. This proved to be a costly, laborious and resource-draining process, taking valuable time from the accounting staff. In addition to the burden of requesting and issuing physical checks, payment delivery was often delayed, taking three days or longer for participants to receive their checks.
While issuing checks presented inefficiencies, paying study participants in cash also came with its own set of hurdles. In order to distribute a substantial volume of participant payments throughout the year, they needed to keep a large amount of cash on-hand, which was seen as a security concern for the accounting team. It turns out that their apprehension was warranted. A few years ago, someone broke into their clinic and the cash stowed onsite was stolen. This incident was a clear indication that they needed to find a better solution – ClinCard!
