Greenphire, a trial financial solutions provider, has joined the Decentralized Trials & Research Alliance (DTRA), which is a collaboration between 100 life science and healthcare organisations.
The DTRA focuses on fast-tracking decentralised clinical trials and research via advanced policies, research practices and technologies. Its members include healthcare companies, regulators, patient groups and research organisations.
Greenphire expects its fintech solutions to support the alliance’s goal for broader implementation of patient-focused research.
Greenphire CEO Jim Murphy said that end-to-end financial solutions add transparency and efficacy to decentralised clinical research.
Murphy added: “While hybrid studies were on the rise before the Covid-19 pandemic, sponsors and CROs prioritised the addition of decentralised trial tools in 2020, offering much needed flexibility for patients as well as support for sites.
“Decentralised trials also have the benefit of helping attract a more diverse and broader patient population, which leads to both health equity and better research outcomes.”
To meet the need for decentralised trials owing to the Covid-19 pandemic, Greenphire upgraded its payment and reimbursement solution, ClinCard. The company hopes the improvements to be suitable for patients in the future.
The improvements include data-triggered payments to enable participant reimbursements in real-time according to fixed event schedules.
Greenphire also launched virtual cards to optimise payments without in-person contact.
Last year, the company modified its global participant travel service, ConneX, to facilitate direct care, such as transport of medication, equipment and medical personnel to a participant’s home.
DTRA co-convenor Amir Kalali said: “By advancing decentralised research we can make the clinical trial process more patient-focused, increase trial efficiency, and improve access.
“We are excited by Greenphire’s commitment to decentralised trial models and the use of technology to support pragmatic evolution in clinical research.”
Last month, private equity firm Thoma Bravo agreed to acquire Greenphire from The Riverside Company. This investment will support Greenphire’s growth and expansion.