Best practices

How to Leverage Mobile Checkout Technology to Increase Patient LTV

February 21, 2024

Independent pharmacies work hard to ensure they’re keeping up with the latest healthcare trends to best serve their communities. From getting the best prices on medications to stocking the latest and greatest OTCs — pharmacists do it all.

But would you be surprised to learn that you can better serve your patients by taking cues from the business and technology sectors? By adopting popular retail trends, you can better meet the demands of patients looking to save time and fit managing their prescriptions into their busy days. 

One of the most significant trends of the 2020s has been the rise of bringing technology into various aspects of patient care, including the checkout process. Leveraging mobile checkout technology not only streamlines your workflow but also presents a valuable opportunity to enhance patient experience and increase their lifetime value (LTV) to your practice.

Keep reading to find out exactly what LTV is, how it relates to mobile checkout, and how you can easily introduce this online payment option to your pharmacy.

What Is Patient Lifetime Value (LTV)?

Before delving into the specifics of mobile checkout technology, it's crucial to understand the concept of patient lifetime value. LTV refers to the total revenue that a patient is expected to generate over the duration of their relationship with your practice. 

By focusing on increasing LTV, healthcare providers can build long-term, sustainable relationships with patients, leading to improved patient retention, loyalty, and ultimately, better financial outcomes.

The Benefits of Mobile Checkout for Patients

In-person checkout processes in pharmacy settings not only put a strain on you and your staff, but patients too. They can involve tons of paperwork, manual data entry, and often long wait times. 

Luckily, online checkout options offer a convenient solution to these challenges. By enabling patients to complete transactions using their smartphones, tablets, or computers you can significantly streamline the checkout process, reducing wait times and enhancing the overall efficiency of your pharmacy experience.

For patients, there are a few key benefits that online checkout offers, including:

  • Flexbility in when patients check out, effectively extending your hours to 24/7
  • The ability to keep track of different medications digitally
  • Access to refill reminders to increase adherence 
  • Keeping payment options on file for quicker future checkout 

All of these features are patient-favourites, but they also often improve refill rates, increase adherence, and reduce cart abandonment — which translate to better business outcomes and give your pharmacy a boost in patient LTV.

Adopting Online Checkout for Your Pharmacy

Anytime you make updates to the way you run your pharmacy, it can be difficult to navigate change. Luckily adding online checkout — if you have the right technology partner by you side — can be a breeze. 

Partners, like Nimble, make it easy to add online checkout to your pharmacy’s workflow with a whole host of Pharmacy System integrations that can be added on demand. Additionally, we here at Nimble have created plenty of pharmacy-facing and patient-facing assets that make understanding these process changes simple and straightforward.

In addition to weighing changes to your processes, it’s important to thoroughly vet online checkout solutions for regulatory requirements such as HIPAA. In this regard, not all checkout options out there were created equal!

The upside to bringing online checkout to your pharmacy cannot be overstated: it has the ability to not only increase patient LTV but also make your patients’ lives much easier! If you’d like to learn more about NimbleRx’s online checkout feature, book a demo with our team.

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