This article was originally posted in its entirety on NimbleRx's blog: https://www.nimblerx.com/articles/how-to-leverage-mobile-checkout-technology-to-increase-patient-ltv?utm_source=partnership&utm_medium=rxinsider&utm_campaign=plat-page
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. Read more >
