With ever increasing shifts to the pharmacy industry, it can be difficult to keep track of trends that provide opportunities for accelerated growth. Here, we explore one emerging industry, pharmacy rentals, and how to effectively meet the rising demand for medical equipment rentals.
The Pharmacy Rentals Market
The google search term “medical equipment rental near me” has increased in searches by 900% year over year. The major factor driving the global medical equipment rental market is the increased patient preference towards home healthcare and growing geriatric patient population. For pharmacies looking to gain a competitive edge, expanding services to include pharmacy rentals allows businesses to attract new customers, enhance loyalty among existing ones, and boost the bottom line.
How Pharmacy Rentals Work
A medical equipment rentals program provides a selection of basic medical and wellness equipment to customers, usually on a month-to-month basis. This equipment is either new or gently used equipment which has been cleaned, disinfected and tested. Examples of such equipment are breast pumps, crutches, nebulizers, light therapy devices, walkers, wheelchairs, hospital beds, scooters and bath benches. This is often the most cost-effective option for those that are recovering from surgery, waiting for funding to go through, or for other temporary needs such as a broken leg or breast feeding. Pharmacy customers can conveniently find affordable options for equipment they need to avoid discomfort and help them recover safely.
Rental POS Software
Intuitive Pharmacy Rentals Management
Managing rental inventory and schedules can be a daunting task, but the right Pharmacy POS software allows a pharmacy to:
- Enable customers to receive quotes on rental items and offer trial rentals with a deposit.
- Have complete control over rental pricing, with the ability to customize rental prices based on duration.
- Reliably track inventory and manage schedules with ease.
- Implement simplicity and convenience into daily operations.
- Eliminate the need for manual paperwork and complex spreadsheets.
The ability to efficiently track and manage rental items ensures that inventory is always up to date, reducing the risk of overbooking or under-utilizing your rental products. This leads to smoother operations and a more organized rental service.
Improve Customer Experiences
Providing exceptional customer service is crucial in any retail environment, and pharmacies are no exception. With the right pharmacy rentals POS software, pharmacies can:
- Deliver quicker and more efficient check-ins and checkouts.
- Offer well-stocked over the counter inventory and rental products to cater to diverse customer needs, for a one-stop shop pharmacy experience.
- Ensure a secure and convenient payment process for customers.
- Scan barcodes or use unique identifiers to save time and minimize errors.
By offering a streamlined rental process, pharmacies can enhance the overall customer experience, making it easier for customers to rent the items they need quickly.
Comprehensive Reporting and Analytics
Understanding your business’s performance and customer behavior is key to making informed decisions. A robust rental POS software will offer comprehensive reporting and analytics features that allow pharmacies to:
- Display information for all rental contracts, including rental contract count per month, rental status, and rental revenue.
- Print the total revenue collected for all customers within a specified period.
- Analyze customer behavior by tracking relevant rental trends.
- Make data-driven decisions to optimize all operations.
Access to detailed reports and analytics enables the ability to monitor the success of rental services and identify areas for improvement. By analyzing customer behavior and rental trends, pharmacies can tailor pharmacy rental offerings to better meet the needs of clientele, ultimately driving higher satisfaction and profitability.
Increase Revenues with Pharmacy Rentals
Many pharmacies have become a health care hub in their communities by offering vaccinations, diabetes management, opioid harm reduction, quit smoking support and minor illness assessments to fill in gaps in health care systems. By integrating a rental solution into traditional pharmacy services, pharmacies can provide a new revenue stream in addition to enhancing customer satisfaction.
- Attract new customers and increase foot traffic.
- Rental services necessitate returns, naturally bringing customers back.
- Improve cash flow with consistent rental income.
- Gain the competitive advantage by providing a service that differentiates pharmacies from their competitors.
By adopting a rental service, pharmacies can significantly enhance their business operations, drive growth, and build a loyal customer base. Investing in the right rental POS software ensures streamlined processes, satisfied customers, and a thriving pharmacy.
Read this eBook for more information on how to select the right POS for pharmacy operations or contact Auto-Star Compusystems to learn more about adding a pharmacy rentals service.
