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Aviation & Flight InformationHow To Build A Medical Spa Inside Your Existing Practice
by:
Jeff Barson
The physicians conundrum: Everywhere, physicians are contemplating or engaged in increasing
into the “medical spa” market. Seduced by the media buzz about this hot new phenomenon, galore doctors see the medical spa as a means boosting their financial gain
and eliminating the growing grind and infinite headaches of their daily practice. They see just about growth statistics, see dazzling new instrumentality at trade shows, watch competitors pop up, and fear that they may be falling behind the times. With pen in hand they’re available to sign lease agreements, loan documents, and lots of checks in order to catch up with a crowd of savvy entrepreneurs who cognize wherever
the real action is. And the truth is, they’re right. Medical spas are the natural evolution of cosmetic medicine, and those who don’t join the revolution wish watch from the sidelines as their fate is decided.
Medical spas are the forerunner of a revolution. From Anatomist
until now, the primary know-how
of care has been through the hands and individual cognition of a physician. But that’s changing. The default know-how
of care is becoming technology based. In every market and time, technologies are developed that replace an individuals cognition and skill.
Lasers, IPLs, radio frequency, infrared, personal DNA testing, Pointe Lift™, Liposolve™, Clear², PDT, end
clipping, anti-aging drugs and a smorgasbord of another technologies in development promise to change medicine in the same way that computers, jet engines, and GPS have changed aviation. Technology now enables a technician (under medical supervision) to perform effective medical treatments and places the doctor in an oversight roll instead of being the primary practitioner. In the near future, physicians wish have more in common with an astronauts than the Wright Brothers.
But ever-changing technology poses really deep problems for physicians. Technology allows easy replication and scalability, forces an unthinkably
steep new learning curve on overworked doctors, and eliminates galore of the barriers and protections that physicians have relied on in the past. And it’s only going to get worse.
Consider this. The combination of markets that Surface competes in is immense (40-50 billion per year and growing), extremely
fragmented (individual practician model), wholly new (technology based), and free of any important national players (yet). Already there are really deep pockets investigation route to exploit this emerging marketplace. The Wal-Marts and House Depots of this new medical marketplace are being built.
But there’s chance as well. Technology opens new doors for physicians who can manage this new paradigm. That’s why a available supply of smart and actuated physicians tired of the daily grind of insurance patients are moving into the marketplace and with success
competing. For the 1st time, physicians outside the current specialties of plastic surgery (cutting and stitching) and medicine (diseases of the skin) have the potential to earn the financial gain
of these “big money” specialties. This new market wish inevitably give rise to a new specialty whose focus wish be “non-surgical cosmetic medical technologies”. You can see the fragmentation today. Galore dermatologists now label themselves as “cosmetic” to market themselves as a subspecialty.
Hurry up and wait. You can’t get enough nice information fast enough. But this is a new business and demands a immense investment of time to do the right decisions. Sales reps wish stream into your clinic armed with charts and graphs that go up and to the right, advertisers wish drop phrases like “top of mind awareness”, and you'll have a crawl suspicion that the market is acquiring away from you. Go slow. There are a host of land mines in the area and there are several that wish be advising you to jump directly on them.
So, how do you build a medical spa inside your existing practice? Surface has three locations, four physicians, master aestheticians, technicians, patient coordinators, managers and office staff. Every treatment at Surface is citizenry by a set of proprietary protocols. As a business, we have advised dozens of individual physicians, managers, and investors just about opening and operational medical spas. Be advised this is not easy, but here are a few suggestions.
Physician heal thyself: This is your business. Consultants do their money by telling others how to run businesses that they can’t run themselves. Believe me, if a medical spa adviser was worth hiring, they would-be be running their own medical spa. Consultants wish tell you that you have to have massage, retail should be 30% or your gross sales, and “you mightiness want to consider hydrotherapy”. Wrong. The day that retail is 30% of our gross sales I’ll eat my left foot. Our retail is about 3%. If it ever gets to 5% we’ll cut back. If this is going to be your business, do your own decisions.
Find person smarter than you: The most important step is nice management. Without that, folk can, and have, lost everything. If you don't have nice management skills, hire person from outside medicine who does.
Franchises: “Turn key solutions”. That’s how about everything is marketed to physicians. Buy this technology, hire this personnel, run these ad slicks, and everything wish fall into place. Sorry. It doesn’t activity that way. Most of these franchises are oversubscribed as a sort of “we’ve already worked out the kinks” sort of deal. It’s a lie. Franchises focus on the treatments that everybody else wish be able to replicate with ease. It’s more a case of, “ In the kingdom of the blind, the one-eyed man is king”. You don’t need a franchise.
All technology is not created equal: Despite what institution reps wish tell you, choosing the right technology wish mean big differences at the end of the year. Efficacy, cost per treatment, initial costs, usage, and a long list of another considerations should go into technology decisions. Galore physicians jump 1st and then end up with $80,000 towel dryers that they still have to do payments on every month. Used medical devices are promptly accessible from the constant stream of bankruptcies and failing medical practices. Choose your technology carefully.
Understand the marketplace: Medical spas are a luxury business. And for most physicians it comes as an unwelcome surprise that their new patients are more demanding. Long waits, distant staff members, poor communication, and ambivalent staff, are all in the past. You’re touting yourself as a luxury service, act like one. Hire top-notch folk that are service-oriented, friendly and courteous. Protocols can be instructed easier than attitude.
Rein in your ego: This is business. It’s not personal. If you feel you must charge doubly as more as your competitors because you “deserve it” or you’re board certified, get used to empty appointment book. One of my personal pet peeves is the arch attitude of galore physicians.
Do not use “advanced” or “laser” in your name: The number of “advanced” optical maser clinics is staggering. Don’t do it. It’s inane, overused, and bland. I actually had a doctor ask me if ever-changing his name from Advanced Optical maser Centers to Advanced Optical maser Group would-be get him more business.
Network with booming medical spas: Booming business owners are only to happy to help newcomers to the industry. We have constant dialogue with physicians and investors who are investigation the marketplace and have advised clinics on four continents. Booming medical spas wish be happy to build bridges with smart businesses.
Don’t look to day spas to solve your problems: Physicians hear “spa” and instantly think that day spas have the answers they’re looking for. Wrong. The average net margins for day spas are about 8%-10%. The average physicians is 60%. This is a several market.
Don’t base your pay on commission: Commissions sound like a great solution. You save overhead and actuate your staff to grow the business. Wrong. Commissions are used in spas to support overhead low, but guess what. Staff members working for commission aren’t working for you. Commissions lead to excessively aggressive staff that don’t do thing
for your reputation.
Don’t gild the Lily: You may have detected
that you have to “build out” your clinic at the cost of $80-$120 per square foot. Nope. You don’t have to start with treatment tables that have your clinics name brocaded on them. Spend all your money before you open and you won’t be able to spend it wherever
you’ll actually need it… acquiring butts in the seats.
Stay lean: Physicians practice medicine based on science. You don’t need to offer massage and you don’t cognize thing
just about it anyway. Stick to the basics.
More information is accessible online at www.surface-med.com
Just just about the Author
Mr. Barson is the Managing Partner of Surface Medical Spas and the Editor of Medical Spas Online Magazine.
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