Top 3 MedSpa Money Myths
October 1, 2007
The baby boomer generation—some 76 million strong—represents the largest single sustained growth of the population in U.S. history, according to AARP. Every 7.5 seconds, the organization reports, someone turns 50. And every day, more than 11,500 Americans hit the big Five O.
As physicians in age management medicine, you have a unique opportunity to help this generation age the way it wants to–with health and wellness. To do so, many of you may consider expanding your existing practice into a medical spa. But it’s not an easy venture. Pitfalls exist—one of which is financing–and you must be properly prepared.
The following top 3 myths are common misconceptions physicians have about financing med spas. Read more
Growing medical trend adds need for business training
September 12, 2007
Doctors who take advantage of a growing trend to add aesthetic medical procedures to their practice is making additional business training necessary says the International Association for Physicians in Aesthetic Medicine (IAPAM). IAPAM Executive Director, Jeff Russell, says that their members are most interested in learning the business of aesthetic medicine, not just how to perform the procedures themselves. In response, the IAPAM has introduced a new, day-long boot camp for physicians and their practice managers to create a viable aesthetic medicine business plan.
“Many people forget that doctors are entrepreneurs who are constantly looking for ways to make their businesses stronger. Because our association has seen such a boom in doctors adding aesthetic medical procedures to their operations or moving to aesthetic medicine all together, we have followed suit by offering practical training to make the most of that new business,” says Russell. Read more
Do you have a Reward Program?
September 10, 2007
Anyone who has been operating a MedSpa for over a year knows you are constantly looking for new patients with a variety of marketing initiatives (postcards, print advertising, radio, etc..), but what about the patients you already have? Are you rewarding them for coming back and refering their friends?
Referal programs can be done as simply giving out a business card that give the referer and the new patient both $25 off their next treatment.
Jeff Russell
www.IAPAM.com
Physician Advertising
July 10, 2007
Physicians are certainly at a disadvantage when advertising compared to non-physician MedSpa owners. Many State medical boards severely restrict physician advertising. For example in California, physicians cannot “disseminate or cause to be disseminated any form of public communication containing a false, fraudulent, misleading, or deceptive statement, claim, or image for the purpose of or likely to induce, directly or indirectly, the rendering of professional services or furnishing of products in connection with the professional practice or business for which he or she is licensed.” This often means using anyone else’s “before & after” photos, discounts, coupons, etc..
If you are a physician, it is best to contact your own attorney for legal advice whenever you have questions about any aspect of your business especially advertising. For more information, contact the IAPAM.
Jeff Russell
www.IAPAM.com
Wrinkles Bring Them In
June 10, 2007
According to Robert Grant, CEO of Allergan Medical, “only 3% of women that can afford Botox are getting it done.” We’ve barely scratched the surface of this market.
The most common complaint women have is they want to get rid of their wrinkles. We all know Botox can do that better than any anti-aging department store skin cream.
Most women however, would rather not be injected with a needle. Your task is to educated your patients on this effective and painless procedure. At your next open house make sure you have an experienced model to show everyone how quick and simple the procedure is.
Botox is really an “introduction to aesthetics” for many people, it gets them into your practice every 3-4 months, which gives you the opportunity to sell them other procedures. Don’t look at Botox as a single procedure, this is the perfect opportunity to book them for a chemical peel or a microdermabrasion procedure.
Jeff Russell
www.IAPAM.com
Effective Client Education
May 10, 2007
The ability to educate your clients is critical. But as you know, you certainly don’t want to spend 30 minutes educating them, only to have them go home and “think about it.”
Now is the time to leverage the internet. In fact, 8 out of 10 patients use the internet to look up health information. You should be utilizing your web site to help educate your patients before they arrive. This will save you time in the consultation.
Jeff Russell
www.IAPAM.com
Results of study show that people feel non-physician owned medical spas are unsafe
April 12, 2007
The IAPAM’s 2007 Aesthetic Medicine Consumer Study gives physicians the necessary facts to decide whether or not to add aesthetic procedures to their traditional practice. The study surveyed women across the U.S., ages 21-60 on their perception of various aesthetic medicine procedures. As an apparent reaction to the unregulated medical spa industry, 78% of women rated medical credentials as very important when choosing an aesthetic treatment provider. “The results clearly indicate most women are concerned about their safety when choosing aesthetic procedures, which is a huge opportunity for physicians who wish to expand their practice with aesthetic treatments,” says Jeff Russell, Executive-Director of the IAPAM.
The results of the full study serve as a basis for much of the content for the upcoming IAPAM’s Aesthetic Medicine Symposium. The Study took place during March 2007, so it is the most current information available on aesthetic medicine. The results give the members of the IAPAM unprecedented insight to what aesthetic procedures the public actually wants, what concerns them the most, and how they choose an aesthetic practitioner. Read more
Cross Selling = Success
April 10, 2007
The key to longevity and success with a medical spa or aesthetic practice is cross-selling, and many people are just not comfortable with that, well get over it!!
If your patient who just had a photo facial or laser hair removal treatment doesn’t leave with sunscreen, not only have you missed a cross-selling opportunity, you could jeopardize the treatment results. The actual treatment is only part of the equation, the other half is your patient’s diligence in using the physician-developed skin care products they’ve purchased at your facility. If you’re not comfortable or knowledgeable enough to recommend these products, ask your vendors to help you, they often will provide follow-up training.
Jeff Russell
www.IAPAM.com
8 in 10 Use Internet for Health Information
March 12, 2007
Many physicians are missing the importance of utilizing the web to communicate with their patients. A study revealed 8 in 10 internet users have searched for health information online. Aesthetic medicine physicians have the most to gain, since patient education is a critical part of the building a successful aesthetic medicine practice.
According to a Pew Internet & American Life Project study “Health Information Online,” eight in ten internet users have looked for health information online, with increased interest in diet, fitness, drugs, health insurance, experimental treatments, and particular doctors and hospitals. It was also found that women younger than 65, with college degrees are the most likely to use the internet for health information. Interestingly enough this is same target customer for cosmetic procedures. Read more
Resisting Impulse Buys - Physician Guide to Financial Planning
January 19, 2007
As physicians, you never have too much time on your hands. In fact, it’s just the opposite. Every day, you continually juggle work and family obligations. So when you have free time, the last thing you want to do is manage your money. But taking control of your finances today is the first step toward a secure tomorrow. And it begins with creating a budget.
Without a budget, it’s easy to lose sight of your goals and your money. A budget, however, can keep you on track and give you a clear picture of your finances. Read more
IAPAM Aesthetic Medicine Resources
