March 26, 2025 • 30 mins
Cameron discusses the economics of the aesthetics industry, focusing on the financial metrics that MedSpa owners need to understand to thrive. He highlights the importance of knowing revenue and profit margins, the impact of service selection on profitability, and the necessity of investing in marketing. He emphasizes the significance of managing utilization rates and provider workloads, as well as enhancing revenue per treatment hour. The episode concludes with key takeaways for MedSpa success, encouraging owners to be proactive in their financial management and marketing strategies.
Listen In!
Thank you for listening to this episode of Medical Millionaire!
Takeaways:
Unlock the Secrets to Success in Medical Aesthetics & Wellness with "Medical Millionaire"
Welcome to "Medical Millionaire," the essential podcast for owners and entrepreneurs in
Medspas, Plastic Surgery, Dermatology, Cosmetic Dental, and Elective Wellness Practices! Dive deep into marketing strategies, scaling your medical practice, attracting high-end clients, and staying ahead with the latest industry trends. Our episodes are packed with insights from industry leaders to boost revenue, enhance patient satisfaction, and master marketing techniques.
Our Host, Cameron Hemphill, has been in Aesthetics for over 10 years and has supported over 1,000 Practices, including 2,300 providers. He has worked with some of the industry's most well-recognized brands, practice owners, and key opinion leaders.
Tune in every week to transform your practice into a thriving, profitable venture with expert guidance on the following categories...
-Marketing
-CRM
-Patient Bookings
-Industry Trends Backed By Data
-EMR's
-Finance
-Sales
-Mindset
-Workflow Automation
-Technology
-Tech Stack
-Patient Retention
Learn how to take your Medical Aesthetics Practice from the following stages....
-Startup
-Growth
-Optimize
-Exit
Inquire Here:
http://get.growth99.com/mm/
Listen In!
Thank you for listening to this episode of Medical Millionaire!
Takeaways:
- Understand your financial metrics to thrive in the aesthetics industry.
- Invest 10-15% of your top-line revenue into marketing.
- Know your patient acquisition cost and work to reduce it.
- Maximize profitability by selecting high-margin services.
- Regularly audit your expenses and subscriptions for efficiency.
- Utilization rates should be monitored to prevent provider burnout.
- Enhance revenue per treatment by introducing additional services.
- Educate patients on available treatments to increase their spend.
- Aim for a net margin of 25-30% for sustainable growth.
- Be proactive in financial management to increase the value of your practice.
Unlock the Secrets to Success in Medical Aesthetics & Wellness with "Medical Millionaire"
Welcome to "Medical Millionaire," the essential podcast for owners and entrepreneurs in
Medspas, Plastic Surgery, Dermatology, Cosmetic Dental, and Elective Wellness Practices! Dive deep into marketing strategies, scaling your medical practice, attracting high-end clients, and staying ahead with the latest industry trends. Our episodes are packed with insights from industry leaders to boost revenue, enhance patient satisfaction, and master marketing techniques.
Our Host, Cameron Hemphill, has been in Aesthetics for over 10 years and has supported over 1,000 Practices, including 2,300 providers. He has worked with some of the industry's most well-recognized brands, practice owners, and key opinion leaders.
Tune in every week to transform your practice into a thriving, profitable venture with expert guidance on the following categories...
-Marketing
-CRM
-Patient Bookings
-Industry Trends Backed By Data
-EMR's
-Finance
-Sales
-Mindset
-Workflow Automation
-Technology
-Tech Stack
-Patient Retention
Learn how to take your Medical Aesthetics Practice from the following stages....
-Startup
-Growth
-Optimize
-Exit
Inquire Here:
http://get.growth99.com/mm/
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:03):
You're listening to Medical Millionaire, your podcast for medspot owners,
medical aesthetics, cosmetics and elective wellness entrepreneurs. Each week, we
dive deep into powerful marketing strategies, proven scaling tactics, and
the secrets to attracting high end clients, all while staying
ahead of the latest industry trends. Join us as we
(00:25):
uncover insights from top industry leaders to help you boost revenue,
enhance patient satisfaction, and master the art of marketing your practice.
Hosted by Cameron Hemphill. With over a decade of experience
in the aesthetics industry, Cameron has supported thousands of practices
and providers, working with some of the biggest names, most
well respected brands, and elite industry thought leaders in the field.
(00:46):
If you're ready to level up your practice and become
a true medical millionaire, this is your podcast. Here's your host,
Cameron Handpill.
Speaker 2 (00:57):
Hey, what's up everybody?
Speaker 3 (00:58):
Cameron Hemphill here your host for a Medical Millionaire.
Speaker 2 (01:02):
Hey, guess thank you so much for tuning in.
Speaker 3 (01:05):
I have an incredible show for you today and something
that's been on my mind more than ever, and it's
really talking about the economics of the aesthetics industry elective wellness.
So if you're on a MEDSPA, if you are thinking
about getting into the amazing industry of esthetics, this one's
(01:25):
going to be for you.
Speaker 2 (01:26):
And I'm going to talk about money.
Speaker 3 (01:29):
I'm going to talk about finance, and I'm going to
talk about what practices put themselves in a position to
be successful and ones that do not. I've been in
the aesthetics world for over ten years, and I've seen
practices thrive. I've seen practices fail, I've seen practices sell.
I've seen practices go from one location to ten locations.
(01:50):
I've seen them go to twenty. I've seen them go bankrupt,
I've seen them close their doors.
Speaker 2 (01:54):
I feel like I've seen everything at this point in time.
Speaker 3 (01:58):
And I'm sure there's also going to be things that
come up on the in the future that will be interesting.
But you know, one of the things that I have
done a great job of is analyzing a tremendous amount
of data withinside the industry. And you know, back in
the day, you know, let's call it twenty sixteen, I
mean I went to the first AMSPAH conference, the very
(02:20):
first one, very different than the one that is now
that you know it takes place in Las Vegas, it's
in April, it's actually coming up. It's at the Win
in an amazing beautiful hotel and casino. And my goodness,
the industry has grown, the industry has changed. And back
then there wasn't a ton of data. We actually didn't
(02:43):
really have great KPIs and metrics on what does it
cost to obtain a lead, what does it cost to
obtain a patient? What should my profit margins be? What
does success look like? How should I position myself in
the market. What's my true value proposition? What is my
selling proposition? What tools should I use? What tools should
(03:04):
I not use? And I've seen this. I've seen this
over the years. I've seen it evolve. I've seen the
technology evolve. I have seen practice owners go from being
ineffective and inefficient to very sophisticated.
Speaker 2 (03:21):
And it's really it's been interesting to watch.
Speaker 3 (03:25):
And the one thing I'll say is is the practices
that absolutely thrive, the ones that tend to stick around,
they know their numbers and they are expert marketers. And
you may have heard me say that before, but when
I'm recording these episodes without guests on I tried to
(03:49):
come up with topics that put me in a position
to give you guys as much value as I possibly can.
And over the past couple of months, I have combined
a tremendous amount of data from EMRs, online bookings, payment systems, consultants,
private equity companies, amspot, membership companies, marketing agencies.
Speaker 2 (04:16):
And it's very interesting what the data shows.
Speaker 3 (04:22):
And so what I want to give you guys today
is really like why the financing aspect in the marketing
aspect is more important.
Speaker 2 (04:31):
Than you know.
Speaker 3 (04:33):
And I want you to pay attention and I want
you to run your practice like a business.
Speaker 2 (04:40):
You need to become a financier.
Speaker 3 (04:43):
If you are going to be in business for a
long period of time, you need to become an expert
at finance. You need to become an expert marketer, you
need to become an entrepreneur.
Speaker 2 (04:57):
You have to learn how to delegate things to your team.
Speaker 3 (05:00):
Okay, so let's just go through some of the revenue
talking points and profitability.
Speaker 2 (05:05):
So how much does a mad spot really make?
Speaker 3 (05:10):
And that can vary depending on size, location, demographic sales,
number of providers, treatment rooms, right, but on average, on
average nationally it's right around one point for one point
one to one point four million, that's the top line revenue.
(05:30):
And when I'm saying top line revenue, that's that's the
total income in one calendar year.
Speaker 2 (05:35):
Okay, and this is done.
Speaker 3 (05:37):
This is actually the numbers from Amspot that they put
out there in the State of the Industry report last year.
And I've also challenged that survey with numbers, and I've
surveyed a tremendous amount owners myself, and that's the number
that seems to be quite accurate. And so we're going
to go off of that. The profit margins, they tend
(06:01):
to be right around twenty to thirty percent. So let's
make numbers easy. If you're doing a million dollars in
top lane revenue and you are making thirty percent, you're
making three hundred grand. It's a pretty good, pretty good job,
pretty good income, depending on where you live and what
your lifestyle is. But I think if you live within
your means and you understand financing, you can actually put yourself.
Speaker 2 (06:23):
In a position to make a tremendous amount.
Speaker 3 (06:25):
Of cash by saving some of that income and then
deploying it through either additional marketing or services or other
utilities that are going to produce passive income for you. Okay,
what I don't want you to do is say, oh,
you know what cool camera, So that we're you know,
the national average is in this in this range, that's
(06:46):
where we are. We're above average, and you put yourself
on the back. And then when you really go look
at your books, you're doing below twenty percent. If you
are doing below twenty percent take home, you really need
to start looking at your numbers and understand what every
dollar that's going out is it producing an ROI or
like what's the purpose of that dollar? Right Like, as
(07:08):
you continue to grow and scale your met spot, we
have a tendency to get lazy with our finances because
there's a lot of cash coming in. Remember the time
when you first open your practice and you were looking
at every single dollar, every single you know, a dollar
coming in and going out. You need to get back
to that and understanding exactly every dollar that's going out
(07:31):
of the out of the practice and is it producing
a result, because if it's not, maybe it should be.
If it's a subscription that you're not using, you're not
getting the value out of anymore. You know, you should
take an audit of all your subscriptions you had out there?
Speaker 2 (07:44):
Are you overpaying for products? Are you do you have
too much inventory?
Speaker 3 (07:47):
Do you have a tech stack that is fragmented, it's
it's convoluted, it's become antiquated. You know, look at all
of your your services that you have out there. What
about the providers that you have on staff? Have you
done an audit of the commissions? Are they selling all
(08:09):
the time available in the day. If you have rooms
that are not being sold right, Let's say you have
two rooms available throughout the day and one of them
is booked and the other one's not, it's just sitting
there that that's eight hours of time that could have
been sold and coming. You know, understanding you guys sell time, right,
and the patient is buying an experience and they're buying
(08:30):
self confidence.
Speaker 2 (08:32):
And so you need to understand the mechanics of that.
Speaker 3 (08:34):
So I want you, you know, if you're obviously new
in business, you're obviously not going to get right to
a million, but that that trend seems to be where
most people get to after a couple of years, And
I want you to put yourself in a position to
start making at least twenty five to thirty.
Speaker 2 (08:52):
Percent margins on everything.
Speaker 3 (08:56):
Now, what most practice owners will do is they will
sell a tremendous amount of filler and a tremendous amount
of botox and you know, just the neurotos and category,
let's call it. And if you really truly understand the
financing side of the side of the business, that actually
is your most expensive product to carry. It carries the
(09:19):
you know, the you can sell it. I think it's
you know, it's trendy, it's it's easy to deploy, it's
easy to warehouse, it gives a result, it gets a
quick result. But at the same time, it's it's an
expensive item to sell for you because your margins aren't
as healthy as if you were going to sell you know,
(09:40):
something else like BBL right or some sort of micro
dealing device using a laser. And I'm not here to say, hey,
you need to go buy a laser in order to
increase your profit margins. But you know, there is definitely
laser categories that are going to produce much more a
higher yield, a higher return than the neurotos is.
Speaker 2 (10:01):
You know.
Speaker 3 (10:02):
And if you are a million bucks and you're making
you know, thirty percent and you're you're fine with that
and cool with that.
Speaker 2 (10:06):
That's great.
Speaker 3 (10:07):
I'm not saying that, you know, you need to get
to the next level, but it's important to pay attention
to what you're doing and how you can maximize your
day and your time. Because if you were selling more
laser services and I'm not a laser rep, but I
don't represent any laser companies, if you were, let's say you,
(10:27):
you know, you reduce the amount of injectibles you were selling,
and you started to sell more of the treatments around
laser co two, lasers, whatever you want to call it,
the margins are substantially higher. Now you could easily put
yourself in a position toward your your your medical asthetics practice.
And I'll just use the million dollar top Lane revenue
(10:47):
as a benchmark and introduce more high margin services. You
could actually take that thirty percent, you know, upwards to
fifty sixty per cent, and that's producing the same amount
of revenue. So all you're doing is introducing an alternative
that has a higher margin, a higher yield, and you're
(11:09):
taking home more money. Imagine, like you know, you're in
your business for a year, all you sell is neurotoxins,
you run it a thirty percent, you got a million
top line, thirty percent net, you're making three hundred grad
You change out your go to market strategy slightly, and
you start to introduce more of these high margin solutions.
Speaker 2 (11:30):
You could actually go from taking home three.
Speaker 3 (11:33):
Hundred a year to five hundred a year with the
same revenue the same revenue, and then that's going to
put you guys in a position to obviously, like invest
in other categories of the business. Right, do you want
to hire staff, do you want to you know, roll
out other lucrative revenue streams, Like do you want to
invest in yourself? Do you want to buy a building?
You know, what does that look like? And so every
(11:55):
single percentage that you can increase your bottom line is dramatic,
Like going from a twenty percent net margin to twenty
five percent net margin on a million dollar top line,
you're talking fifty thousand dollars and take home money that's
five rand a month, and take home money that's going
(12:16):
to pay your entire mortgage, right.
Speaker 2 (12:17):
Like and some you know, depending on where you live
in what you guys have going on. So it's it's
really important to understand what your bottom line is like,
and if you guys are not if you don't know
how to do it, it's you know, like there's definitely
contacts within the database that you guys can hire. But
it's pretty simple to go set up a quick books account,
bring in all of your accounts, receivable, accounts, payable, it
(12:41):
sucks in your bank account and you can just watch
a YouTube video and figure it out and be able
to understand your your number. Is it a much more.
Speaker 3 (12:47):
Attractive way, you know, and you can even obviously get
into EMRs and have that as well, but understanding what
that looks like and then being able to break that
out and saying, Okay, I did a million dollars in
this year, what was my cost what was all my
overall costs? What is the most expensive thing outside of
(13:09):
paying myself first? What is the most expensive thing that
I have? And and break it down more granularly, like
look at the inventory that you have that you sold, right,
look at your rent, look at the you know, where
you're at your insurance, like you should shop your insurance
every year. You know, insurance is getting kind of expensive
(13:29):
and it's definitely gone up in the past few years.
So any way that you can consistently improve your net income,
which is your even up. It's going to give you
more cash, and it's going to put you in a
position to actually have a more valuable asset. And your
MENTSPA is an asset and it needs to be looked
at that way. It produces cash, and the smarter you
(13:52):
are with managing the cash, the more well positioned you're
going to be to have a utility that's going to
produce income for you.
Speaker 1 (14:10):
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the show.
Speaker 3 (15:33):
And what's interesting when you get on like a private
equity side, is there will be a day in time that.
Speaker 2 (15:38):
You sell your practice.
Speaker 3 (15:40):
Right, you either sell it or your closer doors, depending
on who you sell it to.
Speaker 2 (15:44):
Maybe today, maybe in ten years. I don't care.
Speaker 3 (15:45):
I don't know, and I'm not here to say you know.
I'm pro private equity. I'm pro you doing whatever you
want to do that makes sense for you and your family.
But if you go to sell it, sell it for
the most you can.
Speaker 2 (16:00):
You.
Speaker 3 (16:00):
Right, So the higher the ebadah, the higher the private
equity group or a strategic buyer will actually pay you
for your practice and it's.
Speaker 2 (16:14):
On a multiple Okay.
Speaker 3 (16:16):
So if you have, like you know, if you're running
a twenty percent ebada one year and you're thinking about
selling your practice, and you decide, you know what, I'm
going to go through this exercise and bring my ebadah
up to thirty percent from twenty percent. What's going to
happen is instead of them paying you know, I'm just
going to use examples and send them paying you like
a four x return on your on your twenty percent ebadah.
(16:41):
And let's use the formula of you do a million
dollars in top line revenue, you're running a twenty percent,
you make two hundred thousand, and they pay you a
four x on two hundred.
Speaker 2 (16:50):
Thousand, they're going to pay you eight hundred thousand dollars. Okay.
Speaker 3 (16:54):
That's that's what a four x ebadah would be on
a twenty percent marginable business that operates, you know, at
a million bucks, that brings in a million bucks and
operates at twenty percent. Well, if you take that to
a thirty percent, even now you're making three hundred grand,
which is more money, but a private equity company is
(17:18):
going to look at you in a much more attractive manner,
and they're going to pay you a higher multiple. Again
all just use examples here, but typically you know they're
going to pay at least one to two maybe even
three times higher.
Speaker 2 (17:34):
So now let's take that three hundred grand and times
that by five. So now you're going to sell this
practice for one point five million. You take a three.
Speaker 3 (17:46):
Hundred grand even times it by five because they're going
to pay you a five ux. So now you just
went from selling your practice at eight hundred grand to
a million, five more than double. So that's like, that's
why it's so important to know own your numbers and
then peel off charts of where is your biggest expenses
and can you kill those expenses and can you trade
(18:10):
those expenses to where you're going to produce a return?
Speaker 2 (18:13):
Okay, and here's the other component.
Speaker 3 (18:15):
Guys, Once you have nailed that and mastered that, in fact,
you should do like reconciliations every do it every week
and have your system flag you if you're like under
a threshold or over a threshold. The next component is
truly understanding your your cost per lead and what it
(18:36):
costs you to acquire a patient like super super important
to understand. So the average cost to obtain a new patient,
it's one hundred and thirty two dollars. That's like, that's
the average cost, okay, to obtain one. And so if
(18:59):
you are operating at twenty percent EBITDA and your utilization
rate is sixty percent, and you have the ability to
increase your utilization rate, but you're not funding your marketing
(19:19):
correctly most practices I talked to, in fact, like the
number is astonishing by how many practices are underfunding their marketing.
Posting on Instagram, sure, that's a that's an avenue marketing.
Having website definitely an avenue marketing. So many of you are.
Speaker 2 (19:42):
Under investing in ads or you're not running ads.
Speaker 3 (19:46):
And it's either because you're afraid to or you've been
burned by it, or you tried it, you kind of
dabbled into it for you know, thirty sixty.
Speaker 2 (19:55):
Ninety days, one hundred and twenty days, maybe.
Speaker 3 (19:57):
Didn't see the results. This is something you turn on
and never turn off. And you need to put yourself
in a position to where you're spending ten to fifteen
percent of your top line revenue into marketing. So run
that exercise, Go see what your top line revenue is
(20:18):
and go see what how much you are spending on
your marketing. Most practices are spending under twenty five hundred bucks.
That's like, if you're doing a million bucks in sales,
this is dramatically underfunding your marketing. And then your utilization
rate is you know, sixty percent. The only variable is
(20:39):
to go invest in marketing. You're underfunding it. If you've
ran ads before and run successful, find an agency to
work with that knows what they're doing. And not only that,
but make sure you're making the phone calls when the
leads come in. Make sure you have an expert handling
those phone calls, not just outsourcing it to somebody who
(21:01):
doesn't know what they're doing. You should start taking the
phone calls. In fact, you should take the phone calls
before you delegate it so you know exactly how to
take them. The ones that do that are the ones
that win. I guess. I have worked with practices that
spend twenty thirty forty one hundred thousand dollars a month
on ads.
Speaker 2 (21:19):
I have, and they crush it.
Speaker 3 (21:23):
And I'm not here to say go like, whoever's you
know not in Missing money to ads is losing but
I mean I kind of am saying that. I see
a lot of very successful practices that are not that
are not doing that. In fact, I see a lot
of practices that have.
Speaker 2 (21:41):
Too much utilization.
Speaker 3 (21:43):
And when you have too much utilization on one provider,
that what what I look at is burnout. You can't, like,
you can't have a.
Speaker 2 (21:55):
Provider running at one hundred and twenty percent utilization for
a year, they're going to if they're going to quit,
they're going to like that.
Speaker 3 (22:03):
There's other things in life than just you know, running
the practice.
Speaker 2 (22:09):
So what that tells me is you you have.
Speaker 3 (22:10):
A provider issue, right, So which man, if you have
the energy and horsepower to run a utilization over one
hundred percent for a long period of time, I mean,
hats off to you, that's amazing.
Speaker 2 (22:25):
But I truly feel there is a point where you are.
Speaker 3 (22:30):
You need to restructure your thinking because that means that
you have a provider issue and you should go get
a provider and reduce that utilization on yourself and delegate
that to someone else. In fact, I think a nice
challenge would be to continue to try to reduce your utilization.
Right if you are a single provider owner and you
(22:53):
are wanting to have the business run by itself. Like,
imagine how nice it would be to go on vacation
and the pice makes money for you.
Speaker 2 (23:03):
That would be an amazing thing, you know.
Speaker 3 (23:06):
And at the end of the day, as a practice owner,
you sell time and the patient is buying an experience
and in that result of confidence, that's why it came
to you. But you're selling time, you know. It's one
of the downfalls of the business is selling time. So
you need to make sure that you put yourself in
a position to hire strategically.
Speaker 2 (23:27):
Look at your numbers.
Speaker 3 (23:28):
If you're a single provider, you're over utilized, look to
reduce that and bring in providers that are going to
bring in value the practice and compensate them.
Speaker 2 (23:37):
Correctly, so we don't leave very very important, very important.
So if you're under the utilization benchmark, invest in marketing.
That would be most of you. If you're over utilization,
start find the seeking a provider. There's wonderful resources out there.
Speaker 3 (23:58):
To find providers and experts that you can bring into
your practice and service your patients. So then you can
go on vacation with your family and continue to produce income.
It's going to be okay. They probably aren't going to
be as good as you. They're not going to ever
run the business as good as you. But if they
can do it ninety percent as good as you, then
that's that.
Speaker 2 (24:19):
You should be okay with them. They're never going to
be you, okay.
Speaker 3 (24:24):
The other thing I want to point out here, guys,
is the revenue per treatment per hour. And the more
I look at this, the more it is completely.
Speaker 2 (24:37):
Discounted, like it should be higher.
Speaker 3 (24:39):
So the revenue per treatment per hour, the industry average,
it's right around five hundred and thirty bucks, and they
shoot five hundred and thirty bucks for an hour treatment
like this sounds great on the surface, but there's always
a cost. You have time and you have the products
you're selling. So if you're selling neurotoks as and your time,
(25:01):
those margins can actually get pretty small, right. That's why
selling the neurotoksin is actually the most expensive service you
could sell. So you need to increase that number. You
need to continuously increase that number. That's going because you
already have the patients there. You already have them there,
(25:21):
Introduce them to the treatment plan, introduce them to all
the services and memberships and everything you guys have, there's
practices out there that I have seen that their average
revenue per treatment per hour is more like two thousand dollars.
Speaker 2 (25:38):
And these aren't like the locations in Beverly Hills.
Speaker 3 (25:42):
They have just put themselves in a position to strategically
introduce treatment plans and services at the time we check
out or in the consultation, or on their marketing or
on their website or wherever, in a strategic way to
where they are able to introduce more services to the
(26:03):
patient base and increase that spend per patient.
Speaker 2 (26:09):
Okay, so if.
Speaker 3 (26:11):
You I mean, let's just run the numbers for a second,
just so I can have you understand how important this is.
If you have let's say you're doing five hundred and
thirty dollars an hour, and we are only at times
that by eight eight hours in a day, that's forty
two forty. Okay, I'm just going to use that number
one day top line revenue forty two forty, and I'm
just going to go ahead and divide that by two
(26:31):
because we have a fifty percent margin. And then let's
say we pay our time one hundred bucks an hour,
let's minus eight hundred bucks, So we really made thirteen.
Speaker 2 (26:41):
Hundred and twenty bucks. That's the take home.
Speaker 3 (26:46):
That could change, obviously depending on how you guys operate
your business, but that's that's the actual take home. Now,
imagine if you have the same hours in the day
and you're able to double that patient spend per hour
and put it to one thousand. So if you now
have a thousand times that by eight hours, that's going
to give you eight grand.
Speaker 1 (27:06):
Okay.
Speaker 2 (27:07):
Now, let's say you salt neurotoxin.
Speaker 3 (27:09):
I'm gonna do worst case scenario by that by two
to fifty percent margin minus youre costs of eight hours
a day one hundred minu is eight hundred.
Speaker 2 (27:15):
You now made thirty two hundred.
Speaker 3 (27:17):
So instead of making thirteen hundred, you made thirty two
hundred dollars.
Speaker 2 (27:23):
Okay, you more than you basically tripled your money just
by doubling your patient spend volume per patient prower. Okay.
Speaker 3 (27:33):
So if you guys can nail those things, you are
going to be put in a very very successful position.
The most successful practices are the best marketers. They're the
ones that are able to accumulate patients. And when most
patients come in and you give them an experience, they stay,
(27:56):
and they spend money. The practices that understand their margin,
their net income, and how to reduce costs and introduce
treatments that have higher return. Those are the ones that
can take their current patient base and increase their.
Speaker 2 (28:11):
Take home cash in a dramatic way. They understand finance.
Speaker 3 (28:16):
The ones that know how to market and understand their
utilization rate and actually deploy marketing through paid search campaigns
and keep that patient acquisition costs as low as they
can and convert more. Those are the ones that win
than the ones that are able to introduce new treatments
and increase the average spend put patient visit like Those
(28:38):
are the three takeaways I want.
Speaker 2 (28:39):
You guys to get out of this episode.
Speaker 3 (28:42):
Know your net income and how to increase it by
reducing expenses and introducing high margin sales. Know your patient
acquisition cost Know your utilization rate. If you utilization rate
is too low, invest in marketing.
Speaker 2 (29:00):
That's the only answer.
Speaker 3 (29:02):
If your utilization rate is too hi, get a provider.
Understand your patient average spend per patient visit five twenty
seven is the average. If you're below that, step it up.
I want you guys to try to you know, challenge
yourself to see if you can double that, and you
(29:23):
don't have to do it through like thinking that you
have to sell all your services.
Speaker 2 (29:27):
The patients want to be introduced to things to help
them build confidence, So educate them and they will forever
be thankful.
Speaker 3 (29:39):
That's it for today, guys. I hope you found this
episode viable. My biggest ass is to please share it.
I would love if you shared it, rated it. If
there's psychologue that you know that could benefit from it,
that w be my ass.
Speaker 2 (29:50):
Until next time, Happy injecting.
Speaker 1 (29:55):
Thanks for tuning in to Medical Millionaire. Every week, we're
here to help you transport or your practice into a thriving,
profitable venture, covering everything from marketing and patient bookings to mindset, workflow, automation,
and beyond. Whether you're just starting out, scaling up, optimizing operations,
or planning your exit strategy, this podcast is your go
(30:18):
to resource for success in the medical esthetics industry. It's
time to supercharge your practice and take action today. Share
this episode with a fellow entrepreneur, Rate the show, and
don't forget to click the link in the show notes
to access powerful tools and expert guidance at get dot
growth ninety nine dot com, slash MM, and make sure
(30:40):
to tune into the next episode of Medical Millionaire
You're listening to Medical Millionaire, your podcast for medspot owners,
medical aesthetics, cosmetics and elective wellness entrepreneurs. Each week, we
dive deep into powerful marketing strategies, proven scaling tactics, and
the secrets to attracting high end clients, all while staying
ahead of the latest industry trends. Join us as we
(00:25):
uncover insights from top industry leaders to help you boost revenue,
enhance patient satisfaction, and master the art of marketing your practice.
Hosted by Cameron Hemphill. With over a decade of experience
in the aesthetics industry, Cameron has supported thousands of practices
and providers, working with some of the biggest names, most
well respected brands, and elite industry thought leaders in the field.
(00:46):
If you're ready to level up your practice and become
a true medical millionaire, this is your podcast. Here's your host,
Cameron Handpill.
Speaker 2 (00:57):
Hey, what's up everybody?
Speaker 3 (00:58):
Cameron Hemphill here your host for a Medical Millionaire.
Speaker 2 (01:02):
Hey, guess thank you so much for tuning in.
Speaker 3 (01:05):
I have an incredible show for you today and something
that's been on my mind more than ever, and it's
really talking about the economics of the aesthetics industry elective wellness.
So if you're on a MEDSPA, if you are thinking
about getting into the amazing industry of esthetics, this one's
(01:25):
going to be for you.
Speaker 2 (01:26):
And I'm going to talk about money.
Speaker 3 (01:29):
I'm going to talk about finance, and I'm going to
talk about what practices put themselves in a position to
be successful and ones that do not. I've been in
the aesthetics world for over ten years, and I've seen
practices thrive. I've seen practices fail, I've seen practices sell.
I've seen practices go from one location to ten locations.
(01:50):
I've seen them go to twenty. I've seen them go bankrupt,
I've seen them close their doors.
Speaker 2 (01:54):
I feel like I've seen everything at this point in time.
Speaker 3 (01:58):
And I'm sure there's also going to be things that
come up on the in the future that will be interesting.
But you know, one of the things that I have
done a great job of is analyzing a tremendous amount
of data withinside the industry. And you know, back in
the day, you know, let's call it twenty sixteen, I
mean I went to the first AMSPAH conference, the very
(02:20):
first one, very different than the one that is now
that you know it takes place in Las Vegas, it's
in April, it's actually coming up. It's at the Win
in an amazing beautiful hotel and casino. And my goodness,
the industry has grown, the industry has changed. And back
then there wasn't a ton of data. We actually didn't
(02:43):
really have great KPIs and metrics on what does it
cost to obtain a lead, what does it cost to
obtain a patient? What should my profit margins be? What
does success look like? How should I position myself in
the market. What's my true value proposition? What is my
selling proposition? What tools should I use? What tools should
(03:04):
I not use? And I've seen this. I've seen this
over the years. I've seen it evolve. I've seen the
technology evolve. I have seen practice owners go from being
ineffective and inefficient to very sophisticated.
Speaker 2 (03:21):
And it's really it's been interesting to watch.
Speaker 3 (03:25):
And the one thing I'll say is is the practices
that absolutely thrive, the ones that tend to stick around,
they know their numbers and they are expert marketers. And
you may have heard me say that before, but when
I'm recording these episodes without guests on I tried to
(03:49):
come up with topics that put me in a position
to give you guys as much value as I possibly can.
And over the past couple of months, I have combined
a tremendous amount of data from EMRs, online bookings, payment systems, consultants,
private equity companies, amspot, membership companies, marketing agencies.
Speaker 2 (04:16):
And it's very interesting what the data shows.
Speaker 3 (04:22):
And so what I want to give you guys today
is really like why the financing aspect in the marketing
aspect is more important.
Speaker 2 (04:31):
Than you know.
Speaker 3 (04:33):
And I want you to pay attention and I want
you to run your practice like a business.
Speaker 2 (04:40):
You need to become a financier.
Speaker 3 (04:43):
If you are going to be in business for a
long period of time, you need to become an expert
at finance. You need to become an expert marketer, you
need to become an entrepreneur.
Speaker 2 (04:57):
You have to learn how to delegate things to your team.
Speaker 3 (05:00):
Okay, so let's just go through some of the revenue
talking points and profitability.
Speaker 2 (05:05):
So how much does a mad spot really make?
Speaker 3 (05:10):
And that can vary depending on size, location, demographic sales,
number of providers, treatment rooms, right, but on average, on
average nationally it's right around one point for one point
one to one point four million, that's the top line revenue.
(05:30):
And when I'm saying top line revenue, that's that's the
total income in one calendar year.
Speaker 2 (05:35):
Okay, and this is done.
Speaker 3 (05:37):
This is actually the numbers from Amspot that they put
out there in the State of the Industry report last year.
And I've also challenged that survey with numbers, and I've
surveyed a tremendous amount owners myself, and that's the number
that seems to be quite accurate. And so we're going
to go off of that. The profit margins, they tend
(06:01):
to be right around twenty to thirty percent. So let's
make numbers easy. If you're doing a million dollars in
top lane revenue and you are making thirty percent, you're
making three hundred grand. It's a pretty good, pretty good job,
pretty good income, depending on where you live and what
your lifestyle is. But I think if you live within
your means and you understand financing, you can actually put yourself.
Speaker 2 (06:23):
In a position to make a tremendous amount.
Speaker 3 (06:25):
Of cash by saving some of that income and then
deploying it through either additional marketing or services or other
utilities that are going to produce passive income for you. Okay,
what I don't want you to do is say, oh,
you know what cool camera, So that we're you know,
the national average is in this in this range, that's
(06:46):
where we are. We're above average, and you put yourself
on the back. And then when you really go look
at your books, you're doing below twenty percent. If you
are doing below twenty percent take home, you really need
to start looking at your numbers and understand what every
dollar that's going out is it producing an ROI or
like what's the purpose of that dollar? Right Like, as
(07:08):
you continue to grow and scale your met spot, we
have a tendency to get lazy with our finances because
there's a lot of cash coming in. Remember the time
when you first open your practice and you were looking
at every single dollar, every single you know, a dollar
coming in and going out. You need to get back
to that and understanding exactly every dollar that's going out
(07:31):
of the out of the practice and is it producing
a result, because if it's not, maybe it should be.
If it's a subscription that you're not using, you're not
getting the value out of anymore. You know, you should
take an audit of all your subscriptions you had out there?
Speaker 2 (07:44):
Are you overpaying for products? Are you do you have
too much inventory?
Speaker 3 (07:47):
Do you have a tech stack that is fragmented, it's
it's convoluted, it's become antiquated. You know, look at all
of your your services that you have out there. What
about the providers that you have on staff? Have you
done an audit of the commissions? Are they selling all
(08:09):
the time available in the day. If you have rooms
that are not being sold right, Let's say you have
two rooms available throughout the day and one of them
is booked and the other one's not, it's just sitting
there that that's eight hours of time that could have
been sold and coming. You know, understanding you guys sell time, right,
and the patient is buying an experience and they're buying
(08:30):
self confidence.
Speaker 2 (08:32):
And so you need to understand the mechanics of that.
Speaker 3 (08:34):
So I want you, you know, if you're obviously new
in business, you're obviously not going to get right to
a million, but that that trend seems to be where
most people get to after a couple of years, And
I want you to put yourself in a position to
start making at least twenty five to thirty.
Speaker 2 (08:52):
Percent margins on everything.
Speaker 3 (08:56):
Now, what most practice owners will do is they will
sell a tremendous amount of filler and a tremendous amount
of botox and you know, just the neurotos and category,
let's call it. And if you really truly understand the
financing side of the side of the business, that actually
is your most expensive product to carry. It carries the
(09:19):
you know, the you can sell it. I think it's
you know, it's trendy, it's it's easy to deploy, it's
easy to warehouse, it gives a result, it gets a
quick result. But at the same time, it's it's an
expensive item to sell for you because your margins aren't
as healthy as if you were going to sell you know,
(09:40):
something else like BBL right or some sort of micro
dealing device using a laser. And I'm not here to say, hey,
you need to go buy a laser in order to
increase your profit margins. But you know, there is definitely
laser categories that are going to produce much more a
higher yield, a higher return than the neurotos is.
Speaker 2 (10:01):
You know.
Speaker 3 (10:02):
And if you are a million bucks and you're making
you know, thirty percent and you're you're fine with that
and cool with that.
Speaker 2 (10:06):
That's great.
Speaker 3 (10:07):
I'm not saying that, you know, you need to get
to the next level, but it's important to pay attention
to what you're doing and how you can maximize your
day and your time. Because if you were selling more
laser services and I'm not a laser rep, but I
don't represent any laser companies, if you were, let's say you,
(10:27):
you know, you reduce the amount of injectibles you were selling,
and you started to sell more of the treatments around
laser co two, lasers, whatever you want to call it,
the margins are substantially higher. Now you could easily put
yourself in a position toward your your your medical asthetics practice.
And I'll just use the million dollar top Lane revenue
(10:47):
as a benchmark and introduce more high margin services. You
could actually take that thirty percent, you know, upwards to
fifty sixty per cent, and that's producing the same amount
of revenue. So all you're doing is introducing an alternative
that has a higher margin, a higher yield, and you're
(11:09):
taking home more money. Imagine, like you know, you're in
your business for a year, all you sell is neurotoxins,
you run it a thirty percent, you got a million
top line, thirty percent net, you're making three hundred grad
You change out your go to market strategy slightly, and
you start to introduce more of these high margin solutions.
Speaker 2 (11:30):
You could actually go from taking home three.
Speaker 3 (11:33):
Hundred a year to five hundred a year with the
same revenue the same revenue, and then that's going to
put you guys in a position to obviously, like invest
in other categories of the business. Right, do you want
to hire staff, do you want to you know, roll
out other lucrative revenue streams, Like do you want to
invest in yourself? Do you want to buy a building?
You know, what does that look like? And so every
(11:55):
single percentage that you can increase your bottom line is dramatic,
Like going from a twenty percent net margin to twenty
five percent net margin on a million dollar top line,
you're talking fifty thousand dollars and take home money that's
five rand a month, and take home money that's going
(12:16):
to pay your entire mortgage, right.
Speaker 2 (12:17):
Like and some you know, depending on where you live
in what you guys have going on. So it's it's
really important to understand what your bottom line is like,
and if you guys are not if you don't know
how to do it, it's you know, like there's definitely
contacts within the database that you guys can hire. But
it's pretty simple to go set up a quick books account,
bring in all of your accounts, receivable, accounts, payable, it
(12:41):
sucks in your bank account and you can just watch
a YouTube video and figure it out and be able
to understand your your number. Is it a much more.
Speaker 3 (12:47):
Attractive way, you know, and you can even obviously get
into EMRs and have that as well, but understanding what
that looks like and then being able to break that
out and saying, Okay, I did a million dollars in
this year, what was my cost what was all my
overall costs? What is the most expensive thing outside of
(13:09):
paying myself first? What is the most expensive thing that
I have? And and break it down more granularly, like
look at the inventory that you have that you sold, right,
look at your rent, look at the you know, where
you're at your insurance, like you should shop your insurance
every year. You know, insurance is getting kind of expensive
(13:29):
and it's definitely gone up in the past few years.
So any way that you can consistently improve your net income,
which is your even up. It's going to give you
more cash, and it's going to put you in a
position to actually have a more valuable asset. And your
MENTSPA is an asset and it needs to be looked
at that way. It produces cash, and the smarter you
(13:52):
are with managing the cash, the more well positioned you're
going to be to have a utility that's going to
produce income for you.
Speaker 1 (14:10):
This podcast is sponsored by Growth ninety nine, the game
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(14:30):
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the show.
Speaker 3 (15:33):
And what's interesting when you get on like a private
equity side, is there will be a day in time that.
Speaker 2 (15:38):
You sell your practice.
Speaker 3 (15:40):
Right, you either sell it or your closer doors, depending
on who you sell it to.
Speaker 2 (15:44):
Maybe today, maybe in ten years. I don't care.
Speaker 3 (15:45):
I don't know, and I'm not here to say you know.
I'm pro private equity. I'm pro you doing whatever you
want to do that makes sense for you and your family.
But if you go to sell it, sell it for
the most you can.
Speaker 2 (16:00):
You.
Speaker 3 (16:00):
Right, So the higher the ebadah, the higher the private
equity group or a strategic buyer will actually pay you
for your practice and it's.
Speaker 2 (16:14):
On a multiple Okay.
Speaker 3 (16:16):
So if you have, like you know, if you're running
a twenty percent ebada one year and you're thinking about
selling your practice, and you decide, you know what, I'm
going to go through this exercise and bring my ebadah
up to thirty percent from twenty percent. What's going to
happen is instead of them paying you know, I'm just
going to use examples and send them paying you like
a four x return on your on your twenty percent ebadah.
(16:41):
And let's use the formula of you do a million
dollars in top line revenue, you're running a twenty percent,
you make two hundred thousand, and they pay you a
four x on two hundred.
Speaker 2 (16:50):
Thousand, they're going to pay you eight hundred thousand dollars. Okay.
Speaker 3 (16:54):
That's that's what a four x ebadah would be on
a twenty percent marginable business that operates, you know, at
a million bucks, that brings in a million bucks and
operates at twenty percent. Well, if you take that to
a thirty percent, even now you're making three hundred grand,
which is more money, but a private equity company is
(17:18):
going to look at you in a much more attractive manner,
and they're going to pay you a higher multiple. Again
all just use examples here, but typically you know they're
going to pay at least one to two maybe even
three times higher.
Speaker 2 (17:34):
So now let's take that three hundred grand and times
that by five. So now you're going to sell this
practice for one point five million. You take a three.
Speaker 3 (17:46):
Hundred grand even times it by five because they're going
to pay you a five ux. So now you just
went from selling your practice at eight hundred grand to
a million, five more than double. So that's like, that's
why it's so important to know own your numbers and
then peel off charts of where is your biggest expenses
and can you kill those expenses and can you trade
(18:10):
those expenses to where you're going to produce a return?
Speaker 2 (18:13):
Okay, and here's the other component.
Speaker 3 (18:15):
Guys, Once you have nailed that and mastered that, in fact,
you should do like reconciliations every do it every week
and have your system flag you if you're like under
a threshold or over a threshold. The next component is
truly understanding your your cost per lead and what it
(18:36):
costs you to acquire a patient like super super important
to understand. So the average cost to obtain a new patient,
it's one hundred and thirty two dollars. That's like, that's
the average cost, okay, to obtain one. And so if
(18:59):
you are operating at twenty percent EBITDA and your utilization
rate is sixty percent, and you have the ability to
increase your utilization rate, but you're not funding your marketing
(19:19):
correctly most practices I talked to, in fact, like the
number is astonishing by how many practices are underfunding their marketing.
Posting on Instagram, sure, that's a that's an avenue marketing.
Having website definitely an avenue marketing. So many of you are.
Speaker 2 (19:42):
Under investing in ads or you're not running ads.
Speaker 3 (19:46):
And it's either because you're afraid to or you've been
burned by it, or you tried it, you kind of
dabbled into it for you know, thirty sixty.
Speaker 2 (19:55):
Ninety days, one hundred and twenty days, maybe.
Speaker 3 (19:57):
Didn't see the results. This is something you turn on
and never turn off. And you need to put yourself
in a position to where you're spending ten to fifteen
percent of your top line revenue into marketing. So run
that exercise, Go see what your top line revenue is
(20:18):
and go see what how much you are spending on
your marketing. Most practices are spending under twenty five hundred bucks.
That's like, if you're doing a million bucks in sales,
this is dramatically underfunding your marketing. And then your utilization
rate is you know, sixty percent. The only variable is
(20:39):
to go invest in marketing. You're underfunding it. If you've
ran ads before and run successful, find an agency to
work with that knows what they're doing. And not only that,
but make sure you're making the phone calls when the
leads come in. Make sure you have an expert handling
those phone calls, not just outsourcing it to somebody who
(21:01):
doesn't know what they're doing. You should start taking the
phone calls. In fact, you should take the phone calls
before you delegate it so you know exactly how to
take them. The ones that do that are the ones
that win. I guess. I have worked with practices that
spend twenty thirty forty one hundred thousand dollars a month
on ads.
Speaker 2 (21:19):
I have, and they crush it.
Speaker 3 (21:23):
And I'm not here to say go like, whoever's you
know not in Missing money to ads is losing but
I mean I kind of am saying that. I see
a lot of very successful practices that are not that
are not doing that. In fact, I see a lot
of practices that have.
Speaker 2 (21:41):
Too much utilization.
Speaker 3 (21:43):
And when you have too much utilization on one provider,
that what what I look at is burnout. You can't, like,
you can't have a.
Speaker 2 (21:55):
Provider running at one hundred and twenty percent utilization for
a year, they're going to if they're going to quit,
they're going to like that.
Speaker 3 (22:03):
There's other things in life than just you know, running
the practice.
Speaker 2 (22:09):
So what that tells me is you you have.
Speaker 3 (22:10):
A provider issue, right, So which man, if you have
the energy and horsepower to run a utilization over one
hundred percent for a long period of time, I mean,
hats off to you, that's amazing.
Speaker 2 (22:25):
But I truly feel there is a point where you are.
Speaker 3 (22:30):
You need to restructure your thinking because that means that
you have a provider issue and you should go get
a provider and reduce that utilization on yourself and delegate
that to someone else. In fact, I think a nice
challenge would be to continue to try to reduce your utilization.
Right if you are a single provider owner and you
(22:53):
are wanting to have the business run by itself. Like,
imagine how nice it would be to go on vacation
and the pice makes money for you.
Speaker 2 (23:03):
That would be an amazing thing, you know.
Speaker 3 (23:06):
And at the end of the day, as a practice owner,
you sell time and the patient is buying an experience
and in that result of confidence, that's why it came
to you. But you're selling time, you know. It's one
of the downfalls of the business is selling time. So
you need to make sure that you put yourself in
a position to hire strategically.
Speaker 2 (23:27):
Look at your numbers.
Speaker 3 (23:28):
If you're a single provider, you're over utilized, look to
reduce that and bring in providers that are going to
bring in value the practice and compensate them.
Speaker 2 (23:37):
Correctly, so we don't leave very very important, very important.
So if you're under the utilization benchmark, invest in marketing.
That would be most of you. If you're over utilization,
start find the seeking a provider. There's wonderful resources out there.
Speaker 3 (23:58):
To find providers and experts that you can bring into
your practice and service your patients. So then you can
go on vacation with your family and continue to produce income.
It's going to be okay. They probably aren't going to
be as good as you. They're not going to ever
run the business as good as you. But if they
can do it ninety percent as good as you, then
that's that.
Speaker 2 (24:19):
You should be okay with them. They're never going to
be you, okay.
Speaker 3 (24:24):
The other thing I want to point out here, guys,
is the revenue per treatment per hour. And the more
I look at this, the more it is completely.
Speaker 2 (24:37):
Discounted, like it should be higher.
Speaker 3 (24:39):
So the revenue per treatment per hour, the industry average,
it's right around five hundred and thirty bucks, and they
shoot five hundred and thirty bucks for an hour treatment
like this sounds great on the surface, but there's always
a cost. You have time and you have the products
you're selling. So if you're selling neurotoks as and your time,
(25:01):
those margins can actually get pretty small, right. That's why
selling the neurotoksin is actually the most expensive service you
could sell. So you need to increase that number. You
need to continuously increase that number. That's going because you
already have the patients there. You already have them there,
(25:21):
Introduce them to the treatment plan, introduce them to all
the services and memberships and everything you guys have, there's
practices out there that I have seen that their average
revenue per treatment per hour is more like two thousand dollars.
Speaker 2 (25:38):
And these aren't like the locations in Beverly Hills.
Speaker 3 (25:42):
They have just put themselves in a position to strategically
introduce treatment plans and services at the time we check
out or in the consultation, or on their marketing or
on their website or wherever, in a strategic way to
where they are able to introduce more services to the
(26:03):
patient base and increase that spend per patient.
Speaker 2 (26:09):
Okay, so if.
Speaker 3 (26:11):
You I mean, let's just run the numbers for a second,
just so I can have you understand how important this is.
If you have let's say you're doing five hundred and
thirty dollars an hour, and we are only at times
that by eight eight hours in a day, that's forty
two forty. Okay, I'm just going to use that number
one day top line revenue forty two forty, and I'm
just going to go ahead and divide that by two
(26:31):
because we have a fifty percent margin. And then let's
say we pay our time one hundred bucks an hour,
let's minus eight hundred bucks, So we really made thirteen.
Speaker 2 (26:41):
Hundred and twenty bucks. That's the take home.
Speaker 3 (26:46):
That could change, obviously depending on how you guys operate
your business, but that's that's the actual take home. Now,
imagine if you have the same hours in the day
and you're able to double that patient spend per hour
and put it to one thousand. So if you now
have a thousand times that by eight hours, that's going
to give you eight grand.
Speaker 1 (27:06):
Okay.
Speaker 2 (27:07):
Now, let's say you salt neurotoxin.
Speaker 3 (27:09):
I'm gonna do worst case scenario by that by two
to fifty percent margin minus youre costs of eight hours
a day one hundred minu is eight hundred.
Speaker 2 (27:15):
You now made thirty two hundred.
Speaker 3 (27:17):
So instead of making thirteen hundred, you made thirty two
hundred dollars.
Speaker 2 (27:23):
Okay, you more than you basically tripled your money just
by doubling your patient spend volume per patient prower. Okay.
Speaker 3 (27:33):
So if you guys can nail those things, you are
going to be put in a very very successful position.
The most successful practices are the best marketers. They're the
ones that are able to accumulate patients. And when most
patients come in and you give them an experience, they stay,
(27:56):
and they spend money. The practices that understand their margin,
their net income, and how to reduce costs and introduce
treatments that have higher return. Those are the ones that
can take their current patient base and increase their.
Speaker 2 (28:11):
Take home cash in a dramatic way. They understand finance.
Speaker 3 (28:16):
The ones that know how to market and understand their
utilization rate and actually deploy marketing through paid search campaigns
and keep that patient acquisition costs as low as they
can and convert more. Those are the ones that win
than the ones that are able to introduce new treatments
and increase the average spend put patient visit like Those
(28:38):
are the three takeaways I want.
Speaker 2 (28:39):
You guys to get out of this episode.
Speaker 3 (28:42):
Know your net income and how to increase it by
reducing expenses and introducing high margin sales. Know your patient
acquisition cost Know your utilization rate. If you utilization rate
is too low, invest in marketing.
Speaker 2 (29:00):
That's the only answer.
Speaker 3 (29:02):
If your utilization rate is too hi, get a provider.
Understand your patient average spend per patient visit five twenty
seven is the average. If you're below that, step it up.
I want you guys to try to you know, challenge
yourself to see if you can double that, and you
(29:23):
don't have to do it through like thinking that you
have to sell all your services.
Speaker 2 (29:27):
The patients want to be introduced to things to help
them build confidence, So educate them and they will forever
be thankful.
Speaker 3 (29:39):
That's it for today, guys. I hope you found this
episode viable. My biggest ass is to please share it.
I would love if you shared it, rated it. If
there's psychologue that you know that could benefit from it,
that w be my ass.
Speaker 2 (29:50):
Until next time, Happy injecting.
Speaker 1 (29:55):
Thanks for tuning in to Medical Millionaire. Every week, we're
here to help you transport or your practice into a thriving,
profitable venture, covering everything from marketing and patient bookings to mindset, workflow, automation,
and beyond. Whether you're just starting out, scaling up, optimizing operations,
or planning your exit strategy, this podcast is your go
(30:18):
to resource for success in the medical esthetics industry. It's
time to supercharge your practice and take action today. Share
this episode with a fellow entrepreneur, Rate the show, and
don't forget to click the link in the show notes
to access powerful tools and expert guidance at get dot
growth ninety nine dot com, slash MM, and make sure
(30:40):
to tune into the next episode of Medical Millionaire
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