Practice Management

Exit Planning

Prepare your practice in the event of catastrophe and optimize your assets in expectation of retirement.
Image: Man leaving through a door

When you graduated medical school, retirement was likely the last thing on your mind. But if you have since moved on to private practice ownership, it’s time to consider what will happen to your practice in the event of death, disability or retirement. Keep in mind, the unique nature of medical practice ownership necessitates pre-planning for both the expected and unexpected. “Succession planning is more complex in the medical field because only licensed practitioners are able to run these businesses,” says Lauren Maxie, managing attorney with NC Planning in Raleigh, North Carolina.

Consultation Support

Tools and strategies that help improve consultations and conversion rates.
Image: a doctor touching his patient's face

Much has been written about how to attract prospective patients to one’s aesthetic practice, but bringing consumers in the door is only the beginning. Once a consultation has been booked, medspas and cosmetic practices must be able to identify a prospective patient’s specific concerns and aesthetic goals, and be prepared to effectively communicate both recommended treatment options and why their team is qualified to help the patient achieve these goals.

Tracking Your Reviews

Image of a man on a laptop.

According to a 2016 BrightLocal consumer survey, more than 90% of consumers read online reviews and 84% trust them as much as a personal recommendation. Therefore, it is extremely important that aesthetic practices and medspas not only solicit reviews but monitor these sites so that they can keep tabs on what people are saying about their businesses.

To help you get started, Stephanie Heitman, communications and content manager of digital marketing company ReachLocal, offers three steps to monitoring your online reviews.

Improve Your Leadership Skills

Not everyone is a natural-born business leader, but leadership is a skill that can be developed. Following are five strategies from Michael Edgley, business consultant and facilitator at HPWP Consulting, that can help you hone your skills and lead your team to better patient care and improved practice growth.

Differentiate Your Practice

Understanding your competition and the unique selling points of your practice is key to continued success.
Image of one gold egg among many white ones.

It’s a competitive world out there. If you wish to be a successful medical aesthetic practice or medspa owner, differentiating your practice from those of your competitors is critical. In order to distinguish your business in the minds of consumers, you must understand your competition, be able to identify your unique strengths or selling points, and develop your brand.

Factors Affecting Online Physician Ratings

A five-star review

A research letter published online January 26, 2017, in JAMA Facial Plastic Surgery investigated the reasons patients leave positive vs. negative reviews about their aesthetic physicians. Authors Nima L. Shemirani, MD, and Jeffrey Castrillon, MS, examined online reviews of all dermatologists, plastic surgeons and facial plastic surgeons in New York City, Los Angeles, Miami, San Francisco and Chicago; inclusion criteria included a three-sentence minimum and more than 20 reviews for each practice.

Social Media Policies

Creating an effective and legally enforceable social media policy for employees.
Social Media Policies

Who would you rather have working at your practice or medspa—an employee who is always sneaking onto Facebook between patients or one who uses their downtime productively? How about someone who uses Twitter to blast complaints about their team members out to the public versus an employee who brings concerns to you directly?

Standing Out In the Lone Star State

Ten years ago, prominent plastic surgeon Paul Vitenas Jr., MD, decided to focus on aesthetics full time, and business is booming.
Standing Out In the Lone Star State

“To be a good aesthetic plastic surgeon you have to have three things: The tongue of a politician, the eye of an artist and the hands of a watchmaker. And you have to have them in almost equal amounts. It truly is a unique skill set,” says Paul Vitenas Jr., MD, FACS, founder of Vitenas Cosmetic Surgery, Mirror Mirror Beauty Boutique and the Houston Surgery Center in Texas.

Face & Body Partners With American Med Spa Association

Face & Body Partners With American Med Spa Association

Today’s aesthetic consumers want procedures that offer visible results with minimal downtime performed in a nurturing, relaxing environment. In response, many medical and spa professionals have turned their attention to medical spas. Medical spas have experienced dramatic growth in recent years, bringing in an estimated $1.8 billion in sales in 2013, along with a highly significant 18 percent year-over-year growth, according to Marketdata Enterprises.