The top ten ways medical aesthetics practices can improve their revenue:
As the demand for medical aesthetic procedures continues to grow, it is essential for medical aesthetics practices to find ways to improve their revenue. Here are the top ten ways to do so:
1. Offer a wide range of procedures – Expanding your services to include a variety of treatments, such as Botox, fillers, laser treatments, and skin tightening, will attract a wider range of clients and increase your revenue potential. Consider treatments with a range of pricing and treatment frequency required. Patients may initially come in to see an Esthetician for a facial treatment or skincare consult and progress to treatments such as lasers and injectables. Ensuring you have a wide range of options for aesthetics treatments will make you a one-stop shop for all your patient's/client's aesthetic needs, reduce the risk of "practice shopping" and help to retain long-term patrons of your Medical Aesthetics practice.
2. Partner with other medical professionals – Collaborating with other healthcare providers, such as dermatologists or plastic surgeons, can help to increase your client base and provide referral opportunities. If you specialize in non-invasive body sculpting and have a solid referral relationship with a Plastic Surgeon who only offers surgical options, this can be a great synergy, likewise Dermatologists. The trick is finding business that offer 'complimentary' services and not directly 'competitive' services, so look for businesses that fill a niche outside of yours.
3. Invest in high-quality equipment – Investing in state-of-the-art technology and equipment will not only improve the quality of your services but also attract more clients and employees who are looking for the latest advancements in medical aesthetics. Many clients have seen marketing or heard their friends talk about a certain brand of laser or injectable product. Brand names can attract otherwise reluctant clients who've developed trust for that specific brand of product. Employees often cite variety of devices in their place of business as enhancing their daily work life and preventing boredom/burnout from performing repetitive tasks when clinicians have access to a variety of treatments with the latest technology. If your devices are decades old and have been replaced in the market by faster, better machines, you will need to make the upgrade to compete with an increasingly astute public.
4. Offer package deals – Offering package deals, such as multiple treatment packages or annual maintenance packages, can increase revenue by encouraging clients to commit to a series of treatments. This may require more effort on the part of your front-office staff to process and track visits used so be sure to have a solid game-plan and staff onboard with the process prior to implementing. Packages are great as many services require multiple treatments for the best efficacy and providing a 10% discount to purchase a package vs. individual treatments will incentivize your clients to repeat their treatments, increasing outcomes and providing your patients more satisfying results.
5. Utilize social media – Leveraging social media platforms, such as Instagram and Facebook, can help to increase brand awareness and attract new clients. Be aware that increasingly these platforms are veering from 'organic search' to 'paid search' only options for any sort of decent reach so prepare a marketing budget and be consistent in its implementation.
6. Create a loyalty program – Implementing a loyalty program, such as a rewards program or referral program, can incentivize clients to continue using your services and refer their friends and family. The legality of these client referral programs can be legally tricky with 'anti-kick' back statutes coming in to play in many areas-when in doubt consult a lawyer in your State familiar with the medical/legal considerations.
7. Focus on customer service – Providing exceptional customer service, including personalized consultations and follow-up care, can increase client satisfaction and encourage repeat business. The services provided in aesthetic medicine are a luxury, with prices to match, as such the practices that will 'bend-over-backwards' to make their guests feel welcome with retain long-term clients and increase word of mouth referrals. Does that mean addressing any concerns in a timely manner and being consistently available with impeccable bedside manner-you bet! Anything less is subpar service and will inevitably fall short of client expectations. I cannot stress the importance of new patient follow up calls! Show you care and they'll be there-think concierge medicine and run with it!
8. Offer financing options – Offe