When it comes to increasing profits for your medical aesthetic clinic, you have two options: Earn more money—perhaps by seeing more patients or charging more for services—or reduce your operating expenses. Although practice owners need to focus on building patient demand,lowering costs should not be underestimated as a business strategy. Taking a good look at your expenditures can help boost the bottom line and allow for more investment opportunities that can help your practice grow.
While every med spa is unique, many can benefit from strategies such as the following:
Your staff has a tremendous impact on your patients’ overall experience, client retention, and your reputation. That means the hiring process should never be rushed. Take time to make sure that a candidate can be an asset to your organization, not only in terms of his or her ability, but in attitude and work ethic as well. A bad hiring decision could hurt your practice and cost you money in the long run. Choosing people who are invested in the happiness of your patrons and the success of your business can help avoid wasting time and money.
Print advertising is expensive and may not offer the return on investment (ROI), that digital methods can. Online marketing materials often make more financial sense, especially when prospective patients can access information from your website. You can also include links in email blasts and social media posts, without blowing money on printing or paper. If you are spending on print ads, say in magazines or newspapers, consider switching to digital advertising.
Supplies such as table paper, syringes, cleaning products and office staples may not break the bank, but they present an opportunity to cut costs. If you have been using the same supplier for years, you may not be getting the best prices available. Check your annual supply costs and determine whether it’s worth switching providers or purchasing certain items in bulk. Even small savings in the present can make a difference over the course of months or years.
Time is money, so have you considered possible ways to streamline frequently performed tasks? For example, how much time does your front desk staff spend reminding patients about upcoming appointments? If patients can use an application that contacts them via text or email, you might be able to free your team for other work. Giving people the ability to make appointments online is another way to save time, which can then be used for other responsibilities such as maintaining social media accounts or connecting with patrons.
Another way to lower your operating costs is by participating in Venus Concept’s industry-unique subscription model. When you purchase a device from Venus Concept, you gain access to the latest technology, marketing support, and practice enhancement program. Plus, you can take advantage of our ongoing education, comprehensive warranty coverage, easy upgrade process, and professionally designed digital and print marketing assets. To learn more about how a Venus Concept partnership can help you reduce costs and boost profitability, contact one of our experts today.