Tried-and-True Tips for Incorporating a Medical Spa into your Practice
Declining reimbursement rates have left physicians around the country scrambling for new revenue streams. One way that many practices are increasing profits is by adding medical spa or “medspa” services such as Botox® injections or microdermabrasion. If you too are considering a jump into this market, keeping these tips in mind will ensure a smooth implementation.
Create a Business Plan
Any significant change in your business model requires a new business plan. This plan should include a list of goals you would like to accomplish, as well as a marketing plan to help you reach potential clients. Outline any financial needs that may arise as a result of your endeavor-for example, the need to acquire a new loan in order to pay for new equipment or training.
Your business plan should also identify any changes in insurance requirements. This is because the malpractice insurance you currently carry may not cover aesthetic services. In addition, many companies also require accredited training on certain procedures before they will cover them. A careful review of your policy is needed to ensure there are no gaps in coverage that might leave you vulnerable.
Decide on Services
After making a business plan, it’s time to decide which services you would like to provide. Depending upon your specialty, you may want to include things such as dermal fillers or laser skin tightening. If you are not comfortable performing these treatment, consider adding less invasive ones such as facials or medical peels instead. In fact, starting with basic services can be a great way to test the market without having to invest a great deal of money in the way of new equipment.
You will also want to know what services your competition is offering to avoid oversaturating the market. For example, if there are already quite a few Botox® providers in your area, including it in your own practice may not necessarily draw a good number of new patients in.
It may be tempting to add “wet” services such as saunas; however, doing so is not recommended for most practices. Wet services are expensive to implement, and also require ongoing maintenance, making them a poor fit for most physician’s offices. They also come with a great deal of liability, something you may not be willing to take on if you are already faced with increased insurance requirements.
Meeting Local Requirements
Once you have decided on services, you will then need to know what the requirements are for supervising those who provide them. For example, some locations allow aestheticians to practice on their own without direct supervision from a physician. Others may require massage therapists or nail technicians to become licensed. Only after ensuring you are in compliance should you begin marketing your medical spa services.
Partner with Us
After incorporating a medical spa, you may find your practice management techniques need revamping. Here at Leeward Medical, we have a number of practice management solutions to get you through this transition period, and invite you to contact us today for an initial consultation.