At first blush, expanding your practice by incorporating medical aesthetics into your service offerings can seem like a solid growth strategy. The demand for botox, dermal fillers, injectables of all kinds, and other cosmetically non-invasive procedures is only growing. What’s more, the learning curve associated with the safe and proper use of medical aesthetic products is low compared to invasive procedures, and the return on investment can be considerable. But before you begin the process of expanding your practice with medical aesthetics, there are some essential things to consider that can make the difference between success and failure.
Does Aesthetic Medicine Make Sense for Your Practice?
Branching out from traditional service offerings can be a good or bad idea depending on the nature of your practice. For example, if your practice is dermatology or dentistry (especially with a cosmetic component or focus), incorporating medical aesthetics can be one of the smartest moves you’ll ever make. After all, your patients are already coming to you in many cases for concerns related to their appearance, making medical aesthetics a perfect fit for your practice. A botox certification or other aesthetic training can be useful to these types of practices.
On the other hand, if you’re a practicing cardiologist or podiatrist, incorporating cosmetically-focused medical aesthetics into your practice will likely confuse patients, compromise trust, cause them to take you less seriously, and even damage the reputation of your practice. (Although, if your current practice presents a compelling reason for offering non-cosmetic applications for medical aesthetics, there’s a good chance you’ll be able to incorporate them with great success.)
Do You Have the Resources to Handle Additional Business?
Provided you have an effective marketing strategy in place, it’s possible that incorporating medical aesthetics into your practice will attract a large influx of new patients. You can expect your caseload to increase considerably — potentially to the point where you lack the resources to properly serve patients. The demands on your caseload may necessitate the acquisition of additional staff with aesthetic training, but this effort (and new-hire onboarding) can put further strain on your resources.
Always have a game plan in place before making any significant changes in services or personnel to your practice to ensure the transition does not result in unforeseen challenges. It can also make sense to slowly introduce medical aesthetics into your practice rather than unleashing an entire arsenal of new medical aesthetics products and services. Testing the waters by starting off with even one or two products can help ensure that your business will be able to scale successfully.
Can You Reliably Generate Demand?
Adding medical aesthetics to your practice is no guarantee that it will become more profitable. Consider this. Botox is typically priced at $10-$15 per unit, and 30-50 units administered in a single treatment session are typically required for good results. Investing $750 in Botox may be a poor investment if you don’t have sound evidence that you can generate patient demand for it. Always do your market research. Remember that there are likely plenty of established medical aesthetics practices in your area. This means that you’ll have to work extra hard to get the word out about the expansion in your services and provide compelling incentives for patients to choose your practice above better-known competitors.
Whether or not expanding your practice with medical aesthetics will deliver the hoped-for bang for your buck depends on examining the larger ecosystem in which this expansion occurs. By taking into account the three key considerations explored above, you’ll be able to make an educated decision and give “informed consent” about whether incorporating medical aesthetics into your practice is right for you!
To learn more about medical aesthetics and get connected with professionals in your area who share your interests or specialists, join the AAAMS network and contact us today!
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