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Medical spas and the services they provide have become increasingly popular, as more and more people are warming up to the idea of non-invasive cosmetic treatments. While there isn’t a boom in the industry quite yet, it’s not a leap of the imagination to assume that setting up a medical spa can be very profitable if you play your cards right. There’s a lot of opportunity for growth and profit, both for medical providers and med spa owners.
But how much do med spa owners make? While there are plenty of factors that can affect this final number, the rough estimate from the American Medical Spa Association is around $300,000 to $375,000 annually – a profit margin just past 20%. And while there are many upfront costs associated with even setting up a medical spa, you can make your med spa a profitable business by sticking to a few key concepts.
Why Are Medical Spas So Profitable?
It might be a surprise to potential business owners that medical spas can become a profitable business, but there are actually several reasons why they’ve gotten so popular lately. By understanding these driving factors, you’ll be able to get a clearer picture of how to set up your medical spa for the most profit.
1) Non-Invasive Cosmetic Treatments
Medical aesthetics have advanced significantly in the last five years. Body contouring, laser hair removal, dermal fillers, and other types of cosmetic treatments have been introduced to the market, eliminating the need to rely on painful treatments or plastic surgery to get the best results.
Med spa services can now blend in both medical practice treatments with the procedures expected of your traditional spa – all under the watchful eyes of a medical professional. Any cosmetic procedure performed at a med spa can be done twice as fast and with half the hassle of your usual spa treatments, which increases the potential patients that you can have.
2) Accessible Beauty Procedures
One thing that’s become increasingly more useful to the savvy med spa owner is the ability to use med spa marketing (whether that’s social media marketing or marketing in general) to make their treatments reach a wider audience. This is also partly because the general shift of aesthetic medicine has also been targeted at making their products more accessible.
This isn’t just spreading awareness that these treatments or products exist, but that they’re also accessible in terms of pricing. The medical spa industry as a whole has worked hard to make medical spa services cost significantly less than a standard medical procedure – which means a potential client can have dozens of affordable and equally effective options to choose from.
3) Growing Interest In Medical Spa Services
All of the above factors mean that a business owner can take advantage of a thriving medical spa market: where the medical spa industry works for both providers and patients alike. This unique intersection of demand and supply means that a med spa business stands a reasonable chance of making a profit, especially if it’s managed properly.
The interest isn’t limited to just potential clients: medical professionals and even traditional cosmetic professionals like plastic surgeons are also starting to get more into the med spa industry. This means there’s a larger pool of professionals that a med spa owner can partner with to build their own med spa – which again, nets you even more clients.
How to Maximize What You Make From Your Medical Spa
So how exactly can you make sure you make the most out of your profits when you own a med spa? Here are a few things you can do to make sure that your medical spa business more than breaks even:
1) Make Purchases Easier
Remember, medical spa services now number in the dozens, if not hundreds for potential clients. It’s a bit unreasonable to expect that they’d go through each service one by one to choose what they need – that’s something that they expect you, the provider, to know best.
The best way to bridge the gap between this expectation and profit is to simply bundle your services whenever you can. With the wide selection of non-invasive cosmetic procedures, it can be surprisingly easy to offer your medspa services as a package deal.
Some potential bundle ideas include:
- Botox and dermal filler injections (both injectable treatments)
- CoolSculpting and laser lip procedures (both body contouring treatments)
- Laser hair removal and microneedling (both contribute to skin rejuvenation)
- PRP therapy and LED therapy (both are non-invasive skin treatments)
- Any procedure with the right cosmetic products (both to maintain the results of your treatments)
Bundling your services removes the burden of choice from your clients, and helps them trust you more as a long-term partner for all their cosmetic needs. In the long run, having a dedicated client base will ultimately net you more profit.
2) Hire Trained and Licensed Professionals
This may sound obvious, but there is still a lot that needs to be said about establishing your med spa’s trustworthiness by hiring medical professionals to do your treatments. Not only does this improve the results of your treatments overall, but it also helps your patients avoid any adverse complications.
It’s also for the sake of compliance – state regulations will often specify that only certain medical professionals can perform certain procedures. Violating these regulations often has heavy fines, can cost your staff their licenses, and may shut down your med spa business.
Some professionals to look out for include:
- Physician assistants
- Nurse practitioners
- Plastic surgeons
- Registered nurses
- Osteopathic doctors
Having these experienced professionals on your staff not only gives your medspa the credentials to administer treatments but will also improve your patient’s relationships with your practice long-term. This too can result in significant profits over time.
3) Spend Your Money Efficiently
Costs are some of the biggest revenue sinks of operating a med spa. Between the different types of equipment, the number of medical supplies, and the salary of your staff, it’s important that you learn how to budget your finances efficiently so you still manage to keep a profit while maintaining the quality of your service.
Hiring an accountant or using management software can definitely help ease the process, but it’s your overall strategy that can dictate the success you have with managing costs. You need to have the right mindset as an owner to make the long-term decisions that affect your operations – and your overall profit generation.
Some of the things to keep in mind are:
- Providing regular training to your staff for better service
- Finding a reliable partner that can provide your med spa with supplies/equipment
- Identifying services that are performing/selling well and increasing support for those
- Making smart choices about how you do your marketing for the most reach
- Integrating medical services with your usual services for more revenue
The key here isn’t to keep costs low in any way possible: it’s to make sure that what you’re investing is paying out more than it costs. Admittedly, this can be a learning process – but if you pay attention to how your med spa is performing and what your clients want from you, then you should be all right.
4) Incentivize Long-Term Treatment Plans
While some procedures are one and done, the majority of cosmetic treatments today – especially the non-invasive ones – incentivize repeat treatments for the best results. Repeat treatments mean more revenue, but they also improve trust in your med spa and improve the services you provide.
Long-term treatment plans should be marketed carefully to your patients. It’s not enough to tell them that they need to come back for the best results: you need to make it clear that coming back is the best way to keep their results. Framing your services as maintenance makes it easier for your clients to accommodate you into their skincare routines.
There are several ways you can incentivize long-term treatments, like:
- Bundling them with the client’s initial treatment plan
- Working with your providers on the proper way to market long-term treatments
- Creating content that supports the benefits of long-term treatments
- Investing time into your patients that go through long-term treatments as real-life case studies
- Offering discounts and other promos for long-term cosmetic treatments
By encouraging long-term treatments, you retain your clients and your profit margins stay consistent, if not grow over time. This also helps build trust in your medspa and allows you to give even better standards of care for existing and new patients alike.
Buy High-Quality Tools and Medical Supplies From FACE Med Store Today
Setting up a medical spa can be well worth the trouble if you manage to take the steps to ensure profit – but every medical spa owner should also keep in mind that it’s ultimately the quality of care that’ll increase your profit margins. By creating a medical spa that provides the best possible care, you’ll be able to attract more clients and ensure that your current clients stick with you long-term.
As an experienced provider of medical tools and supplies, FACE Med Store has extensive knowledge of the needs of providers and patients across the country. We close the gap between your clients and your services by providing you with high-quality medical tools and supplies at accessible rates. Whether it’s dermal filler treatment or PRP therapy, you can trust us to give you the resources that you need.
For more information about us and our stocks, visit our website today.
Disclaimer:
The information and answers contained in this article provide a general guide to certain laws that apply to “medical spas” and cosmetic medical treatment in this particular state. The information on this site is for general reference only and its accuracy cannot be guaranteed as medical spa legalities and regulations change very frequently. This information is not intended to provide legal advice, and it should not be relied upon as legal advice. This information is not intended to create, and receipt of it does not constitute an attorney-client relationship. To our readers: You should not act upon this information without seeking knowledgeable legal counsel that takes the laws of your jurisdiction into account.
