This blog is adapted from the book, Beautifully Profitable / Forever Profitable, © 2014, by Cheryl Whitman
Medical Practice Overview
Physicians, surgeons, medical spas, medical aesthetic practices, cosmetic surgeons and related business operations are all starting to evaluate their ability to develop a highly-profitable hair transplant practice, located within their existing practice centers.
This exploration of hair transplanting is often part of a larger effort to expand their practice locations, or to grow their existing hair transplant practice and volume. Either way, for most aesthetic physicians, the development or expansion of hair transplant services opens the door to a new market they would otherwise not see.
In most cases – unless the physician had an undergraduate degree in marketing, for instance – professional consulting services are needed to make this evaluation. This same approach should apply to any new or expanding product or service line. Only by “crunching the numbers” can you be reasonably certain that you’re going to make a positive return on your investment in equipment, floor space, staff training and marketing.
Those evaluations should include – but are not limited to:
- Medical Practice Assessment – are you ready to grow?
- Market assessment/feasibility
- Staff assessment – how much (if any) training will they need, or – alternatively – will you need to hire new staff
- Recruitment of medical/surgical assistants
- Training of medical/surgical assistants
- Physician training for conventional strip, FUE and other techniques
- Evaluate new technologies in hair restoration, including Neografting, laser, robotics, microscope, etc.
- Development of pricing, physician and staff compensation, incentive programs
- Marketing strategy, planning and execution
- Development of web site, micro site and social media presence for hair restoration service
- Internal staff and sales training, including:
- Telemarketing (inbound & outbound)
- In-office sales consultations
- Web/Skype consultations
- Development of training manuals and sales consultation material for the office
- Develop brochures, posters, inserts, email blasts, press releases, and write-ups for hair restoration
- Developing a network and strategic alliances in the hair restoration professional community
- Development of data metrics, financial metrics, financial analysis of hair business including P&L and ROI
- Develop a product line for hair restoration solutions for both men and women
- Develop women’s hair transplant services including eyebrow, eyelash, front hair line, etc.
- Develop ancillary men’s hair transplant services (e.g. beard, mustache, eyebrow, body hair, etc.)
- Explore international opportunities for hair restoration income
- Ongoing business, marketing, clinical and ancillary support to make the hair restoration business successful, profitable and sustainable.
From my team’s extensive experience – more than ten years of developing and managing hair restoration programs in the U.S. and overseas, I can testify to the huge potential for profit, as well as for the need to bring in professionals who understand this market.