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Digg It - 10 Tips to Medical Spa Startup Success
“Even though the Medical Spa industry is still in it’s infancy, I am beginning to see some trends” says Jeff Russell, the CEO of MedSpa Financing. “We’ve compiled the following 10 tips for those considering opening a medical spa.”
Don’t try and re-invent the whe
Don’t try and re-invent the whe
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
el, learn from our experience, here are 10 tips that will help you open a successful and profitable Medical Spa.
1. Have sufficient funds
Don’t even think about opening a Medical Spa unless you have the capital needed to bring it through the startup and firs
1. Have sufficient funds
Don’t even think about opening a Medical Spa unless you have the capital needed to bring it through the startup and firs
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
year of operation. Invariably, your planning will not deal with all of the unforeseen issues that can occur in the MedSpa industry. From regulatory compliance changes and training costs, to increased marketing costs. Under-capitalization is a leading indicator of
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
business failure. You should considering a combination of various financing strategies from leasing to working capital.
2. Talk with other doctors who have successful, operating Medical Spas
Ask them what they would do the same, and what they would do diff
2. Talk with other doctors who have successful, operating Medical Spas
Ask them what they would do the same, and what they would do diff
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
rently. We are starting to see some established Medical Spas out there, try and learn from their experiences and best practices.
3. Join associations that help new Medical Spas succeed
They are a great source of experienced MedSpa owners, who have already g
3. Join associations that help new Medical Spas succeed
They are a great source of experienced MedSpa owners, who have already g
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
one through what you will. In addition, they often have members who have specialized in the MedSpa industry, including: business planning, marketing, design, dealing with regulatory issues, insurance and finance. The International Medical Spa Association even has
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
mentorship program that is available for new MedSpa owners. It is invaluable to chat with someone across the country who has had the same problems you may have, especially if you know they are not a local competitor!
4. Know your strengths and weaknesses
No
4. Know your strengths and weaknesses
No
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
one is strong in all areas, you may be an expert in age management medicine, but you may be weak on the business and marketing side. That’s fine, but you are going to need to identify the areas where you are weak and compensate. Not all areas require a permanent,
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
full-time employee, you may consider hiring a consultant who has the necessary experience.
5. Watch your expenses
Especially during the startup phase of a MedSpa, it can be easy to see the glamour of having marble flooring, but is it really necessary? You m
5. Watch your expenses
Especially during the startup phase of a MedSpa, it can be easy to see the glamour of having marble flooring, but is it really necessary? You m
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
ay be better off adding another hair removal treatment room, which will generate income. Remember the old adage: “it will take twice as long and cost twice as much as you anticipated.”
6. Determine what need your Medical Spa meets
As with any successful busi
6. Determine what need your Medical Spa meets
As with any successful busi
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ess, you need to meet a consumer demand. With 11,500 people joining the over 50 crowd every day, you have a great potential market. But you need to make sure you are where they can be found (i.e. medical centers, shopping centers, established communities).
7. Kno
7. Kno
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
your cash flow
You may think financial statements are only for accountants to understand, but you need to be able to read some key financial statements. Including the cash flow statement, this lets you know where the money is coming from and where it is goi
You may think financial statements are only for accountants to understand, but you need to be able to read some key financial statements. Including the cash flow statement, this lets you know where the money is coming from and where it is goi
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
ng. You must always know your current cash flow situation, if you cannot pay your bills, you are effectively out of business.
8. Do it because you want to do it
Starting a MedSpa is going to consume two things: time and money. The profit potential of a MedSp
8. Do it because you want to do it
Starting a MedSpa is going to consume two things: time and money. The profit potential of a MedSp
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
is huge, but if you are not doing what you really enjoy, it will show on your bottom-line! As you will probably be spending more time and money than you originally planned, you need to make sure operating a Medical Spa is what you really want to do.
9. Don’t hir
9. Don’t hir
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
e family and friends
They may be able to provide you with valuable assistance during the startup phase, but they most likely will not be able to get you to that next level. This is where having an experienced MedSpa director is very important. Not only are th
They may be able to provide you with valuable assistance during the startup phase, but they most likely will not be able to get you to that next level. This is where having an experienced MedSpa director is very important. Not only are th
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
y going to hire and train your employees, but they also will be responsible for the day-to-day operations of the MedSpa. Hiring a competent MedSpa Director can allow you to run your MedSpa as a stand alone profit center; one that makes money whether you are there
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
or not.
10. Don’t forget about regulatory and insurance issues
Since you will be incorporating medical procedures in your MedSpa you need to ensure you have the proper coverage for the procedures you will be performing. While you already have malpractice in
10. Don’t forget about regulatory and insurance issues
Since you will be incorporating medical procedures in your MedSpa you need to ensure you have the proper coverage for the procedures you will be performing. While you already have malpractice in
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
urance, it may not cross-over to your MedSpa practice. Many insurers are now requiring offices adding or expanding cosmetic-aesthetic procedures to their practice to document clinical and/or accredited training on all non-ablative modalities before a policy of co
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
verage will be extended. Please consult your insurance provider to ensure you are covered.
The underlying theme here is – Be Prepared! The key to any business success, including opening a successful medical spa is being properly capitalized from the very beginnin
The underlying theme here is – Be Prepared! The key to any business success, including opening a successful medical spa is being properly capitalized from the very beginnin
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
. To make things more complicated, you also need to take into account the evolving regulations surrounding the MedSpa industry. “I am now seeing successful Medical Spa’s turning profits after 6 to 9 months, there are many very happy doctors out there” says Russell
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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