WEBVTT

1
00:00:03.160 --> 00:00:07.519
<v Speaker 1>You're listening to Medical Millionaire, your podcast for medspot owners,

2
00:00:07.599 --> 00:00:14.480
<v Speaker 1>medical aesthetics, cosmetics and elective wellness entrepreneurs. Each week, we

3
00:00:14.560 --> 00:00:18.559
<v Speaker 1>dive deep into powerful marketing strategies, proven scaling tactics, and

4
00:00:18.600 --> 00:00:21.839
<v Speaker 1>the secrets to attracting high end clients, all while staying

5
00:00:21.839 --> 00:00:25.000
<v Speaker 1>ahead of the latest industry trends. Join us as we

6
00:00:25.079 --> 00:00:28.320
<v Speaker 1>uncover insights from top industry leaders to help you boost revenue,

7
00:00:28.640 --> 00:00:32.759
<v Speaker 1>enhance patient satisfaction, and master the art of marketing your practice.

8
00:00:33.079 --> 00:00:36.000
<v Speaker 1>Hosted by Cameron Hemphill. With over a decade of experience

9
00:00:36.039 --> 00:00:39.359
<v Speaker 1>in the aesthetics industry, Cameron has supported thousands of practices

10
00:00:39.399 --> 00:00:42.280
<v Speaker 1>and providers, working with some of the biggest names, most

11
00:00:42.280 --> 00:00:45.799
<v Speaker 1>well respected brands, and elite industry thought leaders in the field.

12
00:00:46.240 --> 00:00:48.359
<v Speaker 1>If you're ready to level up your practice and become

13
00:00:48.399 --> 00:00:53.679
<v Speaker 1>a true medical millionaire, this is your podcast. Here's your host,

14
00:00:54.240 --> 00:00:55.079
<v Speaker 1>Cameron Handpill.

15
00:00:57.640 --> 00:01:00.960
<v Speaker 2>Hey, what's up everybody? Cameron hemp Pill here your host

16
00:01:01.119 --> 00:01:05.239
<v Speaker 2>for Medical Millionaire. Thank you so much for taking the

17
00:01:05.280 --> 00:01:08.120
<v Speaker 2>time to tune into the podcast. Our goal is to

18
00:01:08.239 --> 00:01:12.680
<v Speaker 2>give incredible value and insight for practice owners. So if

19
00:01:12.719 --> 00:01:17.200
<v Speaker 2>you own a medical aesthetics practice, wellness clinic, Medspot Cosmetics,

20
00:01:17.560 --> 00:01:19.840
<v Speaker 2>anything of the above. Every single one of these episodes

21
00:01:19.840 --> 00:01:22.560
<v Speaker 2>that we create, they are one hundred percent designed for

22
00:01:22.760 --> 00:01:27.359
<v Speaker 2>you and to help take your practice to the next level. Guys,

23
00:01:27.400 --> 00:01:29.920
<v Speaker 2>I have been consulting in working with some of the

24
00:01:29.959 --> 00:01:34.760
<v Speaker 2>most well recognized practice owners all over the country for years.

25
00:01:35.519 --> 00:01:40.799
<v Speaker 2>I see medspas killing it, crushing it, practice owners having fun,

26
00:01:41.239 --> 00:01:43.840
<v Speaker 2>and I see other ones that are falling by the wayside,

27
00:01:44.359 --> 00:01:47.319
<v Speaker 2>and I want to get into something that's super important today.

28
00:01:47.400 --> 00:01:51.000
<v Speaker 2>It's been on my mind a lot lately, and it's

29
00:01:51.120 --> 00:01:57.079
<v Speaker 2>essentially talking about why knowing your numbers is so important

30
00:01:57.200 --> 00:01:59.680
<v Speaker 2>for a practice owner. And I'm going to get into

31
00:01:59.719 --> 00:02:04.239
<v Speaker 2>some of the details here, but the most successful practices

32
00:02:04.280 --> 00:02:08.719
<v Speaker 2>that I have worked with continuously try to understand and

33
00:02:08.879 --> 00:02:13.159
<v Speaker 2>know their numbers. They create benchmarks, they create goals. They

34
00:02:13.199 --> 00:02:16.759
<v Speaker 2>know if they're falling behind forecasting, if they're ahead of

35
00:02:16.759 --> 00:02:19.400
<v Speaker 2>their plan that they've outlined for the year or the

36
00:02:19.520 --> 00:02:23.599
<v Speaker 2>quarter or the month. They have accountability to these numbers.

37
00:02:23.639 --> 00:02:26.800
<v Speaker 2>And so if you don't know what your numbers are,

38
00:02:26.840 --> 00:02:29.439
<v Speaker 2>and I think that's like a broad statement, right, like

39
00:02:29.719 --> 00:02:32.960
<v Speaker 2>know your numbers, well, what does that mean? Right? You

40
00:02:33.000 --> 00:02:37.800
<v Speaker 2>should really when we're talking about that it's getting into

41
00:02:37.879 --> 00:02:43.120
<v Speaker 2>the financials, getting into exactly what your revenue streams are.

42
00:02:43.719 --> 00:02:46.680
<v Speaker 2>Where is the revenue coming from, what products is it

43
00:02:46.719 --> 00:02:51.039
<v Speaker 2>coming from, what specific tool sets is it coming from.

44
00:02:51.080 --> 00:02:54.039
<v Speaker 2>In terms of equipment that you have, how much is

45
00:02:54.080 --> 00:02:56.639
<v Speaker 2>your retail producing and you should have this broken down

46
00:02:56.680 --> 00:03:00.439
<v Speaker 2>in each specific category, guys, so you know exactly what

47
00:03:00.680 --> 00:03:04.719
<v Speaker 2>products that you are acquiring that are creating the most

48
00:03:04.759 --> 00:03:08.479
<v Speaker 2>profit for the practice. So it's getting into the financials,

49
00:03:08.479 --> 00:03:12.520
<v Speaker 2>like as a practice owner, as a business owner, it's

50
00:03:12.520 --> 00:03:18.840
<v Speaker 2>your fiduciary obligation to understand finance. You're an entrepreneur, you're

51
00:03:18.879 --> 00:03:21.599
<v Speaker 2>a practice owner, and if this is an area that

52
00:03:21.680 --> 00:03:25.919
<v Speaker 2>you struggle with, go learn it, read a book, get

53
00:03:25.960 --> 00:03:29.800
<v Speaker 2>on YouTube, hire an industry expert. They are out there.

54
00:03:29.879 --> 00:03:32.520
<v Speaker 2>I'm telling you that there is people out there that

55
00:03:32.800 --> 00:03:38.199
<v Speaker 2>know medical aesthetics and can help you understand how to

56
00:03:38.360 --> 00:03:42.599
<v Speaker 2>know what knowing your numbers actually mean. Okay, and once

57
00:03:42.639 --> 00:03:46.000
<v Speaker 2>you figure out what your numbers are, this isn't something

58
00:03:46.000 --> 00:03:48.439
<v Speaker 2>that's set in stone. Your numbers are going to go

59
00:03:48.520 --> 00:03:53.520
<v Speaker 2>through peaks and valleys as the market changes, seasonality changes,

60
00:03:54.319 --> 00:03:58.680
<v Speaker 2>and it's really important to understand as a practice owner

61
00:03:58.719 --> 00:04:01.599
<v Speaker 2>what the trends look like like over time, so you

62
00:04:01.599 --> 00:04:08.280
<v Speaker 2>can obviously plan accordingly on expenses, personnel expenses, marketing expenses,

63
00:04:08.319 --> 00:04:13.319
<v Speaker 2>tool set expenses, equipment expenses, product purchases, those types of things. Okay,

64
00:04:13.360 --> 00:04:20.759
<v Speaker 2>so again, like understanding your numbers is absolutely critical as

65
00:04:20.759 --> 00:04:25.240
<v Speaker 2>a practice owner, and many metspot owners are. They focus

66
00:04:25.319 --> 00:04:29.360
<v Speaker 2>on marketing, aesthetics, and patient care, but they truly ignore

67
00:04:29.439 --> 00:04:34.439
<v Speaker 2>the financials, which is the true backbone of your business. Now,

68
00:04:34.439 --> 00:04:37.319
<v Speaker 2>you obviously have to know marketing, you have to focus

69
00:04:37.319 --> 00:04:39.199
<v Speaker 2>on it. You've heard me say it over and over again.

70
00:04:39.560 --> 00:04:42.480
<v Speaker 2>The most successful practice owners are the best marketers because

71
00:04:42.480 --> 00:04:45.399
<v Speaker 2>they bring patients into the door. Now, the ones that

72
00:04:45.480 --> 00:04:48.800
<v Speaker 2>actually bring the best service and the best value and

73
00:04:48.839 --> 00:04:52.879
<v Speaker 2>retain those patients at a high retention rate percentage, those

74
00:04:52.920 --> 00:04:56.480
<v Speaker 2>ones win. Then when you get into understanding the financials,

75
00:04:56.800 --> 00:05:00.399
<v Speaker 2>what will happen is your business starts to be become

76
00:05:01.639 --> 00:05:07.120
<v Speaker 2>a mathematician exercise. It's dials and numbers and financials. And

77
00:05:07.160 --> 00:05:10.319
<v Speaker 2>that may sound like a little bit too institutionalized in

78
00:05:10.360 --> 00:05:13.399
<v Speaker 2>a way, but think of it this way, as you

79
00:05:13.519 --> 00:05:17.360
<v Speaker 2>actually are a mini institution of your own. You own

80
00:05:17.399 --> 00:05:21.399
<v Speaker 2>your own destiny, and so if you don't understand your numbers,

81
00:05:21.399 --> 00:05:23.600
<v Speaker 2>and how much it costs to acquire a patient, how

82
00:05:23.680 --> 00:05:25.800
<v Speaker 2>much it cost to service a patient, how much it

83
00:05:25.800 --> 00:05:28.399
<v Speaker 2>costs to retain a patient, how much it costs to

84
00:05:28.439 --> 00:05:30.879
<v Speaker 2>acquire your product, and what your net profit is and

85
00:05:30.879 --> 00:05:35.879
<v Speaker 2>what your gross profit is. You really have no understanding

86
00:05:36.480 --> 00:05:39.319
<v Speaker 2>of how to scale your practice and are you running

87
00:05:39.399 --> 00:05:45.519
<v Speaker 2>a healthy organization or a sick organization? You should know

88
00:05:46.120 --> 00:05:49.680
<v Speaker 2>if you have been in business long enough, you should

89
00:05:49.720 --> 00:05:56.279
<v Speaker 2>know exactly how many new patients you need, want desire

90
00:05:57.279 --> 00:06:02.000
<v Speaker 2>to acquire this month, this quarter, six months this year.

91
00:06:02.720 --> 00:06:05.160
<v Speaker 2>You need to understand that you need to understand the

92
00:06:05.279 --> 00:06:09.680
<v Speaker 2>cost that it is to acquire these patients and can

93
00:06:09.720 --> 00:06:13.879
<v Speaker 2>you service them mechanically in a way that's going to

94
00:06:13.920 --> 00:06:18.199
<v Speaker 2>give them the patient experience and give you the loyalty

95
00:06:18.279 --> 00:06:21.720
<v Speaker 2>that you deserve and build that bond and that relationship.

96
00:06:22.199 --> 00:06:24.240
<v Speaker 2>So I can tell you right now it's way more

97
00:06:24.279 --> 00:06:27.680
<v Speaker 2>expensive to acquire a new patient than it is to

98
00:06:27.759 --> 00:06:29.279
<v Speaker 2>keep an existing patient.

99
00:06:29.600 --> 00:06:30.959
<v Speaker 1>Okay, So.

100
00:06:32.399 --> 00:06:36.920
<v Speaker 2>Guys, the men spot industry is a multi billion dollar market.

101
00:06:38.360 --> 00:06:42.040
<v Speaker 2>It's valued over seventeen billion, and I think this was

102
00:06:42.079 --> 00:06:44.759
<v Speaker 2>actually the number that was pulled from like late twenty three,

103
00:06:45.480 --> 00:06:47.480
<v Speaker 2>So this is behind. This is just going off a

104
00:06:47.839 --> 00:06:50.279
<v Speaker 2>little bit of legacy data, and I know it's grown

105
00:06:50.360 --> 00:06:55.839
<v Speaker 2>since then, but let's peg it between seventeen to nineteen billion. Okay,

106
00:06:56.199 --> 00:06:59.279
<v Speaker 2>don't quote me on that, but I'm pretty damn close. Right,

107
00:07:00.000 --> 00:07:04.879
<v Speaker 2>We're talking a pretty significant industry, and I truly feel

108
00:07:04.959 --> 00:07:08.079
<v Speaker 2>that we are we have a long way to go.

109
00:07:08.199 --> 00:07:13.879
<v Speaker 2>We are uncovering things on the wellness side, the cognitive side,

110
00:07:14.360 --> 00:07:18.360
<v Speaker 2>the regenitive side, in ways that we never have before.

111
00:07:18.399 --> 00:07:20.120
<v Speaker 2>And I think there's a lot of practice owners that

112
00:07:20.199 --> 00:07:25.560
<v Speaker 2>we don't even know how to monetize these particular patients

113
00:07:25.600 --> 00:07:29.800
<v Speaker 2>and treatments and new discovering of healthcare yet right like

114
00:07:29.879 --> 00:07:33.759
<v Speaker 2>everybody's jumping on the GLP one bandwagon right now, which

115
00:07:33.800 --> 00:07:37.000
<v Speaker 2>I totally get. It's hot, it makes sense, it produces revenue,

116
00:07:37.079 --> 00:07:42.000
<v Speaker 2>it produces results, patients are happy, and it's as the

117
00:07:42.040 --> 00:07:46.800
<v Speaker 2>wellness industry continues to grow, you're going to find so

118
00:07:46.959 --> 00:07:51.399
<v Speaker 2>many ways to monetize your practice and create new revenue streams.

119
00:07:51.879 --> 00:07:54.879
<v Speaker 2>But you need to pay attention and you need to

120
00:07:54.920 --> 00:07:58.319
<v Speaker 2>be quick to act. Right, So, I know that there

121
00:07:58.399 --> 00:08:01.040
<v Speaker 2>is a lot of practices out there that have not

122
00:08:01.279 --> 00:08:06.040
<v Speaker 2>started implementing wellness into their practice, into their aesthetics business,

123
00:08:06.759 --> 00:08:09.319
<v Speaker 2>and I truly feel like you will be falling behind.

124
00:08:09.959 --> 00:08:12.160
<v Speaker 2>I mean, just go pull up social media, just go read,

125
00:08:12.240 --> 00:08:15.079
<v Speaker 2>go do your research. Like everybody's talking about wellness, they're

126
00:08:15.120 --> 00:08:20.920
<v Speaker 2>talking about longevity, they are trying to reverse aging. We

127
00:08:21.279 --> 00:08:22.759
<v Speaker 2>all are. And I don't know if this is like

128
00:08:22.800 --> 00:08:28.439
<v Speaker 2>a a ramification of COVID or what, but it feels

129
00:08:28.560 --> 00:08:32.879
<v Speaker 2>that everybody is on this same mission to feel good

130
00:08:33.039 --> 00:08:35.759
<v Speaker 2>and look good. And maybe it has to do with

131
00:08:35.919 --> 00:08:38.360
<v Speaker 2>like what happened in COVID and then maybe tying that

132
00:08:38.440 --> 00:08:41.639
<v Speaker 2>into social media and how like the whole world is

133
00:08:41.679 --> 00:08:45.960
<v Speaker 2>like spread apart because everybody moved. You know, I can't

134
00:08:46.000 --> 00:08:49.759
<v Speaker 2>really like stamp it, but I do know that people

135
00:08:49.840 --> 00:08:53.200
<v Speaker 2>are truly wanting to feel good and look good. And

136
00:08:53.279 --> 00:08:57.039
<v Speaker 2>so my point on that, coming back to this seventeen

137
00:08:57.320 --> 00:09:03.240
<v Speaker 2>billion dollar industry, I think that this is peanuts, and

138
00:09:03.320 --> 00:09:07.399
<v Speaker 2>I think what you're going to see by twenty thirty five,

139
00:09:08.840 --> 00:09:12.200
<v Speaker 2>I would peg this to be a thirty billion dollar industry.

140
00:09:13.000 --> 00:09:15.919
<v Speaker 2>And so if you're just starting out as a practice owner,

141
00:09:15.919 --> 00:09:18.879
<v Speaker 2>you're not late to the game. Don't compare somebody else's

142
00:09:19.000 --> 00:09:22.879
<v Speaker 2>journey with your new entry point journey. I would not

143
00:09:23.039 --> 00:09:27.559
<v Speaker 2>look at this and say competitions everywhere. It's a saturated market.

144
00:09:28.000 --> 00:09:31.399
<v Speaker 2>The market is changing so fast and the patients are

145
00:09:31.759 --> 00:09:36.240
<v Speaker 2>getting so educated that you are at the tipping point.

146
00:09:37.000 --> 00:09:39.639
<v Speaker 2>And I truly think aesthetics and wellness is one of

147
00:09:39.639 --> 00:09:44.440
<v Speaker 2>the coolest industries ever to be a part of because

148
00:09:44.480 --> 00:09:48.559
<v Speaker 2>you truly are helping people build confidence and health and

149
00:09:48.720 --> 00:09:52.679
<v Speaker 2>age reduction. I mean, it's amazing, and it's something that's

150
00:09:52.759 --> 00:09:57.080
<v Speaker 2>like AI cannot destroy that. Sure, you can make a

151
00:09:57.159 --> 00:09:59.879
<v Speaker 2>video on Instagram TikTok and upload it to some filter

152
00:10:00.120 --> 00:10:03.879
<v Speaker 2>and make yourself look younger whatever, but that's just something

153
00:10:03.960 --> 00:10:07.159
<v Speaker 2>on video that's not like true face to face and

154
00:10:07.200 --> 00:10:10.759
<v Speaker 2>true how people feel. Right, So if you can support

155
00:10:11.159 --> 00:10:17.600
<v Speaker 2>making people feel good, think better, act better, desire to

156
00:10:17.720 --> 00:10:22.559
<v Speaker 2>look younger, feel younger, get more confident, it almost like

157
00:10:22.639 --> 00:10:28.080
<v Speaker 2>supports the entire world economy. Right. If everybody feels good

158
00:10:28.080 --> 00:10:30.279
<v Speaker 2>and look good, everybody's gonna work harder and actually get

159
00:10:30.320 --> 00:10:32.799
<v Speaker 2>more done. So, like when you really start to peel

160
00:10:32.799 --> 00:10:36.919
<v Speaker 2>back the layers of like why I am so bullish

161
00:10:36.960 --> 00:10:39.799
<v Speaker 2>and excited about this industry and I love to be

162
00:10:39.840 --> 00:10:41.440
<v Speaker 2>a part of it and I've been here for over

163
00:10:41.480 --> 00:10:46.440
<v Speaker 2>ten years, it's because, like start peeling back the layers

164
00:10:46.480 --> 00:10:49.279
<v Speaker 2>and understand what the main mission and purpose is. And

165
00:10:49.320 --> 00:10:51.919
<v Speaker 2>then when you think seventeen billion, Wow, this is huge,

166
00:10:51.960 --> 00:10:55.320
<v Speaker 2>Like we're this thing's going to go to one hundred

167
00:10:55.399 --> 00:10:59.600
<v Speaker 2>billion in our lifetime. Right, So it is in this generation,

168
00:10:59.840 --> 00:11:03.200
<v Speaker 2>there's no there's no stopping it. There's going to be

169
00:11:03.200 --> 00:11:05.919
<v Speaker 2>certain years that it's going to slow, like grow slower

170
00:11:05.960 --> 00:11:09.240
<v Speaker 2>than others. We saw a tremendous amount of growth over

171
00:11:09.279 --> 00:11:12.200
<v Speaker 2>the past five years, and you're going to see material

172
00:11:12.279 --> 00:11:15.279
<v Speaker 2>growth continue. So zoom out, look at a thirty thousand

173
00:11:15.320 --> 00:11:20.919
<v Speaker 2>foot view and make sure that you understand what's really happening.

174
00:11:20.960 --> 00:11:22.559
<v Speaker 2>And I think some people can get caught up in

175
00:11:22.639 --> 00:11:28.399
<v Speaker 2>like current economic conditions and make emotional decisions instead of

176
00:11:28.480 --> 00:11:33.519
<v Speaker 2>zooming out and just taking that thirty thousand foot view footprint. Okay,

177
00:11:34.759 --> 00:11:38.159
<v Speaker 2>there are over ten thousand medical spas in the US.

178
00:11:38.519 --> 00:11:41.840
<v Speaker 2>Ten thousand with single location spa is generating an average

179
00:11:41.840 --> 00:11:48.320
<v Speaker 2>of like one point one million bucks single location owned

180
00:11:48.639 --> 00:11:52.000
<v Speaker 2>practices generating one point one million that's top line revenue.

181
00:11:52.519 --> 00:11:56.080
<v Speaker 2>Top line revenue. Right, A healthy practice needs to be

182
00:11:56.159 --> 00:11:59.559
<v Speaker 2>pegged right around like twenty five to thirty five percent

183
00:11:59.559 --> 00:12:02.799
<v Speaker 2>bottom income. That means, let's just take the worst case

184
00:12:02.840 --> 00:12:06.120
<v Speaker 2>scenario twenty five percent net, and I'll make the numbers

185
00:12:06.159 --> 00:12:08.559
<v Speaker 2>easy and say you're doing a million bucks, you're making

186
00:12:08.559 --> 00:12:13.320
<v Speaker 2>two hundred and fifty thousand dollars in profit. And that

187
00:12:13.720 --> 00:12:17.679
<v Speaker 2>was that stat was actually pulled mostly out of the

188
00:12:17.840 --> 00:12:23.919
<v Speaker 2>esthetic side, mostly from the actual like the surface side.

189
00:12:24.279 --> 00:12:28.759
<v Speaker 2>You could take your million dollar practice to a two

190
00:12:28.799 --> 00:12:34.200
<v Speaker 2>million dollar practice very fast by bolting on a very

191
00:12:34.279 --> 00:12:40.279
<v Speaker 2>sophisticated wellness environment to your esthetics practice. But before you

192
00:12:40.360 --> 00:12:43.000
<v Speaker 2>do that, you have to know your numbers. You have

193
00:12:43.080 --> 00:12:45.799
<v Speaker 2>to know what it costs to acquire a patient. You

194
00:12:45.919 --> 00:12:48.360
<v Speaker 2>have to be a great marketer, you have to be

195
00:12:48.440 --> 00:12:50.720
<v Speaker 2>great at your treatment. You have to be great at

196
00:12:50.840 --> 00:12:55.399
<v Speaker 2>running a console, building a treatment plan, having great technology,

197
00:12:55.600 --> 00:12:59.600
<v Speaker 2>having a great process. And by the way, I feel

198
00:12:59.600 --> 00:13:02.440
<v Speaker 2>like it's possible to run a two million dollar practice

199
00:13:02.519 --> 00:13:06.519
<v Speaker 2>as a solo provider. If you have the right systems,

200
00:13:06.559 --> 00:13:09.519
<v Speaker 2>the right marketing, the right brand, the right location, you

201
00:13:10.080 --> 00:13:12.000
<v Speaker 2>could actually do this. And I don't think you'd have

202
00:13:12.080 --> 00:13:16.240
<v Speaker 2>to work yourself, you know, like fifty hours a day.

203
00:13:17.120 --> 00:13:20.639
<v Speaker 2>Obviously not possible, but you get what I'm saying. I

204
00:13:20.679 --> 00:13:22.799
<v Speaker 2>truly do, And I think like if you look at

205
00:13:22.960 --> 00:13:27.639
<v Speaker 2>ways to monetize your practice. You can easily expand in

206
00:13:28.159 --> 00:13:33.879
<v Speaker 2>services that create revenue streams like never before. Okay, And

207
00:13:34.200 --> 00:13:36.840
<v Speaker 2>you know, it's a great exercise to pull yourself out

208
00:13:36.879 --> 00:13:40.399
<v Speaker 2>of the day to day operations and work on your

209
00:13:40.399 --> 00:13:42.840
<v Speaker 2>business versus work in the business. And I've said this

210
00:13:42.879 --> 00:13:45.240
<v Speaker 2>on previous episodes, but if you're not taking the time

211
00:13:45.279 --> 00:13:48.399
<v Speaker 2>to do that, you're going to get caught in the

212
00:13:48.519 --> 00:13:50.799
<v Speaker 2>day to day just doing your job, doing your job

213
00:13:50.879 --> 00:13:52.399
<v Speaker 2>over and over and over and over and over again.

214
00:13:52.639 --> 00:13:55.240
<v Speaker 2>And that's fun. You're trading patients, your you know, revenues

215
00:13:55.279 --> 00:13:57.679
<v Speaker 2>coming in, but you have to look at the big

216
00:13:57.720 --> 00:14:00.720
<v Speaker 2>picture and you have to see what's taking place. Okay,

217
00:14:01.120 --> 00:14:08.480
<v Speaker 2>So beside despite this ten thousand MEDSPA plus single location,

218
00:14:08.759 --> 00:14:11.200
<v Speaker 2>you know, practices that are generating over one point one million,

219
00:14:12.440 --> 00:14:17.879
<v Speaker 2>many struggle with profitability due to poor financial management, many

220
00:14:17.919 --> 00:14:22.360
<v Speaker 2>of them. And it's like it's it's it's kind of

221
00:14:22.360 --> 00:14:25.440
<v Speaker 2>sad in a way because you're actually generating, you got

222
00:14:25.480 --> 00:14:29.120
<v Speaker 2>seven figure earning business and you don't know where all

223
00:14:29.120 --> 00:14:30.759
<v Speaker 2>the money's going, and you don't know how all the

224
00:14:30.759 --> 00:14:32.399
<v Speaker 2>income is coming in. You know it's coming in, but

225
00:14:32.440 --> 00:14:34.559
<v Speaker 2>you don't know where it's coming from. And you really

226
00:14:34.600 --> 00:14:36.759
<v Speaker 2>need to take the time to strategize and know your

227
00:14:36.840 --> 00:14:41.759
<v Speaker 2>numbers and study finance. Studying finances. It's not boring at all.

228
00:14:42.120 --> 00:14:44.039
<v Speaker 2>In fact, it's one of the funnest things you'll ever

229
00:14:44.080 --> 00:14:47.600
<v Speaker 2>do as a business owner. Learn how to navigate quick

230
00:14:47.639 --> 00:14:51.360
<v Speaker 2>books like. You can connect it to your accounts, your

231
00:14:51.360 --> 00:14:54.200
<v Speaker 2>credit card accounts, your bank accounts. You can hit buttons,

232
00:14:54.200 --> 00:14:56.080
<v Speaker 2>it pulls in all the feeds, you can categorize it,

233
00:14:56.080 --> 00:14:58.399
<v Speaker 2>you can outsource it to a bookkeeper. It's not a

234
00:14:58.440 --> 00:15:01.000
<v Speaker 2>hard tool. And there's a lot of AI and stuff

235
00:15:01.000 --> 00:15:02.840
<v Speaker 2>that they've released too and too it owns it, so

236
00:15:02.840 --> 00:15:06.240
<v Speaker 2>they've done a great job. Guys, if I can learn it,

237
00:15:06.559 --> 00:15:09.480
<v Speaker 2>you can learn it right. I'm not a CFO or

238
00:15:10.279 --> 00:15:13.159
<v Speaker 2>controller by any means, but I can tell you I

239
00:15:13.200 --> 00:15:16.360
<v Speaker 2>am a business owner. I have started companies. I have

240
00:15:16.480 --> 00:15:19.519
<v Speaker 2>started companies from zero that have gone to eight figures

241
00:15:19.519 --> 00:15:23.240
<v Speaker 2>and valuations, and I have exited those companies, and I've

242
00:15:23.240 --> 00:15:26.360
<v Speaker 2>acquired a tremendous amount of real estate over those years.

243
00:15:26.919 --> 00:15:30.799
<v Speaker 2>And if I didn't understand finance, I would never be

244
00:15:31.000 --> 00:15:34.559
<v Speaker 2>able to do what I have done. And this isn't

245
00:15:34.679 --> 00:15:37.159
<v Speaker 2>just like look at me, see what I've done it's

246
00:15:37.279 --> 00:15:41.519
<v Speaker 2>just me telling you a story that is making sure

247
00:15:41.600 --> 00:15:47.440
<v Speaker 2>you truly understand Studying finance is a critical role of

248
00:15:47.480 --> 00:15:50.639
<v Speaker 2>being a business owner. It's probably the most important role,

249
00:15:51.679 --> 00:15:54.720
<v Speaker 2>so you can actually have the mechanical instruments and know

250
00:15:54.759 --> 00:16:05.279
<v Speaker 2>where you're going to drive to okay.

251
00:16:05.879 --> 00:16:09.480
<v Speaker 1>This podcast is sponsored by Growth ninety nine, the game

252
00:16:09.600 --> 00:16:13.559
<v Speaker 1>changer your MEDSPA has been waiting for. Running a business

253
00:16:13.559 --> 00:16:16.840
<v Speaker 1>in today's fast paced world is no easy task. You've

254
00:16:16.879 --> 00:16:19.960
<v Speaker 1>got patience to care for, a team to lead, and

255
00:16:20.000 --> 00:16:22.360
<v Speaker 1>a brand to grow. But what if you had a

256
00:16:22.399 --> 00:16:25.080
<v Speaker 1>partner to help you take your practice to the next level.

257
00:16:25.919 --> 00:16:29.320
<v Speaker 1>That's where Growth ninety nine comes in. Growth ninety nine

258
00:16:29.360 --> 00:16:32.519
<v Speaker 1>is an all in one digital marketing solution designed specifically

259
00:16:32.639 --> 00:16:36.960
<v Speaker 1>for medspas and practices. Thousands of providers already trust our

260
00:16:37.000 --> 00:16:41.080
<v Speaker 1>platform and expertise to streamline their marketing, grow their client base,

261
00:16:41.360 --> 00:16:44.159
<v Speaker 1>and free up more of their time. Whether it's cutting

262
00:16:44.240 --> 00:16:48.639
<v Speaker 1>edge marketing automation, building a robust online presence, or giving

263
00:16:48.639 --> 00:16:52.679
<v Speaker 1>you the tools to attract and retain loyal clients, Growth

264
00:16:52.759 --> 00:16:56.559
<v Speaker 1>ninety nine delivers results if you're tired of doing it

265
00:16:56.600 --> 00:17:00.639
<v Speaker 1>all alone or feeling stuck with outdated strategies. It's time

266
00:17:00.679 --> 00:17:03.720
<v Speaker 1>to get the support you've been looking for. Growth ninety

267
00:17:03.799 --> 00:17:06.319
<v Speaker 1>nine has your back, empowering you to focus on what

268
00:17:06.359 --> 00:17:09.799
<v Speaker 1>you do best while we handle the rest. Check them

269
00:17:09.839 --> 00:17:15.079
<v Speaker 1>out at get dot growth ninety nine dot com slash MM.

270
00:17:15.359 --> 00:17:18.920
<v Speaker 1>Your practice deserves the growth you've always envisioned. Let Growth

271
00:17:19.000 --> 00:17:22.480
<v Speaker 1>ninety nine help you make it happen. Now back to

272
00:17:22.519 --> 00:17:22.880
<v Speaker 1>the show.

273
00:17:28.720 --> 00:17:34.720
<v Speaker 2>So some key financial metrics that every MEDSPA owner must track.

274
00:17:34.920 --> 00:17:37.759
<v Speaker 2>I'm not saying should track. I'm saying you must track.

275
00:17:38.559 --> 00:17:43.200
<v Speaker 2>I want you to start understanding your revenue per visit

276
00:17:43.400 --> 00:17:48.759
<v Speaker 2>per patient. How much revenue are you bringing in per

277
00:17:48.839 --> 00:17:53.440
<v Speaker 2>visit per patient national average five hundred and twenty seven

278
00:17:53.480 --> 00:17:59.640
<v Speaker 2>bucks national average. If you're above that, congratulations, hats off

279
00:17:59.680 --> 00:18:03.160
<v Speaker 2>to you, crushing it. If you're below that, time to

280
00:18:03.200 --> 00:18:07.200
<v Speaker 2>start charging more single locations five hundred and fourteen dollars

281
00:18:07.240 --> 00:18:11.640
<v Speaker 2>per visit, multilocation five hundred and ninety per visit. And

282
00:18:11.720 --> 00:18:14.000
<v Speaker 2>my thesis around that, it's not much of a big

283
00:18:14.039 --> 00:18:16.799
<v Speaker 2>delta really, but my thesis around that as they've just

284
00:18:16.880 --> 00:18:19.160
<v Speaker 2>kind of figured out systems and processes and they have

285
00:18:19.279 --> 00:18:21.799
<v Speaker 2>more expenses, so they've up to it. I think multilocation

286
00:18:21.880 --> 00:18:24.480
<v Speaker 2>per visit should be more like seven hundred and fifty bucks.

287
00:18:24.960 --> 00:18:28.359
<v Speaker 2>So I truly look at this like we're under selling ourselves.

288
00:18:28.680 --> 00:18:32.680
<v Speaker 2>We truly like the average spend per visit five hundred

289
00:18:32.680 --> 00:18:36.680
<v Speaker 2>and twenty seven bucks. It's it's not a lot of

290
00:18:36.720 --> 00:18:39.680
<v Speaker 2>money to make someone feel good and look good. It

291
00:18:39.759 --> 00:18:44.880
<v Speaker 2>truly isn't right. Like, look, if you are given, you're

292
00:18:44.960 --> 00:18:47.839
<v Speaker 2>changing the shape of who they are and how they feel.

293
00:18:48.680 --> 00:18:53.680
<v Speaker 2>I think it's very very wise to charge the appropriate amount.

294
00:18:54.960 --> 00:18:58.359
<v Speaker 2>So here's a tip. Increase patient spend per visit through

295
00:18:58.400 --> 00:19:02.599
<v Speaker 2>add ons, memberships, product sells. So if you're below this

296
00:19:02.880 --> 00:19:05.400
<v Speaker 2>five twenty seven are you're right? Kind of rite at it, like,

297
00:19:05.720 --> 00:19:10.200
<v Speaker 2>think of ways where you can increase the spend per patient.

298
00:19:10.839 --> 00:19:14.119
<v Speaker 2>And this isn't a sell them more thing type of

299
00:19:14.319 --> 00:19:19.440
<v Speaker 2>like update for you give them the information. There is

300
00:19:19.519 --> 00:19:22.119
<v Speaker 2>so many times guys that I have gone to buy something,

301
00:19:22.119 --> 00:19:24.960
<v Speaker 2>and I know you've experienced this as well. You've gone

302
00:19:25.039 --> 00:19:27.599
<v Speaker 2>to buy something you didn't have all the information. You

303
00:19:27.640 --> 00:19:30.559
<v Speaker 2>would have spent more if you knew the information. So you,

304
00:19:30.599 --> 00:19:35.640
<v Speaker 2>as a provider, it's your duty to give us patients

305
00:19:36.200 --> 00:19:41.279
<v Speaker 2>the understanding of how we need to invest in longevity,

306
00:19:41.599 --> 00:19:45.680
<v Speaker 2>Like give us the information you're the expert, right and

307
00:19:45.759 --> 00:19:47.880
<v Speaker 2>most people that are coming to you, they're coming to

308
00:19:47.920 --> 00:19:53.039
<v Speaker 2>you for like advice on longevity, looking younger, feeling better,

309
00:19:53.799 --> 00:19:57.079
<v Speaker 2>and so put them on a success journey. They're going

310
00:19:57.119 --> 00:19:58.920
<v Speaker 2>to be so much more loyal, they're gonna spend more money,

311
00:19:58.920 --> 00:20:01.279
<v Speaker 2>they're gonna come back and see you like. That's the

312
00:20:01.279 --> 00:20:05.000
<v Speaker 2>playbook for you, for sure. The other component that you

313
00:20:05.079 --> 00:20:08.880
<v Speaker 2>must track is your CPL which is your cost per lead.

314
00:20:09.880 --> 00:20:11.400
<v Speaker 2>For those of you that have tuned in, you know,

315
00:20:11.440 --> 00:20:14.279
<v Speaker 2>I talk a lot about cpls, and I also talk

316
00:20:14.359 --> 00:20:17.680
<v Speaker 2>about customer acquisition cost. I put the spin on it

317
00:20:18.079 --> 00:20:21.880
<v Speaker 2>and I call it patient acquisition cost because we're talking

318
00:20:21.920 --> 00:20:25.599
<v Speaker 2>about patients here. You need to know this stuff like

319
00:20:26.039 --> 00:20:29.960
<v Speaker 2>very important if you are running marketing campaigns. If you're

320
00:20:30.039 --> 00:20:32.799
<v Speaker 2>spending money on marketing, which my gosh, I hope you are.

321
00:20:33.279 --> 00:20:39.880
<v Speaker 2>Most people are underfunding their marketing like by a massive amount.

322
00:20:40.079 --> 00:20:43.440
<v Speaker 2>It's actually quite scary, especially when you're operating at about

323
00:20:43.440 --> 00:20:46.200
<v Speaker 2>fifty percent of fixed costs and you have rooms that

324
00:20:46.240 --> 00:20:48.440
<v Speaker 2>are empty and hours that could be sold. You just

325
00:20:48.480 --> 00:20:51.279
<v Speaker 2>turn the marketing on and you get more patients. But

326
00:20:51.319 --> 00:20:54.680
<v Speaker 2>I'll save that topic for another day. I want you

327
00:20:54.720 --> 00:20:58.640
<v Speaker 2>to understand your CPL and understand the difference between customer

328
00:20:58.640 --> 00:21:03.480
<v Speaker 2>acquisition cost patient actual acquisition costs versus CPL. So, to

329
00:21:03.599 --> 00:21:08.279
<v Speaker 2>acquire a lead is, let's say you go spend ten

330
00:21:08.359 --> 00:21:12.599
<v Speaker 2>thousand dollars this month on marketing. Okay, it's all coming in,

331
00:21:13.119 --> 00:21:16.559
<v Speaker 2>and let's say that you know x amount of patients

332
00:21:16.599 --> 00:21:18.880
<v Speaker 2>came through the door. You just need to understand the mouth,

333
00:21:18.960 --> 00:21:24.039
<v Speaker 2>what is the spend and how many leads were created

334
00:21:24.359 --> 00:21:29.359
<v Speaker 2>from the spend. Okay, that's the CPL. Now when you

335
00:21:29.559 --> 00:21:33.640
<v Speaker 2>compound the actual effort to convert them to a patient,

336
00:21:34.039 --> 00:21:38.079
<v Speaker 2>that's where you get the patient acquisition cost. Okay, understand

337
00:21:38.119 --> 00:21:43.039
<v Speaker 2>those The industry benchmark is one hundred and thirty two

338
00:21:43.079 --> 00:21:46.960
<v Speaker 2>dollars per patient acquisition. Your cpls have to be lower

339
00:21:47.000 --> 00:21:50.400
<v Speaker 2>than your patient acquisition right. That's just like knows that

340
00:21:50.440 --> 00:21:52.359
<v Speaker 2>some of you on the call may say duh obviously

341
00:21:52.680 --> 00:21:55.839
<v Speaker 2>others like the whole purpose of this episode and podcast

342
00:21:55.960 --> 00:21:59.680
<v Speaker 2>is to educate everybody. Okay, And this isn't data that

343
00:21:59.720 --> 00:22:02.480
<v Speaker 2>I just pulled out of a hat, guys. I have

344
00:22:02.839 --> 00:22:07.079
<v Speaker 2>captured all of the industry data, the latest and greatest

345
00:22:07.160 --> 00:22:13.920
<v Speaker 2>data from AMSPA, all the EMRs, the CRM companies. I

346
00:22:14.039 --> 00:22:17.079
<v Speaker 2>follow al Ergain, I follow Banav, I follow Galaderma, like

347
00:22:17.200 --> 00:22:20.640
<v Speaker 2>I have SkyTel's report that they put out, so like

348
00:22:20.680 --> 00:22:22.680
<v Speaker 2>people that are doing M and A and PE and like.

349
00:22:23.519 --> 00:22:26.160
<v Speaker 2>I have captured all of this, studied it, dissected it,

350
00:22:26.240 --> 00:22:30.519
<v Speaker 2>put it into my little AI program, and I have

351
00:22:30.640 --> 00:22:34.240
<v Speaker 2>the data. So I've done the hard work for you.

352
00:22:35.079 --> 00:22:36.799
<v Speaker 2>I'm just giving it back to you through a nice

353
00:22:36.799 --> 00:22:40.720
<v Speaker 2>little voice outlet for you. Okay, So, industry benchmarks one

354
00:22:40.839 --> 00:22:42.559
<v Speaker 2>thirty two, I'd love for you guys to be below that.

355
00:22:44.160 --> 00:22:48.039
<v Speaker 2>Optimized marketing spend and focus on repeat business will help

356
00:22:48.079 --> 00:22:51.519
<v Speaker 2>reduce that. The next thing I want you guys to

357
00:22:51.599 --> 00:22:57.839
<v Speaker 2>understand is profit margin and expense breakdown. The average MEDSPAH

358
00:22:58.000 --> 00:23:00.519
<v Speaker 2>profit margin is right around twenty to three thirty percent.

359
00:23:00.920 --> 00:23:02.960
<v Speaker 2>Kind of talked a little bit about that earlier. Okay,

360
00:23:03.359 --> 00:23:07.599
<v Speaker 2>the expense breakdown. Understand your expense breakdown, not just your

361
00:23:07.599 --> 00:23:12.119
<v Speaker 2>profit margin. What is your true expense breakdown? On average,

362
00:23:12.160 --> 00:23:16.759
<v Speaker 2>thirty percent goes to payroll, thirty percent goes to cogs, costing, goods,

363
00:23:16.799 --> 00:23:20.680
<v Speaker 2>treatment supplies, et cetera. Those types of things, nine percent

364
00:23:20.720 --> 00:23:27.200
<v Speaker 2>to rent, and seven percent to marketing. In some cases,

365
00:23:28.119 --> 00:23:30.960
<v Speaker 2>most practices I talked to are actually only spending about

366
00:23:31.000 --> 00:23:35.599
<v Speaker 2>like two to three percent on marketing, which is like

367
00:23:35.720 --> 00:23:39.839
<v Speaker 2>way low. Your your rent should be lower than nine percent.

368
00:23:39.880 --> 00:23:43.400
<v Speaker 2>Your marketing should be anywhere from ten to fifteen percent

369
00:23:43.480 --> 00:23:46.640
<v Speaker 2>at this point in time. If you're looking to capture

370
00:23:46.680 --> 00:23:52.039
<v Speaker 2>patient demand. Okay, so here's a tip. Reduce your fixed costs,

371
00:23:52.160 --> 00:23:56.079
<v Speaker 2>negotiate vendor contracts, and automate processes to improve your margins.

372
00:23:56.759 --> 00:24:01.359
<v Speaker 2>Super simple. Make sure to do it. The other component here, guys,

373
00:24:01.440 --> 00:24:05.599
<v Speaker 2>is patient retention and memberships. Patient retention and memberships is

374
00:24:05.640 --> 00:24:13.680
<v Speaker 2>absolutely extremely critical in order to understand how to keep

375
00:24:13.720 --> 00:24:17.039
<v Speaker 2>your patients with you. You need to keep your patients

376
00:24:17.079 --> 00:24:21.559
<v Speaker 2>with you. The typical lifetime value is about three years,

377
00:24:21.759 --> 00:24:25.680
<v Speaker 2>and I think people should exceed that. Okay, that's the

378
00:24:25.759 --> 00:24:27.880
<v Speaker 2>average about three years. I think people should say with

379
00:24:27.880 --> 00:24:30.160
<v Speaker 2>you for four or five unless, like you know, they

380
00:24:30.200 --> 00:24:34.000
<v Speaker 2>move or something like that. You know, But the patient retention,

381
00:24:34.039 --> 00:24:36.759
<v Speaker 2>if you're north of seventy percent on your patient retention,

382
00:24:37.119 --> 00:24:42.079
<v Speaker 2>that is a key KPI that private equity or strategic

383
00:24:42.119 --> 00:24:44.880
<v Speaker 2>buyers look at. They want to know your attention rate.

384
00:24:44.920 --> 00:24:46.759
<v Speaker 2>They want to know your utilization rate and your attention

385
00:24:46.799 --> 00:24:48.799
<v Speaker 2>rate Like these are probably the two biggest things. Then

386
00:24:48.799 --> 00:24:51.079
<v Speaker 2>they can just run mathematics and say, oh, they have

387
00:24:51.160 --> 00:24:55.640
<v Speaker 2>great retention or poor retention, and they have terrible utilization

388
00:24:55.759 --> 00:24:58.720
<v Speaker 2>or great utilization. We just need a marketing playbook or

389
00:24:58.759 --> 00:25:01.799
<v Speaker 2>we need a basically a sales and a treatment plan playbook.

390
00:25:02.160 --> 00:25:04.160
<v Speaker 2>When you combine those two with a great brand, like,

391
00:25:04.440 --> 00:25:09.279
<v Speaker 2>you got a recipe for success right there. Okay, So memberships,

392
00:25:10.200 --> 00:25:11.799
<v Speaker 2>I think you guys could look at these and get

393
00:25:11.799 --> 00:25:14.000
<v Speaker 2>a little confused, like how do you create the memberships?

394
00:25:14.000 --> 00:25:17.400
<v Speaker 2>What's the best memberships? Like beauty banks are fantastic giving

395
00:25:17.440 --> 00:25:20.759
<v Speaker 2>somebody just like a monthly automatic debit that goes into

396
00:25:20.799 --> 00:25:22.359
<v Speaker 2>a bank where they can come in and pick and

397
00:25:22.400 --> 00:25:24.960
<v Speaker 2>choose what they want a service or use a tool

398
00:25:25.400 --> 00:25:28.160
<v Speaker 2>like use a piece of tech right or PTMD has

399
00:25:28.599 --> 00:25:31.759
<v Speaker 2>great ones, and there's other great EMR companies that have

400
00:25:31.839 --> 00:25:34.599
<v Speaker 2>some as well. But I think you know, having this

401
00:25:34.720 --> 00:25:40.119
<v Speaker 2>type of stuff is actually cheaper to acquire and roll

402
00:25:40.160 --> 00:25:43.160
<v Speaker 2>out versus not too Some people could look at acquiring

403
00:25:43.200 --> 00:25:45.599
<v Speaker 2>software and saying I don't like the monthly fee. I

404
00:25:45.720 --> 00:25:49.000
<v Speaker 2>look at it and say, it's a critical component to

405
00:25:49.079 --> 00:25:51.839
<v Speaker 2>your tech stack, and if you're looking to increase your

406
00:25:52.079 --> 00:25:57.240
<v Speaker 2>patient retention and increase your patient like velocity and monthly

407
00:25:57.359 --> 00:26:02.480
<v Speaker 2>reoccurring revenue it's acquired. In fact, if I owned a practice,

408
00:26:03.640 --> 00:26:06.880
<v Speaker 2>it would be one hundred percent required for us to

409
00:26:07.240 --> 00:26:11.480
<v Speaker 2>have a very robust membership plan and a very robust

410
00:26:11.559 --> 00:26:16.440
<v Speaker 2>rewards plan because I know like people that do have that,

411
00:26:16.680 --> 00:26:19.799
<v Speaker 2>their attention goes up. And so I would drive my

412
00:26:19.960 --> 00:26:22.839
<v Speaker 2>practice as if I'm going to sell it one day,

413
00:26:23.240 --> 00:26:25.720
<v Speaker 2>even if I never plan to, Like obviously there's always

414
00:26:25.720 --> 00:26:29.680
<v Speaker 2>an expiration date, but if you never plan to run

415
00:26:29.720 --> 00:26:32.240
<v Speaker 2>it as if you are, because then you're you're running

416
00:26:32.240 --> 00:26:40.960
<v Speaker 2>it exactly how an institutionalized financier would acquire it. And

417
00:26:41.000 --> 00:26:43.319
<v Speaker 2>that's what's going to make you even better. So if

418
00:26:43.359 --> 00:26:45.640
<v Speaker 2>you have it into like an M and A conversation

419
00:26:46.079 --> 00:26:48.519
<v Speaker 2>in a conference, like go to conferences and go to

420
00:26:48.559 --> 00:26:51.359
<v Speaker 2>the finance ones and the M and A conference discussions.

421
00:26:52.359 --> 00:26:55.480
<v Speaker 2>Ben Hernandez with skytell Group he's awesome. He puts on

422
00:26:55.559 --> 00:26:57.559
<v Speaker 2>like some of the great greatest talks ever. Shout out

423
00:26:57.559 --> 00:27:02.519
<v Speaker 2>Ben if you're tuning in, but go study this stuff

424
00:27:02.519 --> 00:27:07.000
<v Speaker 2>and then start to engineer your practice this way. Okay,

425
00:27:07.039 --> 00:27:11.960
<v Speaker 2>moving on why medspot owners struggle with financials. It's simply like,

426
00:27:12.000 --> 00:27:13.759
<v Speaker 2>we don't want to look at it. We almost like

427
00:27:13.880 --> 00:27:15.920
<v Speaker 2>are afraid to. We don't, we don't want to know, right,

428
00:27:15.960 --> 00:27:17.960
<v Speaker 2>It's like, eh, I don't, I don't want to know.

429
00:27:18.160 --> 00:27:19.920
<v Speaker 2>I'll kind of get to it when when I want to.

430
00:27:21.000 --> 00:27:24.440
<v Speaker 2>But many just lack financial literacy and don't track their numbers.

431
00:27:24.640 --> 00:27:26.640
<v Speaker 2>Like and this is why it's so important if you

432
00:27:26.680 --> 00:27:28.480
<v Speaker 2>if you're just like I'm just not a numbers person,

433
00:27:28.839 --> 00:27:32.519
<v Speaker 2>become one. Go become a numbers person. There was a

434
00:27:32.599 --> 00:27:35.000
<v Speaker 2>day in time where you obviously weren't a person that

435
00:27:35.039 --> 00:27:36.920
<v Speaker 2>knew how to ride a bike, and then you figured

436
00:27:36.920 --> 00:27:39.039
<v Speaker 2>out how to ride a bike. Right, there was a

437
00:27:39.039 --> 00:27:42.240
<v Speaker 2>person that you were not an injector, and then all

438
00:27:42.240 --> 00:27:45.000
<v Speaker 2>of a sudden, you were an injector. Right. If you're

439
00:27:45.039 --> 00:27:46.480
<v Speaker 2>a mom, there was a there was a world you

440
00:27:46.519 --> 00:27:48.279
<v Speaker 2>lived in where you're not a mom, and all of

441
00:27:48.279 --> 00:27:50.279
<v Speaker 2>a sudden, the baby came home and now you're a

442
00:27:50.279 --> 00:27:52.880
<v Speaker 2>mom and you have to figure it out. Right. So, like,

443
00:27:54.720 --> 00:27:57.079
<v Speaker 2>if you're one of those that's afraid to really get

444
00:27:57.079 --> 00:27:58.759
<v Speaker 2>in the nitty gritty of your numbers and it drives

445
00:27:58.799 --> 00:28:02.359
<v Speaker 2>you crazy, go learn it because you don't want to

446
00:28:02.440 --> 00:28:05.759
<v Speaker 2>just rely on like bookkeepers and CFOs to run your

447
00:28:05.839 --> 00:28:09.559
<v Speaker 2>numbers and tell you information that you don't comprehend. Go

448
00:28:09.759 --> 00:28:12.559
<v Speaker 2>learn it. You'll find it fun over time, Like just

449
00:28:12.640 --> 00:28:16.960
<v Speaker 2>right through the barrier. Okay, you just need to understand

450
00:28:17.000 --> 00:28:21.480
<v Speaker 2>your profitability for service, like not using proper finance strategies,

451
00:28:21.599 --> 00:28:24.680
<v Speaker 2>charging too low versus market rates that can just give

452
00:28:24.720 --> 00:28:27.720
<v Speaker 2>a bad patient experience, that can give a bad brand,

453
00:28:27.799 --> 00:28:30.680
<v Speaker 2>that can just like eventually have turn and burn, give

454
00:28:30.720 --> 00:28:34.119
<v Speaker 2>you kind of the the type of medical asthetics practice

455
00:28:34.119 --> 00:28:36.279
<v Speaker 2>where people go for a quick fix and never come back.

456
00:28:36.839 --> 00:28:38.720
<v Speaker 2>Just not the type of business you're looking for, right,

457
00:28:39.039 --> 00:28:42.960
<v Speaker 2>So failing to allocate enough for marketing and acquire the

458
00:28:43.039 --> 00:28:49.240
<v Speaker 2>right patient is it's also a big issue I see

459
00:28:49.279 --> 00:28:52.759
<v Speaker 2>time and time again like practices, they do not spend

460
00:28:52.880 --> 00:28:55.759
<v Speaker 2>enough on marketing because we're looking at it through the

461
00:28:55.759 --> 00:28:59.000
<v Speaker 2>wrong lens. And this is why a medspot owners struggle

462
00:28:59.000 --> 00:29:04.079
<v Speaker 2>with the finance is. Everything that you're looking at and

463
00:29:04.079 --> 00:29:06.119
<v Speaker 2>I'm going to talk about marketing on this site. Everything

464
00:29:06.160 --> 00:29:09.519
<v Speaker 2>you're looking at on the marketing side is you're looking

465
00:29:09.559 --> 00:29:13.599
<v Speaker 2>at it as an expense. Guys, it's more expensive to

466
00:29:13.720 --> 00:29:16.880
<v Speaker 2>not do. And let's just like let's look at your

467
00:29:16.920 --> 00:29:19.839
<v Speaker 2>website for a second. Hey, how much does it cost

468
00:29:19.880 --> 00:29:23.640
<v Speaker 2>to build a website? How long does it take should

469
00:29:23.640 --> 00:29:27.680
<v Speaker 2>I build one? Do websites even matter anymore? Do you

470
00:29:27.720 --> 00:29:32.279
<v Speaker 2>realize when you really think about that, your website is

471
00:29:32.519 --> 00:29:38.480
<v Speaker 2>a digital asset. It's a digital piece of real estate

472
00:29:39.559 --> 00:29:43.720
<v Speaker 2>that is in cyberspace. It's on the Internet. You can

473
00:29:43.759 --> 00:29:46.680
<v Speaker 2>literally go spin up a piece of land which would

474
00:29:46.680 --> 00:29:49.559
<v Speaker 2>be a domain. You can build your house on it,

475
00:29:49.960 --> 00:29:53.200
<v Speaker 2>which is your brand and your actual physical website, the

476
00:29:53.240 --> 00:29:56.319
<v Speaker 2>content and all that stuff, and then you could put

477
00:29:56.440 --> 00:29:58.440
<v Speaker 2>signs up all over the place and people will come

478
00:29:58.519 --> 00:30:03.119
<v Speaker 2>visit you in a digital world. Right in the science

479
00:30:03.160 --> 00:30:05.640
<v Speaker 2>of it, that's obviously the analogy of like the marketing aspect,

480
00:30:05.640 --> 00:30:09.000
<v Speaker 2>the SEO, the ads, all that stuff. Isn't this amazing?

481
00:30:09.079 --> 00:30:11.079
<v Speaker 2>Like it's the cheapest piece of real estate you can

482
00:30:11.079 --> 00:30:13.160
<v Speaker 2>almost ever acquire. And if you don't acquire it, you

483
00:30:13.599 --> 00:30:17.759
<v Speaker 2>basically said, hey, I am now putting myself in a

484
00:30:17.799 --> 00:30:20.039
<v Speaker 2>position to say I want to be a practice owner.

485
00:30:20.119 --> 00:30:23.599
<v Speaker 2>I want to grow, but I don't want to invest

486
00:30:23.799 --> 00:30:27.039
<v Speaker 2>in a digital piece of real estate that's going to

487
00:30:27.039 --> 00:30:29.559
<v Speaker 2>produce patients. So for me, I look at that and

488
00:30:29.599 --> 00:30:31.680
<v Speaker 2>I'm like, I don't even know how you put a

489
00:30:31.720 --> 00:30:35.440
<v Speaker 2>cost on it. It's more expensive to not do, way

490
00:30:35.480 --> 00:30:38.000
<v Speaker 2>more expensive to not do if you want people to

491
00:30:38.039 --> 00:30:40.359
<v Speaker 2>go somewhere else. Yeah, then then and this is where

492
00:30:40.400 --> 00:30:43.039
<v Speaker 2>I come back to, like the why some practice owners

493
00:30:43.079 --> 00:30:47.079
<v Speaker 2>struggle with the financials, because that should be looked at

494
00:30:47.200 --> 00:30:51.240
<v Speaker 2>as an investment allocation. Right, once you acquire the domain,

495
00:30:51.319 --> 00:30:53.720
<v Speaker 2>once you build the site, once you have it, traffic's

496
00:30:53.759 --> 00:30:56.920
<v Speaker 2>coming in. You have a revolving door of traffic of

497
00:30:57.000 --> 00:30:59.319
<v Speaker 2>patients that it can flowing in. Now you can take

498
00:30:59.359 --> 00:31:04.200
<v Speaker 2>that digital asset and you could sell it. It's worth

499
00:31:04.599 --> 00:31:07.839
<v Speaker 2>it's worth cash. Right, I'm not saying that's what you do,

500
00:31:07.920 --> 00:31:09.359
<v Speaker 2>but like if you package up your practice in the

501
00:31:09.400 --> 00:31:12.720
<v Speaker 2>solid obviously you'd sell your website with it. So it's

502
00:31:12.880 --> 00:31:15.200
<v Speaker 2>it's it's super important to know, like everything that you're

503
00:31:15.240 --> 00:31:20.960
<v Speaker 2>doing here, you're you're actually building intellectual property, you're building assets, right,

504
00:31:21.000 --> 00:31:24.119
<v Speaker 2>You're acquiring little physical assets for your practice. And I

505
00:31:24.119 --> 00:31:28.039
<v Speaker 2>think that's the right lens to start looking through. So

506
00:31:28.200 --> 00:31:30.559
<v Speaker 2>super super important. So I'll give you a couple of tibets,

507
00:31:30.599 --> 00:31:33.640
<v Speaker 2>like on how to improve your financial management. Okay, so

508
00:31:33.880 --> 00:31:37.799
<v Speaker 2>set revenue and profit goals. Start aiming for a thirty

509
00:31:37.799 --> 00:31:42.279
<v Speaker 2>percent profit margin. If you're below that use financial dashboard

510
00:31:42.400 --> 00:31:48.920
<v Speaker 2>software like Sinodi, REPETMD, Cetic Record, Boulevard Growth ninety nine. Right,

511
00:31:49.000 --> 00:31:52.160
<v Speaker 2>so hire a bookkeeper or CPA who understands MEDSPAT finances.

512
00:31:52.559 --> 00:31:54.440
<v Speaker 2>There is there's a lot of people out there, some

513
00:31:54.519 --> 00:31:58.000
<v Speaker 2>great people who do a wonderful job, and they've worked

514
00:31:58.039 --> 00:32:00.519
<v Speaker 2>with so many practice they know these numbers back and forth.

515
00:32:01.119 --> 00:32:04.400
<v Speaker 2>Optimize pricing and services like high ticket services you know

516
00:32:04.640 --> 00:32:12.400
<v Speaker 2>RF micronadling, body contouring versus low margin treatments. Okay, micro

517
00:32:12.480 --> 00:32:17.359
<v Speaker 2>needling is has a great high margin, high ticket I

518
00:32:17.559 --> 00:32:20.039
<v Speaker 2>was at a conference recently and I was talking with

519
00:32:20.079 --> 00:32:23.720
<v Speaker 2>the device and and a practice owner happened to have

520
00:32:23.759 --> 00:32:26.799
<v Speaker 2>the device in this this machine. It was like one

521
00:32:26.839 --> 00:32:28.839
<v Speaker 2>hundred and fifty grand. I don't want to drop the name.

522
00:32:30.200 --> 00:32:34.720
<v Speaker 2>Great micronedling device. Low down time about one hundred and

523
00:32:34.720 --> 00:32:37.599
<v Speaker 2>fifty thousand bucks. And when they sell it, they charge

524
00:32:37.599 --> 00:32:41.440
<v Speaker 2>about eighteen hundred dollars per treatment and it cost them

525
00:32:41.440 --> 00:32:44.319
<v Speaker 2>about one hundred bucks to run the machine. What a

526
00:32:44.559 --> 00:32:49.039
<v Speaker 2>and it takes about fifteen minutes. So it's like wow,

527
00:32:49.759 --> 00:32:53.200
<v Speaker 2>you know, that's that's a great, great way to uh,

528
00:32:53.799 --> 00:32:57.359
<v Speaker 2>you know, to look at your finances and optimize those

529
00:32:57.400 --> 00:33:01.200
<v Speaker 2>based upon you know what works, okay, and then up

530
00:33:01.279 --> 00:33:04.319
<v Speaker 2>selling like I think like after you are done doing

531
00:33:04.359 --> 00:33:06.519
<v Speaker 2>the treatment, it's a great time. As they're going to

532
00:33:06.599 --> 00:33:10.559
<v Speaker 2>the checkout area, don't just let them walk by the

533
00:33:10.559 --> 00:33:16.039
<v Speaker 2>retail product. The retail product should should complement the treatment

534
00:33:16.599 --> 00:33:18.279
<v Speaker 2>and it should work and give a result, right like

535
00:33:18.319 --> 00:33:20.119
<v Speaker 2>don't sell like thin air, like make it give them

536
00:33:20.119 --> 00:33:23.920
<v Speaker 2>a result and then track ROI on marketing, spend and

537
00:33:24.000 --> 00:33:26.480
<v Speaker 2>sure your leads convert to patients. And if you have

538
00:33:26.599 --> 00:33:29.240
<v Speaker 2>if you're spending money on marketing, you need to be

539
00:33:29.400 --> 00:33:33.240
<v Speaker 2>spending and investing money on converting them. If you have

540
00:33:33.359 --> 00:33:35.160
<v Speaker 2>leads coming in and you have people that are not

541
00:33:35.240 --> 00:33:37.920
<v Speaker 2>taking the phone calls or are not following up with

542
00:33:37.960 --> 00:33:41.240
<v Speaker 2>them through text emails, phone calls, everything, like whatever it

543
00:33:41.319 --> 00:33:45.079
<v Speaker 2>is immediately like right away, you need to you need

544
00:33:45.119 --> 00:33:47.359
<v Speaker 2>to invest in that. Okay, you need to make sure

545
00:33:47.400 --> 00:33:49.480
<v Speaker 2>you have systems and processes in place because this will

546
00:33:49.519 --> 00:33:52.880
<v Speaker 2>reduce your patient acquisition costs, your cost per lead. You'll

547
00:33:52.920 --> 00:33:55.759
<v Speaker 2>have to you'll spend less on marketing and produce more results.

548
00:33:56.960 --> 00:33:59.000
<v Speaker 2>And the whole point, guys, like on the marketing side

549
00:33:59.079 --> 00:34:02.640
<v Speaker 2>is reducing your seed on your customer acquisition cost. Okay,

550
00:34:04.079 --> 00:34:09.880
<v Speaker 2>so takeaways here. Knowing your numbers is not optional, it's essential.

551
00:34:10.119 --> 00:34:17.480
<v Speaker 2>It's essential for business sustainable practice growth. So here's your

552
00:34:17.480 --> 00:34:20.440
<v Speaker 2>action plan. Set a revenue goal for the next six

553
00:34:20.440 --> 00:34:24.559
<v Speaker 2>to twelve months. Analyze your cost per lead, per service,

554
00:34:24.679 --> 00:34:32.239
<v Speaker 2>and overall profit margins. Implement one financial improvement strategy this month.

555
00:34:33.679 --> 00:34:38.079
<v Speaker 2>Increase prices, reducing costs, or offer membership something. Take action,

556
00:34:39.360 --> 00:34:43.400
<v Speaker 2>and then call to action. If you guys found this

557
00:34:43.960 --> 00:34:50.599
<v Speaker 2>valuable this particular episode, please share it with your colleagues.

558
00:34:51.039 --> 00:34:53.519
<v Speaker 2>Everything I do here I do for you, and I

559
00:34:53.599 --> 00:34:56.000
<v Speaker 2>want to help you guys grow in any way possible.

560
00:34:56.559 --> 00:34:59.920
<v Speaker 2>I'll leave it at that until next time. Happy.

561
00:35:03.039 --> 00:35:06.599
<v Speaker 1>Thanks for tuning in to Medical Millionaire. Every week, we're

562
00:35:06.599 --> 00:35:09.760
<v Speaker 1>here to help you transform your practice into a thriving,

563
00:35:10.079 --> 00:35:16.440
<v Speaker 1>profitable venture, covering everything from marketing and patient bookings to mindset, workflow, automation,

564
00:35:16.840 --> 00:35:22.039
<v Speaker 1>and beyond. Whether you're just starting out, scaling up, optimizing operations,

565
00:35:22.159 --> 00:35:25.880
<v Speaker 1>or planning your exit strategy, this podcast is your go

566
00:35:25.960 --> 00:35:30.159
<v Speaker 1>to resource for success in the medical esthetics industry. It's

567
00:35:30.280 --> 00:35:35.199
<v Speaker 1>time to supercharge your practice and take action today. Share

568
00:35:35.239 --> 00:35:37.800
<v Speaker 1>this episode with a fellow entrepreneur. Rate the show and

569
00:35:37.840 --> 00:35:39.719
<v Speaker 1>don't forget to click the link in the show notes

570
00:35:39.719 --> 00:35:44.079
<v Speaker 1>to access powerful tools and expert guidance at get dot

571
00:35:44.159 --> 00:35:48.599
<v Speaker 1>growth ninety nine dot com, slash MM, and make sure

572
00:35:48.599 --> 00:35:51.639
<v Speaker 1>to tune into the next episode of Medical Millionaire