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<v Speaker 1>This is Medical Millionaire, the podcast helping your metspot increase

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<v Speaker 1>in status, visibility, and profitability. Join your host as he

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<v Speaker 1>dispels mis shares trends, and gives you actionable steps today

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<v Speaker 1>that will take your medical practice to the next level.

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<v Speaker 1>Here's your host, expert marketer and founder of Growth ninety nine,

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<v Speaker 1>Cameron Hemphill.

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<v Speaker 2>Hey, what's up everybody. Cameron Hemppill here your host for

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<v Speaker 2>Medical Millionaire. Hey, guys, thank you so much for taking

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<v Speaker 2>the time to tune into the podcast. Our goal is

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<v Speaker 2>to give incredible value and insight for practice owners. So,

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<v Speaker 2>if you own a practice medical stus practice, or you

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<v Speaker 2>are thinking about getting in the industry or this specialty,

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<v Speaker 2>this podcast and all these episodes we make, they're one

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<v Speaker 2>hundred percent designed for you and to help you take

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<v Speaker 2>your practice to the next level. Guys, I have a

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<v Speaker 2>good friend today. We've known each other for a few years.

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<v Speaker 2>We've been on panels together. I feel like I run

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<v Speaker 2>into this guy like every conference I go to. He's

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<v Speaker 2>deep in the weeds of what's going on in the

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<v Speaker 2>world of aesthetics. He owns a group called the Skyte

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<v Speaker 2>Group out of Dallas. His name is Ben Hernandez, he

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<v Speaker 2>is very well, let's just call it in the tune

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<v Speaker 2>of what's happening in the private equity side of things,

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<v Speaker 2>the buy side of things, the consulting side of things. Ben,

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<v Speaker 2>I don't know how many practices that you have touched

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<v Speaker 2>and consulted at this point and transacted. But man, it's

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<v Speaker 2>so good to have you back on the show. Welcome

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<v Speaker 2>to the podcast, Cameron.

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<v Speaker 3>Thank you so much for having me back. And yeah,

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<v Speaker 3>we were just talking. It's been about a year, so

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<v Speaker 3>happy to be back. Appreciate it. And yeah, definitely enjoy

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<v Speaker 3>seeing you at all the conferences and learning from you

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<v Speaker 3>as well every time I go there.

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<v Speaker 2>Absolutely, Man, I appreciate it. I just saw you recently

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<v Speaker 2>at GAC in Miami. Shoot before that was like a

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<v Speaker 2>weekend before when let's see we were at face at

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<v Speaker 2>Live Gretchen's conference, and then before that it was a

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<v Speaker 2>symposium that Scott Callahan puts on. So I've seen you

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<v Speaker 2>a lot. I know that we live across the country

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<v Speaker 2>from one another, but it's nice to have you back.

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<v Speaker 2>So just for the audience, can you just give us

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<v Speaker 2>a quick update. What is Skytel Group? What is it

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<v Speaker 2>that you guys do over there? And then you know,

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<v Speaker 2>you guys. He has a report that they came out

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<v Speaker 2>with with a company called q Sites and it's an

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<v Speaker 2>incredible report that we will get into. And that's really

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<v Speaker 2>the purpose of this episode. It's like what's going on

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<v Speaker 2>in the world of aesthetics. But before we go there,

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<v Speaker 2>ben just for the audience, like, give us a recap,

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<v Speaker 2>background history update. I know that a lot of people

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<v Speaker 2>that are tuning in know whose Skytel Group is and

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<v Speaker 2>who you are and what you do, but there's definitely

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<v Speaker 2>some people that do not, so we just give us

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<v Speaker 2>a quick update.

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<v Speaker 3>Of course, yeah for those of us who don't know Skytail.

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<v Speaker 4>We do three things. On one hand, we do management.

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<v Speaker 3>Consulting where we take to true strategy and we typically

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<v Speaker 3>work with one of two type of clients. One or

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<v Speaker 3>typically found our own businesses that either have large practices

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<v Speaker 3>or multi site organizations that are wanting to grow in scale.

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<v Speaker 3>The other one is financial sponsors such as private equity.

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<v Speaker 3>We help at times with their portfolio companies to deal

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<v Speaker 3>with very specific opportunities that they're seeing or issues that

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<v Speaker 3>they're having. The second side of the businesses investment banking.

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<v Speaker 3>Most of our business there is we take companies typically

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<v Speaker 3>founder owned and we sell them to either private equity

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<v Speaker 3>or the platforms the strategics, and then finally we have

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<v Speaker 3>a smaller private capital side where we invest in either

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<v Speaker 3>our clients or the spaces in which we play. And yeah,

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<v Speaker 3>as you said, Cam, we were very excited to put

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<v Speaker 3>out a white paper because, as you know, there have

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<v Speaker 3>been so many new entrants into the space and one

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<v Speaker 3>thing that we consistently saw is just a thirst for data.

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<v Speaker 3>And I know you have a lot of it as well,

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<v Speaker 3>and we talk about it a lot. So this will

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<v Speaker 3>be a lot of fun.

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<v Speaker 2>Yeah, absolutely, And the last channel of that to the

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<v Speaker 2>business that you guys are now working in. That's the

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<v Speaker 2>new A side, right it is.

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<v Speaker 3>It was propped up in March of twenty four, so,

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<v Speaker 3>you know, eight months ago or so. And we did

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<v Speaker 3>it because some of our early consulting clients would ask,

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<v Speaker 3>you know, would you ever take the risk alongside us?

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<v Speaker 3>So with the advice that you're giving, and you know,

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<v Speaker 3>back then we had like one or two acorns on

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<v Speaker 3>our balance sheets, so there was zero capital to deploy.

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<v Speaker 3>But that's what got the wheels turning. So it's been

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<v Speaker 3>a really exciting piece of the business.

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<v Speaker 2>I love it. I love it. I think it's definitely needed.

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<v Speaker 2>And just to kind of break this down for you guys.

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<v Speaker 2>So the consulting side, and Ben, you can, you can

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<v Speaker 2>stop me anywhere, but what I want to do is

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<v Speaker 2>explain it in more of an understanding approach for the audience.

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<v Speaker 2>So the consulting side of the business the way I

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<v Speaker 2>understand it is a practice will come to you guys

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<v Speaker 2>and say, you know what, I am interested in potentially

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<v Speaker 2>exiting my practice, whether that's soon later, how can you

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<v Speaker 2>put me in position to trade at the highest value.

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<v Speaker 2>And then of course I'm sure you guys have expertise

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<v Speaker 2>internally that can help guide them along that journey. Is

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<v Speaker 2>that is that right?

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<v Speaker 4>That's correct?

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<v Speaker 3>And you know we're generally agnostic oftentimes that is why

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<v Speaker 3>folks come in, which is, you know, show me how

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<v Speaker 3>to turn my b's into a's and my season to v's,

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<v Speaker 3>if you will.

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<v Speaker 4>But we're agnostic.

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<v Speaker 3>You know, someone could come to us and say I

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<v Speaker 3>want to give my organization out to my child down

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<v Speaker 3>the road. We take a similar approach, which is really

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<v Speaker 3>solving for any opportunities to make the business more valuable,

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<v Speaker 3>whether it's to yourself or to the potential partner or buyer,

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<v Speaker 3>whichever it may be. We take a pretty similar approach.

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<v Speaker 2>I like it, and I mean basically what I hear

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<v Speaker 2>from that is, hey, we'll take your current infrastructure, see

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<v Speaker 2>where you are at on a grade, whatever that grade is,

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<v Speaker 2>and we're going to fine tune it to increase that grade, right,

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<v Speaker 2>which ultimately is going to make the practice run more efficiently, effectively,

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<v Speaker 2>make it more profitable, more attractive for whoever you're going

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<v Speaker 2>to hand it to sell it to whenever. That may

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<v Speaker 2>be pretty cool exercise. And then you know what's interesting, guys,

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<v Speaker 2>is coming out of that it makes total sense. I'm

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<v Speaker 2>sure a ton of practices were like, hey, can you

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<v Speaker 2>also help deploy some capital to put us in position

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<v Speaker 2>to grow based upon whatever area that makes sense to

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<v Speaker 2>deploy capital. And so i'd assume you guys would go

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<v Speaker 2>through some sort of underwriting diligence process and at some

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<v Speaker 2>point I'm sure it's made sense to participate and partner,

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<v Speaker 2>which I think is amazing. And I'm sure that you

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<v Speaker 2>know these practice owners are super thankful for having the opportunity.

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<v Speaker 3>Yeah, and that one is a really mutually beneficial one.

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<v Speaker 3>I mean, as you said, we we do the diligence

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<v Speaker 3>side of things, which we typically do anyhow as we're

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<v Speaker 3>running consulting, but you know, from a diligence perspective, make

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<v Speaker 3>sure that it's an investment that we think we'll get

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<v Speaker 3>a good return for our limited partners. And then the

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<v Speaker 3>beauty of it is then we become true partners and

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<v Speaker 3>we work together on you know, maximizing that practice as

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<v Speaker 3>efficiency and hopefully down the road if they're ever ready

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<v Speaker 3>to go to market, getting a nice return on that.

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<v Speaker 3>So it's a really fun process and it brings you

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<v Speaker 3>really close to your partners as well.

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<v Speaker 2>That's amazing. I like it. It's going to be interesting

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<v Speaker 2>to see. I know that it's you know, March. I'm

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<v Speaker 2>sure that's moved super fast from you know, we're recording

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<v Speaker 2>this in November twenty four. From March to twenty four

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<v Speaker 2>to November twenty four, I mean, not not a huge time,

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<v Speaker 2>but it'll be interesting to see, like in the next

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<v Speaker 2>twenty four months what happens there. So dude, let's definitely

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<v Speaker 2>stay in touch and remember these conversations so we can

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<v Speaker 2>you know, go back on them and listen and then

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<v Speaker 2>see where things are in the future.

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<v Speaker 4>I would love that.

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<v Speaker 3>Yeah, hopefully by then cam where we're raising fun too,

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<v Speaker 3>and we can look back on.

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<v Speaker 4>Some success here on our first one.

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<v Speaker 2>You'll be looking back and saying, hey, do you guys

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<v Speaker 2>remember fun one a long time ago? All right, so

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<v Speaker 2>let's get into the meet. So this q site First off?

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<v Speaker 2>Who is q site?

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<v Speaker 3>Q site is a guidepoint company with which is basically

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<v Speaker 3>a large firm that is very, very data driven, so

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<v Speaker 3>they have all the data that you would ever want

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<v Speaker 3>within various sub sectors, and q site is the metasthetic

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<v Speaker 3>side of it. And you know, we, I think it

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<v Speaker 3>was July of twenty three, we sat down for lunch

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<v Speaker 3>and had this idea of wouldn't it be great to

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<v Speaker 3>put out a really extensive white paper because all of us,

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<v Speaker 3>as you know, are getting calls from financial sponsors as

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<v Speaker 3>well as practice owners themselves wondering, you know, what is

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<v Speaker 3>the true data out there? And there wasn't a lot

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<v Speaker 3>out there at the time. I mean, you could get

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<v Speaker 3>things from different places, don't get me wrong, but we

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<v Speaker 3>wanted to come out with something really comprehensive. And the

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<v Speaker 3>thought was q site, you have all this amazing data,

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<v Speaker 3>Skytail has the industry knowledge, you know, kind of boots

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<v Speaker 3>on the ground that can translate that data, ideally into English,

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<v Speaker 3>and that's where we had the thought and we've spent

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<v Speaker 3>you know, the past half year so really trying to

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<v Speaker 3>refine it as best we could.

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<v Speaker 2>I'm glad you guys did it, and you know, I

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<v Speaker 2>know that amspot came out with a recent report. I'm

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<v Speaker 2>glad you guys did just a quick insight for the audience.

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<v Speaker 2>I don't talk about growth and nine a ton on

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<v Speaker 2>the podcast, but we have. We're releasing a benchmark report

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<v Speaker 2>that we will be pushing out there. I think that's

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<v Speaker 2>actually going to come out maybe in the next thirty days,

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<v Speaker 2>something that we've been working on as well. To your point, man,

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<v Speaker 2>it's like the industry is craving data and it's interesting

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<v Speaker 2>that you know, you guys have obviously that's been in

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<v Speaker 2>your ear and you guys took initiative and pushed that

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<v Speaker 2>out right. So we're going to go through this report together.

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<v Speaker 2>And I've spent the time digesting it obviously, I know

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<v Speaker 2>that you've probably been through it a lot as well,

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<v Speaker 2>probably more than you'd like, but I appreciate you taking

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<v Speaker 2>the time because it's it's extremely valuable, guys. So we're

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<v Speaker 2>going to get into the mean of this. I think

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<v Speaker 2>that if you're turning in, you know, make sure to

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<v Speaker 2>pay attention because there is some interesting stuff that has

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<v Speaker 2>happened in the aesthetic space. Right, So, what are patients spending?

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<v Speaker 2>How many practices are opening? Like really, like what are

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<v Speaker 2>what is the industry spending their money on when it

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<v Speaker 2>comes to services and treatments? Like to the dollar amount

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<v Speaker 2>from q site and skytell that put out this report, right, like,

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<v Speaker 2>there's a lot like what is happening in weight loss?

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<v Speaker 2>What is happening in private equity? Because I know that

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<v Speaker 2>there's a lot of talk about it, but now we

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<v Speaker 2>have some really cool meat and data behind it. So

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<v Speaker 2>that being said, let's let's talk about it. There's there's

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<v Speaker 2>a couple interesting points that I wanted to point out here, Ben,

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<v Speaker 2>And the first one was non surgical patient spend that

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<v Speaker 2>that I saw on the report was estimated to be

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<v Speaker 2>right around fifteen billion in twenty twenty three, and that's

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<v Speaker 2>up four percent from the previous year, right, which which

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<v Speaker 2>is it just shows that like, oh my gosh, like

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<v Speaker 2>it continues to grow, Like four percent of fifteen billion

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<v Speaker 2>is a lot of cash. So talk to us a

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<v Speaker 2>little bit about that. I mean, because I know that

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<v Speaker 2>you guys have been at this, like you know, for years,

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<v Speaker 2>and as you can, you continue to see demand from

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<v Speaker 2>the consumer side outpaced supply.

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<v Speaker 4>Correct.

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<v Speaker 3>Yeah, you know, this stat was interesting to us for

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<v Speaker 3>a few reasons. One, I think there's a chart in

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<v Speaker 3>there where if you look at twenty seventeen and you

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<v Speaker 3>go to twenty twenty four, this market has doubled in

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<v Speaker 3>size in that amount of time. So, I mean, that's phenomenal.

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<v Speaker 3>In twenty seventeen, I see have this up period seven

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<v Speaker 3>point four billion, twenty three, fifteen billion, and that short

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<v Speaker 3>time for an entire market to double is just phenomenal

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<v Speaker 3>and just speaks to the growth.

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<v Speaker 4>I think.

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<v Speaker 3>The other thing is, you know, we oftentimes see reports

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<v Speaker 3>that point to the KAGER, which is basically just compounded

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<v Speaker 3>annual growth rate of closer to ten to twelve percent

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<v Speaker 3>over the next decade. So the four percent, while not

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<v Speaker 3>great compared to that number, it's actually very positive from

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<v Speaker 3>our perspective because if you think about what twenty three

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<v Speaker 3>was high inflationary environment, we were just coming out of,

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<v Speaker 3>or in the middle of, potentially a mini recession. You know,

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<v Speaker 3>we knew we had the presidential election coming up. These

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<v Speaker 3>are all things that, from a consumer confidence perspective, make

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<v Speaker 3>people nervous. So for it to still grow four percent

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<v Speaker 3>is tremendous. I know, you and I talk sometimes about

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<v Speaker 3>other healthcare sub sectors, like in Dentnel it grows three

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<v Speaker 3>three and a half percent a year, and that's a

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<v Speaker 3>good year. So if you put that into perspective, you're

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<v Speaker 3>exactly right.

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<v Speaker 4>Cam.

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<v Speaker 3>It just really speaks to the dynamic space that we're

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<v Speaker 3>in right now.

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<v Speaker 2>Yeah, I agree, And that's that's why I wanted to

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<v Speaker 2>call that one out because to your point, like, yeah, Dentell,

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<v Speaker 2>you know it's it's like three percent good year, you know,

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<v Speaker 2>but four percent in a very let's call it an

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<v Speaker 2>very interesting world in dynamic you know, to see it

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<v Speaker 2>grow at that pace is amazing. And really like from

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<v Speaker 2>twenty seventeen to twenty twenty three doubling you know, seven

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<v Speaker 2>point four billion to fifteen billion in that short period

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<v Speaker 2>is I mean, that's just a different world. In fact,

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<v Speaker 2>I got into the industry late twenty sixteen, so oh wow,

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<v Speaker 2>I like saw that just continuous surge, which has been crazy.

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<v Speaker 2>I mean, so many practices have opened up, I've met

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<v Speaker 2>so many incredible people. And you know, unfortunately I've seen

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<v Speaker 2>practices close too, right, Like that's that's a real thing too.

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<v Speaker 4>Yeah, a lot of competition out there. I know you

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<v Speaker 4>mentioned earlier on the new men's spas that opened in

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<v Speaker 4>twenty three and that number was I think seventeen percent.

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<v Speaker 4>And and you can dissect a lot from that figure.

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<v Speaker 3>I mean, when you have seventeen percent new med spas,

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<v Speaker 3>if you think about what that points to CAM, it's

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<v Speaker 3>exactly what you said. You see some that are failing.

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<v Speaker 3>It's increased competition. It also, you know, we have a

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<v Speaker 3>provider shortage. There's more demand for services than we have providers,

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<v Speaker 3>and so you actually have providers that are leaving existing

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<v Speaker 3>practices to open up new med spas. And that was

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<v Speaker 3>a big reason for that four percent growth that you're mentioning.

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<v Speaker 3>So there's a lot to dissect there. You're exactly right, Yeah.

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<v Speaker 2>I mean, seventeen percent growth last year in new medical

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<v Speaker 2>SETUS practices, that's it. That's an outstanding number, especially in

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<v Speaker 2>like given the type of environment that we're going through. Dui,

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<v Speaker 2>it's bananas. I mean, it's it's incredible. I don't know

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<v Speaker 2>what it's going to be for twenty twenty four. I mean,

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<v Speaker 2>we're consistently getting hit up by practices that are still opening.

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<v Speaker 2>I don't know if you have any forecasts on what

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<v Speaker 2>twenty four looks like, but I know that AMSPA was

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<v Speaker 2>projected to see like a ten to twelve percent growth rate.

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<v Speaker 2>I'm not sure if you guys have saw the same thing.

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<v Speaker 3>Yeah, we're expecting something similar as well this coming year,

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<v Speaker 3>and I think Q one and two of twenty four

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<v Speaker 3>we were continuing to see that uptick. And you know,

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<v Speaker 3>that's both great, but it also presents challenges to existing practices.

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<v Speaker 3>Like from a growth perspective, the new practices were the

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<v Speaker 3>ones that really helped fuel that four percent overall market

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<v Speaker 3>growth you mentioned, and above a certain revenue level, what

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<v Speaker 3>we saw in twenty three v. Twenty two is actually

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<v Speaker 3>declining revenues for the larger practices. So, you know, it's

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<v Speaker 3>kind of a mixed bag, but it's certainly something that

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<v Speaker 3>you know, if I'm an existing practice owner, I start thinking, Okay,

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<v Speaker 3>how do I protect myself against this?

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<v Speaker 4>You know, is that you know, marketing obviously is a

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<v Speaker 4>big one.

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<v Speaker 3>Making sure that I have really good training, making sure

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<v Speaker 3>that my patients trust my brand, not a specific provider

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<v Speaker 3>as much as you can anyway. But there are a

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<v Speaker 3>lot of things I think that you can take action

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<v Speaker 3>on with this data of you know, how do I

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<v Speaker 3>retain my providers as well? So yeah, some pretty neat

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<v Speaker 3>things I think that you can do with it.

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<v Speaker 2>Yeah, retaining your providers is key, you know, Like I've

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<v Speaker 2>seen lots of practices where providers will will jump, they'll

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<v Speaker 2>want to go open up their own their own practice,

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<v Speaker 2>or just go to another environment. Maybe it's a compensation thing,

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<v Speaker 2>a personality thing. I'm not sure, you know, that's like,

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<v Speaker 2>retaining providers is like more important than, like, if you

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<v Speaker 2>look at the data, more important than retaining your patients.

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<v Speaker 2>Not saying that retaining your patients isn't important, right, but

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<v Speaker 2>they are very important to keep in revenue and growth

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<v Speaker 2>and market share you want it to be. One of

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<v Speaker 2>the interesting things too that we were seeing, and this

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<v Speaker 2>kind of goes with the report, was the marketing, right,

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<v Speaker 2>So as competition goes up, as you see this seventeen

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<v Speaker 2>percent growth and we're projecting to see it, you know,

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<v Speaker 2>let's just call it, let's call it ten to thirteen

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<v Speaker 2>to fourteen percent growth in twenty four for example, and

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<v Speaker 2>I think twenty four could actually is even more of

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<v Speaker 2>an interesting year than twenty three, given the fact that

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<v Speaker 2>this is the election year and agree a lot of

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<v Speaker 2>uncertainty that that was taking place, and in fact, for

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<v Speaker 2>our business, we saw like like demand from online search

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<v Speaker 2>drop like install pretty significantly mid October, like November tenth,

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<v Speaker 2>and then it went back up.

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<v Speaker 4>Oh yeah, I think waiting for the election to be over.

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<v Speaker 3>And then you know where we are bullish is, you know,

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<v Speaker 3>from an inflation perspective, the fifty bit rate cut should

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<v Speaker 3>help with consumer confidence.

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<v Speaker 4>Hopefully we're seeing that in twenty five.

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<v Speaker 3>But I agree with you, I think twenty four is

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<v Speaker 3>going to look like a wonky mixed bag.

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<v Speaker 4>But you know, Q four I.

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<v Speaker 3>Think will be pretty positive from a number's perspective, and

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<v Speaker 3>then heading into twenty five, that could be an exciting year.

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<v Speaker 2>I think I'm bullish on twenty five. You know, I'm

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<v Speaker 2>bullish obviously in this industry and it being so so

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<v Speaker 2>strong when it comes to recession. You know, there's some

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<v Speaker 2>interesting data in the report that I'll call out there,

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<v Speaker 2>but you know, just like really the patient loyalty speaks

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<v Speaker 2>volume of wanting to get services and treatments done. By providers,

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<v Speaker 2>you know, at their practices and they they want to

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<v Speaker 2>invest in confidence, they want to invest in feeling good

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<v Speaker 2>and looking good, and you know, we'll get into that.

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<v Speaker 2>But in fact, it was there was somewhere in the report.

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<v Speaker 2>I'll need to go in and find it, but it

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<v Speaker 2>was talking about the recession, like how households are wanting

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<v Speaker 2>to invest more in getting treatments done than purchasing household items.

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<v Speaker 3>Yeah, it's fascinating and there have been a few reports

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<v Speaker 3>out on this that for whatever reason, medical aesthetics is

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<v Speaker 3>very recession resistant and that's a beautiful thing for our space.

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<v Speaker 3>And once people get in it, they don't typically stop services.

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<v Speaker 4>It's actually very rare.

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<v Speaker 3>Even as consumer confidence goes down, it's one of the

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<v Speaker 3>services that people will cut last. And there have been

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<v Speaker 3>a few questions as to why it's a non essential service.

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<v Speaker 3>And one of the psychological reasons, according to a few

365
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<v Speaker 3>reports anyway, is due to when you don't feel very

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<v Speaker 3>good about the environment you're in, investing in oneself is

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<v Speaker 3>actually something that psychologically people tend to do, whether it's

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<v Speaker 3>you know, working out or reading a lot or metaesthetics.

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<v Speaker 3>In this case, that's something that people will invest in

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<v Speaker 3>But yeah, you're exactly right.

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<v Speaker 4>I think that's a fascinating statistic.

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<v Speaker 2>I can't remember where it was in the report. I'm

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<v Speaker 2>trying to find it now, Ben, but I was reading

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<v Speaker 2>on it earlier. I think it's like in the first

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<v Speaker 2>few pages twenty seven, I think is it page twenty seven.

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<v Speaker 2>Let's go to go the really quick Okay, scrolls pretty quickly.

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<v Speaker 3>It says here, studies have shown patients would prioritize treatment

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<v Speaker 3>before household expenses if they have treatment. Yeah, so it's

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<v Speaker 3>one of those things like Exerto expensive, won't buy that,

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<v Speaker 3>but I'll continue to get my neurotoxins.

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<v Speaker 2>You know what's interesting is that's what my gut told

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<v Speaker 2>me too, Like just been talking to with my wife

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<v Speaker 2>and her friends, like, you know, like she's the ideal candidate.

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<v Speaker 2>She's the ideal patient for a practice owner that's going

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<v Speaker 2>to continue to.

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<v Speaker 4>Go and can.

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<v Speaker 2>I'm just like, okay, like I can see why. You know,

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<v Speaker 2>let's not call it full recession proof. Like I know

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<v Speaker 2>that patients like they slow down, maybe they skip a

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00:22:14.319 --> 00:22:17.839
<v Speaker 2>visit or whatever. But I mean to back this up

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<v Speaker 2>with data and look at it and say, okay, cool,

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<v Speaker 2>Like yeah, maybe we could slow down on our grocery

393
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<v Speaker 2>bill because I still have to go get treatments and

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<v Speaker 2>services done.

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<v Speaker 4>It's fascinating.

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<v Speaker 3>Once you start, it's proven that it's pretty difficult to stop.

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<v Speaker 3>I mean, it works, people see the results, and unlike

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<v Speaker 3>other healthcare, it's one of the few that people go

399
00:22:41.039 --> 00:22:44.200
<v Speaker 3>in excited to actually go and they leave happy and

400
00:22:44.279 --> 00:22:48.839
<v Speaker 3>it's a good experience. So yeah, it's a fascinating statistic.

401
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<v Speaker 4>I agree.

402
00:22:50.200 --> 00:22:51.400
<v Speaker 2>Yeah, And that's a good point.

403
00:22:51.480 --> 00:22:51.720
<v Speaker 4>You know.

404
00:22:51.799 --> 00:22:55.559
<v Speaker 2>It's like I hate going to the doctor hospitals. Doctors

405
00:22:55.839 --> 00:22:57.720
<v Speaker 2>don't like to do it. I think that's pretty common

406
00:22:57.720 --> 00:23:01.920
<v Speaker 2>for most men. I'm a patient. I go to medical

407
00:23:01.960 --> 00:23:04.039
<v Speaker 2>aesthetics practices and I have a great time and I

408
00:23:04.200 --> 00:23:07.240
<v Speaker 2>leave there feeling great, and so I can speak to

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00:23:07.279 --> 00:23:09.160
<v Speaker 2>that too, you know, and there it is backed up

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<v Speaker 2>by data, like I think, like when you compound that

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<v Speaker 2>too with the weight loss, like you know, feeling good

412
00:23:14.559 --> 00:23:17.559
<v Speaker 2>and then looking good inside outside type like two way punch,

413
00:23:18.839 --> 00:23:21.599
<v Speaker 2>it's hard to hard to miss, you know, really going

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<v Speaker 2>to one of your services and treatment appointments.

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<v Speaker 3>Yeah, and weight loss was another interesting one, wasn't it.

416
00:23:27.279 --> 00:23:30.440
<v Speaker 3>Like The category grew to one point two billion and

417
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<v Speaker 3>twenty three, which I think it was zero point three

418
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<v Speaker 3>billion and twenty two and it was I think the

419
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<v Speaker 3>stat was like two hundred and thirty six percent increase, right,

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<v Speaker 3>So it's phenomenal. So already you're baselining benchmarking against that.

421
00:23:45.480 --> 00:23:48.359
<v Speaker 3>And what we did is we refreshed Q one and

422
00:23:48.440 --> 00:23:51.480
<v Speaker 3>Q two as well, CAM and I think it grew

423
00:23:51.599 --> 00:23:55.480
<v Speaker 3>like eighty five percent Q one, Q two twenty four v.

424
00:23:55.640 --> 00:23:59.200
<v Speaker 3>Twenty three, So like it just continues to grow. So

425
00:23:59.279 --> 00:24:02.079
<v Speaker 3>if you think about what that does, there's a stat

426
00:24:02.119 --> 00:24:04.519
<v Speaker 3>in here as well. I think that a lot of

427
00:24:04.559 --> 00:24:08.359
<v Speaker 3>these patients too, if you talk about expanding a market,

428
00:24:08.720 --> 00:24:10.839
<v Speaker 3>a lot of these patients that come in from weight

429
00:24:10.880 --> 00:24:15.519
<v Speaker 3>loss were not originally medical esthetic patients. So what you're

430
00:24:15.559 --> 00:24:19.000
<v Speaker 3>doing is you're getting a brand new patient based brand

431
00:24:19.000 --> 00:24:22.599
<v Speaker 3>new demographic. And there's another sat in here, I think,

432
00:24:22.640 --> 00:24:25.640
<v Speaker 3>and I forget what the exact number is, but of

433
00:24:25.680 --> 00:24:28.200
<v Speaker 3>those that come in that we're not a lot of

434
00:24:28.200 --> 00:24:32.359
<v Speaker 3>them end up adopting broader medical esthetic services. So you

435
00:24:32.400 --> 00:24:36.599
<v Speaker 3>think what weight loss has done, it's been quite fascinating.

436
00:24:36.640 --> 00:24:40.640
<v Speaker 3>It's opened up the market, it's added another ancillary services

437
00:24:40.720 --> 00:24:44.960
<v Speaker 3>under the medical esthetics arm and the growth is just phenomenal.

438
00:24:45.960 --> 00:24:48.680
<v Speaker 2>It's exploded. It's exploded. Now, I agree. I think that's

439
00:24:49.440 --> 00:24:51.799
<v Speaker 2>that's a really good point. I think, you know, like

440
00:24:52.599 --> 00:24:55.839
<v Speaker 2>this whole talk of semi glue tie GLP one, like

441
00:24:55.880 --> 00:24:59.359
<v Speaker 2>you see the ads everywhere, hymns like I mean shoots,

442
00:24:59.440 --> 00:25:01.240
<v Speaker 2>it's all over and you know what, like it works

443
00:25:01.279 --> 00:25:04.160
<v Speaker 2>and people are getting benefits and results and so you

444
00:25:04.200 --> 00:25:06.559
<v Speaker 2>know you've seen the surge. Now they go into a facility,

445
00:25:06.599 --> 00:25:09.960
<v Speaker 2>they go into a practice and if that provider is

446
00:25:10.359 --> 00:25:13.519
<v Speaker 2>doing what they're supposed to do, educating that patient on

447
00:25:14.000 --> 00:25:16.920
<v Speaker 2>all the other treatment services benefits that they can do

448
00:25:17.599 --> 00:25:21.000
<v Speaker 2>on the surface of the skin, right Like, It's just

449
00:25:21.119 --> 00:25:24.319
<v Speaker 2>it's opening up the world for education to learn more

450
00:25:24.359 --> 00:25:27.839
<v Speaker 2>about the benefits of aesthetics, which is interesting. So that

451
00:25:27.880 --> 00:25:28.799
<v Speaker 2>makes total sense to me.

452
00:25:29.440 --> 00:25:32.240
<v Speaker 4>Yeah, that's a great point on the education piece. I

453
00:25:32.279 --> 00:25:33.160
<v Speaker 4>know a lot of our.

454
00:25:33.079 --> 00:25:35.599
<v Speaker 3>Clients bring that up of how do you do that

455
00:25:35.640 --> 00:25:39.240
<v Speaker 3>without feeling salesy, And to me, it's all about treatment planning,

456
00:25:39.319 --> 00:25:42.599
<v Speaker 3>right Like it would be as well.

457
00:25:42.480 --> 00:25:44.799
<v Speaker 4>Cam, I think you like to work out a lot.

458
00:25:44.799 --> 00:25:46.599
<v Speaker 3>It'd be as if you were my trainer and I'm like,

459
00:25:46.640 --> 00:25:48.960
<v Speaker 3>I only want you to work on my biceps. I

460
00:25:48.960 --> 00:25:52.680
<v Speaker 3>think your responsibility to me would be to say, that's great,

461
00:25:52.799 --> 00:25:54.720
<v Speaker 3>we'll do that as well. But here, here are the

462
00:25:54.799 --> 00:25:58.200
<v Speaker 3>other things from a totality perspective, and it really does

463
00:25:58.279 --> 00:26:01.240
<v Speaker 3>allow you to Okay, great, now that you're doing this,

464
00:26:01.359 --> 00:26:04.480
<v Speaker 3>it opens the door for things like, you know, because

465
00:26:04.880 --> 00:26:06.799
<v Speaker 3>you've heard nozempic face.

466
00:26:07.279 --> 00:26:08.759
<v Speaker 4>Or butt or whatever.

467
00:26:09.519 --> 00:26:13.519
<v Speaker 3>It allows you to talk about, okay, maybe dermal fillers, biostimulators,

468
00:26:13.519 --> 00:26:15.960
<v Speaker 3>some of these other things. And by the way, as

469
00:26:16.039 --> 00:26:19.720
<v Speaker 3>people start looking better, they start feeling better, they see

470
00:26:19.759 --> 00:26:23.000
<v Speaker 3>the results, that's a perfect time for them to invest

471
00:26:23.400 --> 00:26:28.279
<v Speaker 3>more money into other services that ultimately they probably want.

472
00:26:28.640 --> 00:26:31.039
<v Speaker 4>If you're treatment planning.

473
00:26:31.400 --> 00:26:34.200
<v Speaker 2>Totally, you know, and I think like there is like

474
00:26:34.319 --> 00:26:38.519
<v Speaker 2>even though that demand is outpacing supply when it comes

475
00:26:38.519 --> 00:26:42.200
<v Speaker 2>to customer again, guys, customer demand based upon provider count,

476
00:26:42.640 --> 00:26:45.240
<v Speaker 2>it's out pacing now, and I truly think that the

477
00:26:45.440 --> 00:26:49.160
<v Speaker 2>consumer is This would be an interesting data point. I

478
00:26:49.160 --> 00:26:50.720
<v Speaker 2>don't know if it's in this report or not, but

479
00:26:51.079 --> 00:26:54.839
<v Speaker 2>it'll come out eventually. Like what of the total US

480
00:26:54.960 --> 00:26:59.039
<v Speaker 2>population based upon like let's call it men female from

481
00:26:59.039 --> 00:27:00.799
<v Speaker 2>the age of don't know, I guess I can go

482
00:27:00.839 --> 00:27:04.880
<v Speaker 2>to like twenty to sixty five. If you want big range.

483
00:27:05.440 --> 00:27:09.400
<v Speaker 2>But out of that cohort, I think like there's probably

484
00:27:09.440 --> 00:27:12.119
<v Speaker 2>a big chunk in that category that think a MEDSPA

485
00:27:12.279 --> 00:27:15.680
<v Speaker 2>is just botox. Yes, I mean, you know, like obviously

486
00:27:15.759 --> 00:27:16.880
<v Speaker 2>not for you and I because we're in it every

487
00:27:16.920 --> 00:27:18.920
<v Speaker 2>single day. And it's like, man, like, how do you

488
00:27:19.000 --> 00:27:21.119
<v Speaker 2>to understand that? But go talk to your you know,

489
00:27:21.240 --> 00:27:23.440
<v Speaker 2>like people that are that don't work in the industry.

490
00:27:25.119 --> 00:27:29.240
<v Speaker 2>It's it's astonishing to hear. So you know, you're going

491
00:27:29.319 --> 00:27:32.680
<v Speaker 2>to continue to see this grow, and it has to

492
00:27:32.720 --> 00:27:36.440
<v Speaker 2>grow through education, Like to your point, Yeah, I mean,

493
00:27:36.480 --> 00:27:38.319
<v Speaker 2>if you're going to hire a personal trainer and you're

494
00:27:38.359 --> 00:27:40.880
<v Speaker 2>just going to focus on biceps, like you know, it's

495
00:27:40.920 --> 00:27:44.200
<v Speaker 2>that trainer's job and responsibility to educate, so you know,

496
00:27:44.279 --> 00:27:46.480
<v Speaker 2>you don't have to be sales and b people like

497
00:27:46.480 --> 00:27:48.799
<v Speaker 2>to buy information exactly.

498
00:27:48.799 --> 00:27:50.640
<v Speaker 4>You're the expert. I want you to tell me.

499
00:27:50.720 --> 00:27:53.599
<v Speaker 3>It'd be as if I went to and said, hey, Cam,

500
00:27:53.680 --> 00:27:57.160
<v Speaker 3>I want to do two videos a week for Instagram

501
00:27:57.279 --> 00:28:00.240
<v Speaker 3>or something along those lines, and I would hope that

502
00:28:00.319 --> 00:28:02.680
<v Speaker 3>you would say, great, we can do that, but how

503
00:28:02.680 --> 00:28:05.000
<v Speaker 3>about this for an overall marketing approach?

504
00:28:05.519 --> 00:28:08.079
<v Speaker 4>And you're the expert, and I would actually appreciate.

505
00:28:07.599 --> 00:28:10.559
<v Speaker 2>That yeah, totally, you're like guy me right. People want

506
00:28:10.559 --> 00:28:14.400
<v Speaker 2>to buy expertise. They want to buy expertise, you know,

507
00:28:14.559 --> 00:28:17.960
<v Speaker 2>And so I think like, especially as an educator and

508
00:28:18.119 --> 00:28:23.000
<v Speaker 2>provider and academic, like, man, these these people are well

509
00:28:23.039 --> 00:28:27.359
<v Speaker 2>equipped to give information, oh yes, and help. Like so

510
00:28:27.440 --> 00:28:29.200
<v Speaker 2>if you guys are tuning in now and you're you

511
00:28:29.240 --> 00:28:32.880
<v Speaker 2>know you, I would include that in your consults, your treatment, planning,

512
00:28:32.920 --> 00:28:37.799
<v Speaker 2>your journey, like just continuously educate your patients, and then

513
00:28:37.839 --> 00:28:40.519
<v Speaker 2>those patients are going to go tell their friends their colleagues.

514
00:28:40.559 --> 00:28:43.880
<v Speaker 2>Like information spreads, right, And so you've really seen that

515
00:28:43.920 --> 00:28:47.720
<v Speaker 2>through weight loss lately there was a I mean here

516
00:28:48.440 --> 00:28:51.160
<v Speaker 2>to what you're saying, like, yeah, it was a two

517
00:28:51.319 --> 00:28:55.400
<v Speaker 2>hundred and thirty six percent increase in GLP ones like

518
00:28:55.440 --> 00:28:58.359
<v Speaker 2>weight loss semi glue tide from twenty twenty two to

519
00:28:58.480 --> 00:29:04.480
<v Speaker 2>twenty three. That's that's huge, right, like one point two

520
00:29:04.519 --> 00:29:06.720
<v Speaker 2>billion to spend, and I think you said in the

521
00:29:06.799 --> 00:29:10.839
<v Speaker 2>stat here it was eight hundred and eighty million in

522
00:29:10.920 --> 00:29:14.599
<v Speaker 2>total revenue Q one Q two, which was an eighty

523
00:29:14.599 --> 00:29:16.599
<v Speaker 2>five percent increase in the same time period from twenty

524
00:29:16.640 --> 00:29:19.079
<v Speaker 2>twenty three to twenty twenty four. Yeah, that's what that's

525
00:29:19.119 --> 00:29:20.839
<v Speaker 2>that's the call out right there in the data.

526
00:29:20.920 --> 00:29:22.160
<v Speaker 4>Yeah, I mean, that's amazing.

527
00:29:22.200 --> 00:29:24.119
<v Speaker 3>And I think there was a number in there that

528
00:29:24.240 --> 00:29:27.640
<v Speaker 3>monthly weight loss spent went from fourteen million to one

529
00:29:27.680 --> 00:29:29.000
<v Speaker 3>hundred and thirty six million.

530
00:29:29.079 --> 00:29:32.319
<v Speaker 4>I mean, it's just the growth is just unbelievable.

531
00:29:33.160 --> 00:29:37.839
<v Speaker 2>Yeah, right there. Yeah, So on page twenty three, from

532
00:29:37.880 --> 00:29:42.160
<v Speaker 2>twenty one to twenty four, Yeah, monthly spent fourteen million

533
00:29:42.160 --> 00:29:45.279
<v Speaker 2>to one hundred and thirty six million. That's three years.

534
00:29:45.960 --> 00:29:47.119
<v Speaker 4>Isn't that amazing? Yeah?

535
00:29:47.160 --> 00:29:49.960
<v Speaker 3>I mean, and then in that the beauty of medical

536
00:29:50.000 --> 00:29:52.599
<v Speaker 3>aesthetics as well as this is something that wasn't on

537
00:29:52.640 --> 00:29:55.720
<v Speaker 3>anyone's radar. In twenty two we talked about the chart

538
00:29:55.759 --> 00:29:59.279
<v Speaker 3>that we doubled in size from seventeen to twenty three,

539
00:29:59.720 --> 00:30:02.400
<v Speaker 3>and and these are some examples as to why is

540
00:30:02.440 --> 00:30:06.000
<v Speaker 3>the science gets better as the technology continues to improve.

541
00:30:06.440 --> 00:30:09.079
<v Speaker 3>There are services that cam we might be talking about

542
00:30:09.160 --> 00:30:11.640
<v Speaker 3>next year that aren't on our radar. And I think

543
00:30:11.640 --> 00:30:14.559
<v Speaker 3>that's the beauty of this space is all of these

544
00:30:14.599 --> 00:30:18.400
<v Speaker 3>ancillary things that are now being absorbed within medical aesthetics

545
00:30:18.440 --> 00:30:22.559
<v Speaker 3>and then at large from a global perspective, certainly in

546
00:30:22.599 --> 00:30:26.119
<v Speaker 3>the United States, the focus on overall wellness a lot

547
00:30:26.119 --> 00:30:28.279
<v Speaker 3>of it, which kind of falls under our umbrella.

548
00:30:29.319 --> 00:30:32.039
<v Speaker 4>It's just such a perfect time to be in this space.

549
00:30:32.119 --> 00:30:35.599
<v Speaker 3>I mean, if you know, I wish I owned medical

550
00:30:35.599 --> 00:30:39.279
<v Speaker 3>aesthetics practice sometimes because talk about great timing, right, It's

551
00:30:39.319 --> 00:30:42.279
<v Speaker 3>not often that you come in on the first or

552
00:30:42.359 --> 00:30:44.799
<v Speaker 3>second floor of an industry.

553
00:30:45.720 --> 00:30:49.799
<v Speaker 2>Yeah, No, absolutely, I totally I wish I owned like

554
00:30:49.839 --> 00:30:53.759
<v Speaker 2>four or five. I've had opportunities to invest in them,

555
00:30:53.799 --> 00:30:57.759
<v Speaker 2>like years ago. Un just unique opportunities just be being

556
00:30:57.759 --> 00:31:01.839
<v Speaker 2>in the industry just like you. Yeah, and I've passed.

557
00:31:01.960 --> 00:31:04.480
<v Speaker 2>There has been times where you know, we were going

558
00:31:04.519 --> 00:31:06.079
<v Speaker 2>to open one up and have to get it, you know,

559
00:31:06.079 --> 00:31:08.960
<v Speaker 2>because I shoot, you don't want me touching your face,

560
00:31:09.000 --> 00:31:11.079
<v Speaker 2>your body. I am not qualified for that at all.

561
00:31:11.680 --> 00:31:13.720
<v Speaker 2>But I am a business guy, and I could definitely

562
00:31:13.759 --> 00:31:15.920
<v Speaker 2>find a location and know how to market the crap

563
00:31:15.960 --> 00:31:17.680
<v Speaker 2>out of the it and know the numbers and know

564
00:31:17.720 --> 00:31:19.240
<v Speaker 2>how to run a console and know how to get

565
00:31:19.240 --> 00:31:21.559
<v Speaker 2>the provider and get to get the right people in

566
00:31:21.599 --> 00:31:25.960
<v Speaker 2>place to do it. I think I've just been too busy.

567
00:31:27.359 --> 00:31:29.160
<v Speaker 4>Running your company.

568
00:31:29.759 --> 00:31:32.000
<v Speaker 2>I mean, you know we kind of heep that. I

569
00:31:32.000 --> 00:31:35.440
<v Speaker 2>mean from you know, that growth phase, you know, from

570
00:31:37.160 --> 00:31:40.599
<v Speaker 2>twenty sixteen all the way up to to you know,

571
00:31:40.640 --> 00:31:44.599
<v Speaker 2>the numbers that we had last year. It's just it's's time.

572
00:31:50.960 --> 00:31:54.480
<v Speaker 1>Thank you for listening to Medical Millionaire. I wanted to

573
00:31:54.519 --> 00:31:56.400
<v Speaker 1>take just a few short moments and tell you all

574
00:31:56.440 --> 00:32:00.400
<v Speaker 1>about Growth ninety nine University. Naturally, if you're listening to

575
00:32:00.400 --> 00:32:04.319
<v Speaker 1>Medical Millionaire, the success of your MEDSPA is extremely important

576
00:32:04.359 --> 00:32:07.000
<v Speaker 1>to you, and as it should be. And if you're

577
00:32:07.000 --> 00:32:09.640
<v Speaker 1>listening to Medical Millionaire, you are obviously looking for the

578
00:32:09.680 --> 00:32:12.680
<v Speaker 1>best most effective ways to take your medspot to the

579
00:32:12.720 --> 00:32:17.720
<v Speaker 1>next level in both profit and customer success. Enter Growth

580
00:32:17.839 --> 00:32:22.839
<v Speaker 1>ninety nine University. Ranging from online education courses all the

581
00:32:22.839 --> 00:32:25.880
<v Speaker 1>way to the full suite of marketing and web services,

582
00:32:26.240 --> 00:32:29.799
<v Speaker 1>Growth ninety nine has your MEDSPA covered. No matter the

583
00:32:29.880 --> 00:32:32.480
<v Speaker 1>challenges that you're facing, we are ready and able to

584
00:32:32.519 --> 00:32:37.000
<v Speaker 1>help you achieve your next level in business, profit and freedom.

585
00:32:37.200 --> 00:32:40.279
<v Speaker 1>To inquire about all of our support services and products,

586
00:32:40.400 --> 00:32:43.920
<v Speaker 1>please visit Growth ninety nine dot com and while you're there,

587
00:32:44.079 --> 00:32:46.640
<v Speaker 1>click the university link and check out the companion course

588
00:32:46.720 --> 00:32:48.000
<v Speaker 1>to this very podcast.

589
00:32:48.559 --> 00:32:55.000
<v Speaker 2>Back to the show. But I hear you, man, it's

590
00:32:55.000 --> 00:32:58.880
<v Speaker 2>still very very interesting to me, and I think that

591
00:32:59.519 --> 00:33:01.640
<v Speaker 2>even though you've seen this incredible growth over the past,

592
00:33:01.720 --> 00:33:05.759
<v Speaker 2>you know years, it's there's going to be a new

593
00:33:05.799 --> 00:33:09.119
<v Speaker 2>exciting thing that's going to come out. And that's the

594
00:33:09.119 --> 00:33:12.279
<v Speaker 2>beauty of it is. You know, twenty two I wasn't

595
00:33:12.359 --> 00:33:14.880
<v Speaker 2>talking about we lost at all. Maybe some practices were

596
00:33:14.880 --> 00:33:18.680
<v Speaker 2>doing that, but now it's like the talk of the town.

597
00:33:19.680 --> 00:33:20.000
<v Speaker 4>Agree.

598
00:33:20.160 --> 00:33:22.880
<v Speaker 3>Yeah, And you know, as we mentioned earlier, brings in

599
00:33:22.920 --> 00:33:26.519
<v Speaker 3>a new demographic of patient that starts adopting other core

600
00:33:26.640 --> 00:33:31.759
<v Speaker 3>mets VAH non invasive services, which is exciting. And you know,

601
00:33:32.079 --> 00:33:35.920
<v Speaker 3>as you said, new things continue to come out that

602
00:33:35.960 --> 00:33:38.839
<v Speaker 3>aren't on the radar, and you know, like I see

603
00:33:38.839 --> 00:33:41.839
<v Speaker 3>the page you're on, Like dermal fillers is a perfect example.

604
00:33:42.880 --> 00:33:46.680
<v Speaker 3>In twenty three it actually shrunk i think seven percent

605
00:33:47.400 --> 00:33:50.680
<v Speaker 3>from as compared to twenty two, and you wonder why, right,

606
00:33:50.720 --> 00:33:53.079
<v Speaker 3>it's like, well that doesn't make sense because we're talking

607
00:33:53.119 --> 00:33:58.079
<v Speaker 3>about weight loss and zempig face or whatever. People were saying, Well,

608
00:33:58.480 --> 00:34:02.839
<v Speaker 3>it's because of biostimulator. There's more natural longer. So it's

609
00:34:02.880 --> 00:34:07.279
<v Speaker 3>really fascinating that the type of service remains, but as

610
00:34:07.319 --> 00:34:11.079
<v Speaker 3>the science technology changes, it's it's just a different kind

611
00:34:11.119 --> 00:34:11.719
<v Speaker 3>of adoption.

612
00:34:12.159 --> 00:34:13.400
<v Speaker 4>Now, with that said, on.

613
00:34:13.719 --> 00:34:16.639
<v Speaker 3>Fillers, we did see enough tick in Q one twenty four,

614
00:34:16.800 --> 00:34:19.440
<v Speaker 3>so you know, we're starting to see that creep back up.

615
00:34:19.719 --> 00:34:22.360
<v Speaker 3>But that was an interesting one that we saw when

616
00:34:22.400 --> 00:34:25.599
<v Speaker 3>you looked at the different segmentation of services.

617
00:34:26.239 --> 00:34:32.480
<v Speaker 2>Everything else rude, everything else grew Durmer phillers. It shrunk slightly, right,

618
00:34:33.639 --> 00:34:37.199
<v Speaker 2>nothing dramatic, still up from twenty twenty one and twenty

619
00:34:37.239 --> 00:34:40.880
<v Speaker 2>one it was three point one billion in total cells.

620
00:34:41.440 --> 00:34:43.719
<v Speaker 2>And this is derma fillers. And you know twenty two

621
00:34:43.760 --> 00:34:45.559
<v Speaker 2>went up to three point four and twenty three down

622
00:34:45.599 --> 00:34:48.480
<v Speaker 2>to three point two. But you're right, it's the only

623
00:34:48.599 --> 00:34:52.079
<v Speaker 2>data point on this entire graph that did shrink. Now,

624
00:34:52.159 --> 00:34:55.639
<v Speaker 2>look at weight loss, like that's like crazy, It's like,

625
00:34:56.239 --> 00:34:58.079
<v Speaker 2>I mean, I know that we've we've talked about it,

626
00:34:58.119 --> 00:35:00.199
<v Speaker 2>but you can just see those charts. It's just it's

627
00:35:00.199 --> 00:35:04.840
<v Speaker 2>just bananas. That's like just massive growth. And so if

628
00:35:04.840 --> 00:35:07.360
<v Speaker 2>it continues that run rate, just on weight loss for

629
00:35:07.400 --> 00:35:11.119
<v Speaker 2>a second, at eight what was it eight hundred million

630
00:35:11.159 --> 00:35:14.639
<v Speaker 2>in Q one, Q two for this year, if it

631
00:35:14.679 --> 00:35:17.440
<v Speaker 2>continues to run rate, that'd probably be at what one

632
00:35:17.639 --> 00:35:19.079
<v Speaker 2>six one seven.

633
00:35:18.880 --> 00:35:20.239
<v Speaker 4>Maybe that's right.

634
00:35:20.960 --> 00:35:23.840
<v Speaker 2>Yeah, so you're going to see another big pop in

635
00:35:23.920 --> 00:35:25.840
<v Speaker 2>terms of weight loss for the overall year.

636
00:35:25.880 --> 00:35:28.400
<v Speaker 3>If that run rate continues, which there was one two

637
00:35:28.400 --> 00:35:31.800
<v Speaker 3>in twenty three, just like for comparison on what you

638
00:35:31.880 --> 00:35:32.159
<v Speaker 3>just did.

639
00:35:32.320 --> 00:35:33.039
<v Speaker 4>Isn't that amazing?

640
00:35:33.760 --> 00:35:37.280
<v Speaker 2>Yeah? All year, all year long, which is which is wild.

641
00:35:37.440 --> 00:35:40.039
<v Speaker 2>So yeah, let's look at this report in more detail.

642
00:35:40.159 --> 00:35:44.000
<v Speaker 2>You know, I think, in fact, there was another graph

643
00:35:44.199 --> 00:35:46.440
<v Speaker 2>before I get into that. Okay, it was this one

644
00:35:46.480 --> 00:35:50.280
<v Speaker 2>right here. Let's see, so this is page ten. This

645
00:35:50.360 --> 00:35:53.079
<v Speaker 2>graph is really interesting. Now this this graph will get

646
00:35:53.079 --> 00:35:57.679
<v Speaker 2>into you guys. It's US aesthetic sales share by segment

647
00:35:57.760 --> 00:35:59.840
<v Speaker 2>in twenty twenty three. So this is like broken down

648
00:35:59.880 --> 00:36:01.920
<v Speaker 2>by the entire segment. So Ben, will you walk us

649
00:36:01.920 --> 00:36:02.840
<v Speaker 2>through this really quick?

650
00:36:03.800 --> 00:36:06.599
<v Speaker 4>Sure? Yeah, and you know this didn't really surprise us.

651
00:36:06.800 --> 00:36:09.400
<v Speaker 3>You know, I'll start by stating that, you know, we

652
00:36:09.920 --> 00:36:13.119
<v Speaker 3>talked to a lot of practice owners obviously investors as well,

653
00:36:13.599 --> 00:36:17.199
<v Speaker 3>and generally speaking, we like a practice. Right, if I

654
00:36:17.199 --> 00:36:21.079
<v Speaker 3>had a Magic wand that's maybe fifty to sixty percent injectibles,

655
00:36:21.480 --> 00:36:25.000
<v Speaker 3>you know, maybe twenty percent or so energy based, maybe

656
00:36:25.039 --> 00:36:28.039
<v Speaker 3>ten percent skincare, and then you know, you round it

657
00:36:28.079 --> 00:36:30.760
<v Speaker 3>out by some of these things we're talking about, like

658
00:36:30.840 --> 00:36:33.840
<v Speaker 3>weight loss, and what we're seeing here is it kind

659
00:36:33.880 --> 00:36:37.880
<v Speaker 3>of broke down that way Interestingly enough, thirty two percent

660
00:36:37.960 --> 00:36:41.880
<v Speaker 3>of sales were neurotoxin. I don't think that surprised anyone.

661
00:36:42.559 --> 00:36:45.760
<v Speaker 3>Twenty one percent dermal fillers, so that's you know, right

662
00:36:45.800 --> 00:36:48.559
<v Speaker 3>in line with that fifty to sixty percent, and then

663
00:36:48.639 --> 00:36:52.719
<v Speaker 3>twenty one percent energy based devices. Now, one thing that's

664
00:36:52.800 --> 00:36:55.760
<v Speaker 3>interesting is weight loss was right behind that now at

665
00:36:55.760 --> 00:36:59.159
<v Speaker 3>eight percent. So for that to be number four in

666
00:36:59.280 --> 00:37:01.679
<v Speaker 3>that short of a time we thought was really interesting.

667
00:37:02.519 --> 00:37:05.920
<v Speaker 3>You know, skincare was seven percent. I think that's you know,

668
00:37:06.000 --> 00:37:09.280
<v Speaker 3>an opportunity for a lot of practices we suggest that

669
00:37:09.320 --> 00:37:11.079
<v Speaker 3>to maybe be a little bit higher if it can be.

670
00:37:11.400 --> 00:37:14.960
<v Speaker 3>It just has really nice margins. But yeah, I think

671
00:37:15.039 --> 00:37:19.480
<v Speaker 3>overall it was really interesting, but fortunately not.

672
00:37:19.519 --> 00:37:22.679
<v Speaker 4>Overly surprising as to what we would have hoped for.

673
00:37:23.880 --> 00:37:28.039
<v Speaker 2>Well, and what's interesting too, I think neurotoxins carry the least.

674
00:37:27.800 --> 00:37:31.360
<v Speaker 3>Margin, right, Yeah, Like that's a good point. I'm glad

675
00:37:31.400 --> 00:37:35.199
<v Speaker 3>you mentioned that. Like neurotoxin's the plus and minus, right,

676
00:37:36.079 --> 00:37:38.719
<v Speaker 3>Like the cogs, the cost of goods sold on those

677
00:37:38.840 --> 00:37:43.360
<v Speaker 3>or thirty five forty percent often times, so that's the

678
00:37:43.920 --> 00:37:45.800
<v Speaker 3>negative if you want to look at it that way,

679
00:37:45.840 --> 00:37:48.480
<v Speaker 3>Like if I inject the dollar thirty five forty cents

680
00:37:48.559 --> 00:37:49.639
<v Speaker 3>or flying out the door.

681
00:37:49.800 --> 00:37:52.119
<v Speaker 4>So and I haven't even paid my people or paid

682
00:37:52.119 --> 00:37:53.719
<v Speaker 4>my rent yet. Now.

683
00:37:53.719 --> 00:37:56.079
<v Speaker 3>The beauty of it, though, is that I know that

684
00:37:56.199 --> 00:37:58.880
<v Speaker 3>CAM is going to come back according to this report

685
00:37:58.920 --> 00:38:01.920
<v Speaker 3>in ninety one days average, which is kind of interesting.

686
00:38:02.280 --> 00:38:04.159
<v Speaker 3>I know Cam's going to come back in ninety one

687
00:38:04.239 --> 00:38:07.840
<v Speaker 3>days for that. So that's the repeat revenue perspective that

688
00:38:08.039 --> 00:38:11.920
<v Speaker 3>makes this industry so attractive. And then if you balance

689
00:38:11.960 --> 00:38:14.159
<v Speaker 3>it out by some of these other things CAM, that's

690
00:38:14.199 --> 00:38:17.559
<v Speaker 3>where we get to that ideal like total cogs of

691
00:38:17.679 --> 00:38:22.440
<v Speaker 3>maybe twenty twenty five percent, because like Energy Base skincare,

692
00:38:22.559 --> 00:38:26.840
<v Speaker 3>Professional grade skincare, those are lower cost of goods sold.

693
00:38:26.880 --> 00:38:30.559
<v Speaker 3>That kind of start from an overall portfolio perspective. You

694
00:38:30.599 --> 00:38:32.679
<v Speaker 3>can get the cost of gets sold there. But yeah,

695
00:38:32.679 --> 00:38:36.960
<v Speaker 3>that's a really good point. Neurotoxins have a high cost

696
00:38:36.960 --> 00:38:38.639
<v Speaker 3>of get sold percentage on those.

697
00:38:39.480 --> 00:38:41.400
<v Speaker 2>Yeah, and it's it's the highest thing sol. I mean,

698
00:38:41.440 --> 00:38:44.840
<v Speaker 2>it's it's predictable, right, I think I can get volume discounts.

699
00:38:44.840 --> 00:38:47.119
<v Speaker 2>But the nice thing about it as you get repeat

700
00:38:47.440 --> 00:38:50.039
<v Speaker 2>patients and then you get the another opportunity to educate

701
00:38:50.079 --> 00:38:52.800
<v Speaker 2>your patient on all the other procedures and benefits that

702
00:38:52.840 --> 00:38:55.360
<v Speaker 2>your practice carriers, which which is huge.

703
00:38:55.920 --> 00:38:57.920
<v Speaker 4>Yeah, you brought treatment planning up earlier.

704
00:38:58.000 --> 00:39:01.800
<v Speaker 3>That's a perfect example of of why you should. You know,

705
00:39:01.920 --> 00:39:04.639
<v Speaker 3>you compare a practice with the makeup we're talking about,

706
00:39:04.679 --> 00:39:07.360
<v Speaker 3>like this makeup that you're showing as opposed to one

707
00:39:07.440 --> 00:39:11.679
<v Speaker 3>hundred percent inductibles practice, you know, very easy to see

708
00:39:11.679 --> 00:39:14.559
<v Speaker 3>which one's going to be more profitable totally.

709
00:39:15.000 --> 00:39:17.320
<v Speaker 2>And the energy based device is like that that actually

710
00:39:17.360 --> 00:39:19.719
<v Speaker 2>it's it's the same as Germa fillers. German fillers was

711
00:39:20.119 --> 00:39:24.760
<v Speaker 2>twenty one percent. Energy based devices was the same. And

712
00:39:24.880 --> 00:39:28.960
<v Speaker 2>I mean I know that the the profit margins on

713
00:39:29.199 --> 00:39:33.360
<v Speaker 2>energy based devices are much higher than fillers. Oh yeah,

714
00:39:33.719 --> 00:39:35.440
<v Speaker 2>much higher, much higher.

715
00:39:35.519 --> 00:39:36.320
<v Speaker 4>So I mean.

716
00:39:37.679 --> 00:39:40.840
<v Speaker 2>Yeah, I mean I was at a recent event and

717
00:39:40.960 --> 00:39:43.559
<v Speaker 2>we were talking about there's a specific device we're talking

718
00:39:43.559 --> 00:39:46.400
<v Speaker 2>about to operate the machine. It was a micro needleing device.

719
00:39:46.440 --> 00:39:48.119
<v Speaker 2>I won't I won't say that the name or brand,

720
00:39:48.119 --> 00:39:51.760
<v Speaker 2>but it to run it, it was cost about one

721
00:39:51.800 --> 00:39:55.519
<v Speaker 2>hundred bucks to run the device, and the average practice

722
00:39:56.679 --> 00:39:59.239
<v Speaker 2>was selling it was like a package type opportunities, but

723
00:39:59.320 --> 00:40:03.480
<v Speaker 2>basically fifteen hundred, eighteen hundred dollars a treatment. Yeah, I

724
00:40:03.480 --> 00:40:05.239
<v Speaker 2>mean that's a very profitable machine.

725
00:40:05.440 --> 00:40:08.159
<v Speaker 4>Yeah, what is that seven eight percent cogs? I mean

726
00:40:08.159 --> 00:40:09.119
<v Speaker 4>that's unbelievable.

727
00:40:09.719 --> 00:40:18.000
<v Speaker 2>That's like SaaS business dude, that really is I'm like, well,

728
00:40:18.000 --> 00:40:19.719
<v Speaker 2>why not just open up a practice and just do

729
00:40:19.800 --> 00:40:20.400
<v Speaker 2>micro need link.

730
00:40:20.960 --> 00:40:25.960
<v Speaker 4>I almost said that just that, Oh it's.

731
00:40:25.800 --> 00:40:29.320
<v Speaker 2>Crazy, just focus on that, Like, man, I know what

732
00:40:29.360 --> 00:40:31.960
<v Speaker 2>would happen though, Like I totally get that you have

733
00:40:32.000 --> 00:40:34.840
<v Speaker 2>to have other services and categories. But you know, if

734
00:40:34.840 --> 00:40:39.440
<v Speaker 2>you look like Scott Callahan, like he knows threads like

735
00:40:39.719 --> 00:40:42.960
<v Speaker 2>to it, that guy gets it under. That's like that's

736
00:40:42.960 --> 00:40:47.519
<v Speaker 2>his area of expertise. Yeah. Yeah, he's unbelievable at it,

737
00:40:47.679 --> 00:40:49.360
<v Speaker 2>and that's like what he's honed in on. But like,

738
00:40:50.280 --> 00:40:52.000
<v Speaker 2>I haven't talked to a practice. It's just like, hey,

739
00:40:52.039 --> 00:40:54.840
<v Speaker 2>we only do you know, like microdating. It seems like

740
00:40:56.400 --> 00:40:59.320
<v Speaker 2>and this is Carrie's positives and negatives and I and

741
00:40:59.360 --> 00:41:04.199
<v Speaker 2>I get having a broad based service menu, but I

742
00:41:04.239 --> 00:41:08.440
<v Speaker 2>do think some of the practices and practice owners just

743
00:41:08.480 --> 00:41:11.719
<v Speaker 2>want to carry everything as well and not specialize. Yeah,

744
00:41:11.760 --> 00:41:14.440
<v Speaker 2>because the practice down the street has the same stuff

745
00:41:14.480 --> 00:41:17.119
<v Speaker 2>and you know, like just a call out there, I

746
00:41:17.119 --> 00:41:19.119
<v Speaker 2>think it's important to specialize as well.

747
00:41:19.639 --> 00:41:20.760
<v Speaker 4>That's such a good point.

748
00:41:20.800 --> 00:41:23.519
<v Speaker 3>I mean It reminds me of like Steve Jobs, right,

749
00:41:23.559 --> 00:41:25.400
<v Speaker 3>one of the first things that he did when he

750
00:41:25.480 --> 00:41:28.679
<v Speaker 3>was rehired at Apple is he basically got rid of

751
00:41:28.719 --> 00:41:31.559
<v Speaker 3>most of the products and focused on like two or three.

752
00:41:32.440 --> 00:41:34.880
<v Speaker 3>And if you're the best at something and you have

753
00:41:34.960 --> 00:41:38.320
<v Speaker 3>that level of focus, yeah, usually what you see is

754
00:41:38.360 --> 00:41:43.440
<v Speaker 3>a very focused entrepreneur that knows their lane and therefore

755
00:41:43.519 --> 00:41:46.719
<v Speaker 3>is able to completely succeed in it versus someone that's,

756
00:41:46.760 --> 00:41:47.119
<v Speaker 3>you know.

757
00:41:47.400 --> 00:41:50.039
<v Speaker 4>That mediocre at everything. Completely agree.

758
00:41:50.079 --> 00:41:53.239
<v Speaker 3>I think having a true focus knowing your patient base

759
00:41:54.239 --> 00:41:57.840
<v Speaker 3>is such an important piece to running an organization.

760
00:41:58.039 --> 00:42:01.719
<v Speaker 2>That's a great point, totally, totally. And I was running

761
00:42:02.079 --> 00:42:04.320
<v Speaker 2>I have this really cool AI tool that kind of

762
00:42:04.320 --> 00:42:08.599
<v Speaker 2>breaks down, like I've ran it in various different ways,

763
00:42:08.880 --> 00:42:11.760
<v Speaker 2>but essentially you could you could say, Okay, I'm going

764
00:42:11.800 --> 00:42:14.360
<v Speaker 2>to buy this device. Let's say this cost is one

765
00:42:14.400 --> 00:42:18.239
<v Speaker 2>hundred and fifty K. Some are more somewhere less, but

766
00:42:18.440 --> 00:42:20.039
<v Speaker 2>I put it at that, and then I said, Okay,

767
00:42:20.079 --> 00:42:23.079
<v Speaker 2>how many treatments do I have to do in order

768
00:42:23.159 --> 00:42:26.440
<v Speaker 2>to pay off this device in one year, two years,

769
00:42:26.440 --> 00:42:28.119
<v Speaker 2>three years, four years, like ten years. I think I

770
00:42:28.159 --> 00:42:30.679
<v Speaker 2>put up to ten years. And then how many patients

771
00:42:30.719 --> 00:42:32.800
<v Speaker 2>do I have to have, and I put in like

772
00:42:33.039 --> 00:42:35.320
<v Speaker 2>the percentage of what it would cost to finance it,

773
00:42:35.440 --> 00:42:40.960
<v Speaker 2>like the patient acquisition costs like in it is mind

774
00:42:41.039 --> 00:42:44.519
<v Speaker 2>blowing really, Like when you go from just doing like

775
00:42:44.920 --> 00:42:48.559
<v Speaker 2>this specific microneedling device, if you were just doing let's

776
00:42:48.559 --> 00:42:50.800
<v Speaker 2>call it, I think it was like five treatments a

777
00:42:50.800 --> 00:42:55.679
<v Speaker 2>month versus like twenty, which is not that's only fifteen treatments,

778
00:42:55.719 --> 00:42:58.159
<v Speaker 2>That's that's nothing crazy. Some of these practice owners I'm

779
00:42:58.159 --> 00:43:02.559
<v Speaker 2>talking to are doing like fifteen a day, so it's uh,

780
00:43:02.840 --> 00:43:06.400
<v Speaker 2>it basically cuts down the you can pay off this device.

781
00:43:06.480 --> 00:43:09.559
<v Speaker 2>I think it was like, you know, cuts the time

782
00:43:09.599 --> 00:43:11.960
<v Speaker 2>off by like eighty percent or something like that. And

783
00:43:12.000 --> 00:43:13.400
<v Speaker 2>then when you have it all paid off and you

784
00:43:13.480 --> 00:43:16.800
<v Speaker 2>have like you know, no interest on it, your margins

785
00:43:16.840 --> 00:43:19.400
<v Speaker 2>go out further. And so it's just really interesting to

786
00:43:19.480 --> 00:43:21.440
<v Speaker 2>kind of play with the numbers on how many patients

787
00:43:21.519 --> 00:43:25.480
<v Speaker 2>do I have to service to pay this device off,

788
00:43:25.679 --> 00:43:28.119
<v Speaker 2>what's the cost, and what does that look like? Is

789
00:43:28.199 --> 00:43:30.360
<v Speaker 2>very interesting. I think every laser rep should actually be

790
00:43:30.440 --> 00:43:30.800
<v Speaker 2>using it.

791
00:43:31.159 --> 00:43:34.840
<v Speaker 4>That's a fascinating exercise. I'd love to see that. That's

792
00:43:34.840 --> 00:43:36.079
<v Speaker 4>that's pretty neat.

793
00:43:36.239 --> 00:43:38.360
<v Speaker 2>Yeah, I'm like, dude, if I was selling lasers, Like

794
00:43:38.400 --> 00:43:40.280
<v Speaker 2>this would be my number one tool that I would

795
00:43:40.400 --> 00:43:42.000
<v Speaker 2>use to be talking to providers about.

796
00:43:42.280 --> 00:43:44.039
<v Speaker 4>Well, you might be getting a lot of calls from

797
00:43:44.119 --> 00:43:44.920
<v Speaker 4>laser text.

798
00:43:44.679 --> 00:43:50.519
<v Speaker 2>Out yeah, oh yeah, okay dude. So the other interesting

799
00:43:50.559 --> 00:43:54.679
<v Speaker 2>point this was interesting to me on this report, something

800
00:43:54.719 --> 00:43:57.599
<v Speaker 2>I wasn't aware of. I figured, like, so eleven billion

801
00:43:57.920 --> 00:44:02.679
<v Speaker 2>was spent on on surgical We're sorry, let's see eleven

802
00:44:02.719 --> 00:44:06.599
<v Speaker 2>billion spent on surgical compared to fifteen billion on non surgical.

803
00:44:07.480 --> 00:44:08.639
<v Speaker 4>Yeah.

804
00:44:08.880 --> 00:44:11.920
<v Speaker 2>I always like, maybe it's just because I've been in aesthetics,

805
00:44:11.920 --> 00:44:13.400
<v Speaker 2>Like that was something in the report I thought was

806
00:44:13.440 --> 00:44:21.159
<v Speaker 2>pretty interesting, you know, because the cost per transaction is

807
00:44:21.280 --> 00:44:24.920
<v Speaker 2>much higher on a surgical treatment obviously less right, So

808
00:44:25.039 --> 00:44:28.119
<v Speaker 2>I'm like, Matt, how many botox appointments can you do

809
00:44:28.199 --> 00:44:33.000
<v Speaker 2>in order to like compare next to breast augmentation rhinoplastic Right,

810
00:44:33.039 --> 00:44:36.840
<v Speaker 2>for example, that's a four billion dollar delta. So people

811
00:44:37.000 --> 00:44:40.199
<v Speaker 2>continuously want to invest in non surgical treatment.

812
00:44:40.519 --> 00:44:44.480
<v Speaker 3>Yes, yeah, and that's that speaks to a lot of things, right,

813
00:44:44.480 --> 00:44:48.480
<v Speaker 3>I mean, the technology science getting better for non invasive

814
00:44:49.039 --> 00:44:51.360
<v Speaker 3>you know, in fact, we've we talk.

815
00:44:51.519 --> 00:44:53.159
<v Speaker 4>I know you're in it as well. We're in the.

816
00:44:53.039 --> 00:44:56.760
<v Speaker 3>Plastic surgery space. And some plastic surgeons have mentioned too,

817
00:44:56.880 --> 00:45:00.239
<v Speaker 3>is that the effects that some glue tide has had

818
00:45:00.280 --> 00:45:02.639
<v Speaker 3>on their practices, like people who are going to do

819
00:45:02.760 --> 00:45:06.840
<v Speaker 3>lip pose section. Okay, maybe not anymore so as these

820
00:45:06.880 --> 00:45:10.719
<v Speaker 3>technological things change, you know, I think plastic surgery is

821
00:45:10.800 --> 00:45:14.519
<v Speaker 3>changing along with it, of course, But yeah, I agree.

822
00:45:14.599 --> 00:45:18.920
<v Speaker 3>I think certainly the growth in medical esthetics is outpacing

823
00:45:19.800 --> 00:45:22.719
<v Speaker 3>plastic surgery, which has been around longer. In fairness, it's

824
00:45:22.719 --> 00:45:26.559
<v Speaker 3>a more mature market and so the growth rate is

825
00:45:26.599 --> 00:45:31.840
<v Speaker 3>closer to other you know, medical subsector growth rates. But yeah,

826
00:45:31.880 --> 00:45:34.039
<v Speaker 3>that's a really good point. That one stuck out to

827
00:45:34.119 --> 00:45:34.719
<v Speaker 3>me as well.

828
00:45:35.480 --> 00:45:37.079
<v Speaker 2>Yeah, and I don't know if it was like where

829
00:45:37.079 --> 00:45:40.360
<v Speaker 2>it was in twenty two or twenty one. I didn't

830
00:45:40.400 --> 00:45:42.280
<v Speaker 2>see that in the report. Might be in there. I

831
00:45:42.360 --> 00:45:45.320
<v Speaker 2>definitely want to go through this thing again. But you know,

832
00:45:45.480 --> 00:45:49.239
<v Speaker 2>it just goes to show like business changes and evolves,

833
00:45:49.239 --> 00:45:54.280
<v Speaker 2>and if I'm a plastic surgeon, you know, I see

834
00:45:54.280 --> 00:45:56.440
<v Speaker 2>a lot of plastic surgeons that obviously adapt and bringing

835
00:45:56.480 --> 00:45:59.559
<v Speaker 2>aesthetics into the practice. And we've seen that. But if

836
00:45:59.599 --> 00:46:02.159
<v Speaker 2>I have, or I've only kind of done it, or

837
00:46:02.159 --> 00:46:07.199
<v Speaker 2>I haven't, I think some of them still may devalue

838
00:46:07.239 --> 00:46:10.760
<v Speaker 2>it because they're a surgeon. You know, it carries a

839
00:46:10.800 --> 00:46:13.800
<v Speaker 2>little bit of ego if you will. And Man, I

840
00:46:13.800 --> 00:46:18.599
<v Speaker 2>think that they better really start considering this going forward,

841
00:46:18.760 --> 00:46:22.639
<v Speaker 2>that this is probably going to I mean, overall spent

842
00:46:22.760 --> 00:46:25.880
<v Speaker 2>is out pacing, so like eventually, it just kind of

843
00:46:25.880 --> 00:46:28.519
<v Speaker 2>goes to show that the aesthetic side is going to

844
00:46:28.519 --> 00:46:30.840
<v Speaker 2>outpace your surgical side of your practice eventually.

845
00:46:31.280 --> 00:46:35.039
<v Speaker 3>And that's such an interesting conversation, Cam because I remember

846
00:46:35.159 --> 00:46:39.239
<v Speaker 3>a few years ago you go into plastic surgery conference

847
00:46:39.440 --> 00:46:42.400
<v Speaker 3>and you know, you didn't really talk about medical aesthetics.

848
00:46:42.440 --> 00:46:45.440
<v Speaker 3>You didn't talk about non invasive you know you've been

849
00:46:45.480 --> 00:46:48.280
<v Speaker 3>to the recent ones as well. I know they're starting

850
00:46:48.280 --> 00:46:51.280
<v Speaker 3>to introduce those sessions in there. So it starts, you know,

851
00:46:51.320 --> 00:46:54.679
<v Speaker 3>it starts showing you, I think, macroeconomic where that market

852
00:46:54.719 --> 00:46:58.000
<v Speaker 3>is going, which is, okay, it's going to start to

853
00:46:58.000 --> 00:47:01.639
<v Speaker 3>be adopted to your point, which is but then you

854
00:47:01.679 --> 00:47:05.760
<v Speaker 3>start looking at okay, what do investors think about this?

855
00:47:06.320 --> 00:47:08.840
<v Speaker 3>And if you look at some of the statistics, like

856
00:47:08.920 --> 00:47:12.559
<v Speaker 3>we talked about this space, the non invasive space being

857
00:47:13.039 --> 00:47:19.480
<v Speaker 3>resistant to market economic downturns, plastic surgery gets hit pretty

858
00:47:19.480 --> 00:47:23.280
<v Speaker 3>hard oftentimes during market economic downturns because it's you know,

859
00:47:23.360 --> 00:47:26.079
<v Speaker 3>sometimes it's a one time thing you need and you

860
00:47:26.159 --> 00:47:28.360
<v Speaker 3>might put it off a year or two years before

861
00:47:28.400 --> 00:47:31.239
<v Speaker 3>you cut a forty thousand dollars check or depending on

862
00:47:31.239 --> 00:47:31.920
<v Speaker 3>what you're doing.

863
00:47:32.320 --> 00:47:33.280
<v Speaker 4>So that's one thing.

864
00:47:34.079 --> 00:47:38.159
<v Speaker 3>The other thing is from a risk perspective, surgical revenues

865
00:47:38.199 --> 00:47:42.679
<v Speaker 3>are a lot riskier than from an investor perspective anyway,

866
00:47:42.760 --> 00:47:46.199
<v Speaker 3>surgical revenues are a lot riskier than non surgical revenues,

867
00:47:46.559 --> 00:47:50.400
<v Speaker 3>so they're actually valued lower, which I think shocks a

868
00:47:50.400 --> 00:47:54.360
<v Speaker 3>lot of people than you know, medical aesthetic non invasive revenues.

869
00:47:54.480 --> 00:47:56.000
<v Speaker 4>So completely agree.

870
00:47:56.079 --> 00:47:59.760
<v Speaker 3>I mean, obviously our first suggestion is run your organization

871
00:48:00.000 --> 00:48:01.280
<v Speaker 3>according to your vision.

872
00:48:01.039 --> 00:48:01.719
<v Speaker 4>And your DNA.

873
00:48:02.239 --> 00:48:05.159
<v Speaker 3>But if you are open to that, we are big

874
00:48:05.199 --> 00:48:08.039
<v Speaker 3>proponents of, you know, adding you know, kind of that

875
00:48:08.199 --> 00:48:11.880
<v Speaker 3>medical aesthetics non invasive side to surgical practice.

876
00:48:11.920 --> 00:48:13.400
<v Speaker 4>It works, It works really well.

877
00:48:13.519 --> 00:48:16.599
<v Speaker 3>It also reduces like key person risk and things of

878
00:48:16.639 --> 00:48:19.760
<v Speaker 3>that nature. That if you're a you know, single surgeon

879
00:48:19.880 --> 00:48:23.360
<v Speaker 3>or even two surgeon organization, you have quite a bit

880
00:48:23.400 --> 00:48:26.360
<v Speaker 3>of risk there because yes, you're able to produce four

881
00:48:26.440 --> 00:48:29.760
<v Speaker 3>or five million revenues by yourself, which is unbelievable by

882
00:48:29.840 --> 00:48:33.599
<v Speaker 3>the way, but it's all dependent on you. So it's

883
00:48:33.599 --> 00:48:37.800
<v Speaker 3>a really fascinating conversation that one totally totally.

884
00:48:37.880 --> 00:48:45.000
<v Speaker 2>Yes, you're saying that the valuations on the EBITDA trade

885
00:48:45.000 --> 00:48:48.199
<v Speaker 2>at a higher rate on the non avasive side.

886
00:48:48.719 --> 00:48:49.039
<v Speaker 4>Correct.

887
00:48:49.119 --> 00:48:51.639
<v Speaker 3>Yeah, if I have a two million dollar business, both

888
00:48:51.679 --> 00:48:54.760
<v Speaker 3>of them, two of them one surgical ones not the

889
00:48:54.840 --> 00:48:56.920
<v Speaker 3>one that's not is going to trade higher.

890
00:48:59.000 --> 00:49:01.159
<v Speaker 2>I figured that. I mean sense like, yeah, you're going

891
00:49:01.239 --> 00:49:03.119
<v Speaker 2>to go and it's a one and done. Typically most

892
00:49:03.239 --> 00:49:05.719
<v Speaker 2>you know, most times it's it's you're buying them, you're

893
00:49:05.719 --> 00:49:09.480
<v Speaker 2>buying them. I call it patient lifetime value. You know,

894
00:49:09.639 --> 00:49:11.559
<v Speaker 2>that's what that's what you're buying, is the loyalty and

895
00:49:11.599 --> 00:49:14.480
<v Speaker 2>the repeat, right, which kind of brings you out to

896
00:49:14.480 --> 00:49:17.280
<v Speaker 2>my next point, Like I'm here page twenty seven. It

897
00:49:17.280 --> 00:49:20.840
<v Speaker 2>talks about retention. You know, patient retention is is oh

898
00:49:20.880 --> 00:49:26.079
<v Speaker 2>my gosh, so important. In fact, a quick little call

899
00:49:26.119 --> 00:49:32.079
<v Speaker 2>out here, like you guys, please invest in running a

900
00:49:32.400 --> 00:49:34.960
<v Speaker 2>consult the right way, building out a treatment plan. I

901
00:49:35.000 --> 00:49:37.480
<v Speaker 2>know I talked about it a few times on recent episodes,

902
00:49:38.199 --> 00:49:41.679
<v Speaker 2>but this is what's really going to help protect you

903
00:49:42.079 --> 00:49:46.360
<v Speaker 2>in patient loyalty, patient retention. The benchmark here that Q

904
00:49:46.519 --> 00:49:50.280
<v Speaker 2>sites puts out is patient retention should be high, and

905
00:49:50.280 --> 00:49:53.960
<v Speaker 2>in fact they say greater than seventy percent is most

906
00:49:54.280 --> 00:50:02.559
<v Speaker 2>attractive since higher retention facilitates revenue substantially and has a

907
00:50:02.559 --> 00:50:05.880
<v Speaker 2>compounding effect on a patient visits and therefore profit. A

908
00:50:05.920 --> 00:50:10.119
<v Speaker 2>lifetime client can be invaluable considered a patient who returns

909
00:50:10.199 --> 00:50:13.480
<v Speaker 2>four times a year, spends one hundred to five hundred

910
00:50:13.480 --> 00:50:17.679
<v Speaker 2>dollars per visits, and stays more than three years. But's

911
00:50:17.679 --> 00:50:19.960
<v Speaker 2>so interesting about that that's the same data I have.

912
00:50:20.760 --> 00:50:23.599
<v Speaker 3>That's awesome. I love that. That's really good to hear,

913
00:50:23.880 --> 00:50:25.840
<v Speaker 3>you know. And this is what was fun about this

914
00:50:25.960 --> 00:50:28.679
<v Speaker 3>white paper with them, right is q site had the

915
00:50:28.800 --> 00:50:30.960
<v Speaker 3>data and I think the data, if I recall, is

916
00:50:31.079 --> 00:50:33.599
<v Speaker 3>forty eight to fifty percent retention is what they came

917
00:50:33.679 --> 00:50:36.719
<v Speaker 3>up with. The seventy percent was then from us, which

918
00:50:36.760 --> 00:50:40.679
<v Speaker 3>is like, that's great, we see it. Our best in class.

919
00:50:40.719 --> 00:50:43.159
<v Speaker 3>What we try to push for is seventy percent. And

920
00:50:43.199 --> 00:50:46.119
<v Speaker 3>then it's funny you brought this one up because it's

921
00:50:46.280 --> 00:50:50.400
<v Speaker 3>my personal favorite KPI can because like, if you have

922
00:50:50.440 --> 00:50:53.320
<v Speaker 3>a practice, it's fifty percent and one that's seventy percent.

923
00:50:53.559 --> 00:50:55.880
<v Speaker 3>There are a lot of KPIs that is a standalone,

924
00:50:55.920 --> 00:50:57.559
<v Speaker 3>don't tell me a lot. It's like, okay, but I

925
00:50:57.559 --> 00:50:59.679
<v Speaker 3>want to look at this other one. This one tells

926
00:50:59.719 --> 00:51:02.639
<v Speaker 3>you doesn't. And I'm curious your viewpoint because this one,

927
00:51:02.639 --> 00:51:06.239
<v Speaker 3>to me tells me I'm a patient walking in and

928
00:51:06.360 --> 00:51:10.480
<v Speaker 3>you're greeting me correctly at the front. From a provider perspective,

929
00:51:10.559 --> 00:51:13.400
<v Speaker 3>you're treating me well. Your chair side maner is good

930
00:51:13.519 --> 00:51:17.719
<v Speaker 3>as I'm leaving. You're trying to rebook me after I've left.

931
00:51:17.760 --> 00:51:20.079
<v Speaker 3>You're adding some sort of value. Maybe you're sending me

932
00:51:20.119 --> 00:51:23.079
<v Speaker 3>an email. Certainly you're sending me reminders of my appointments

933
00:51:23.119 --> 00:51:25.559
<v Speaker 3>coming up, so you're keeping me in touch with you

934
00:51:25.639 --> 00:51:28.800
<v Speaker 3>in top of mind. So it's this one KPI that

935
00:51:28.920 --> 00:51:33.000
<v Speaker 3>takes the clinical as well as operational efficiencies of an organization.

936
00:51:34.079 --> 00:51:37.039
<v Speaker 3>It's the one that I really enjoy looking at because

937
00:51:37.159 --> 00:51:40.079
<v Speaker 3>the other thing is like, if I'm paying you a

938
00:51:40.079 --> 00:51:42.440
<v Speaker 3>bunch of money to bring patients in the door and

939
00:51:42.519 --> 00:51:45.280
<v Speaker 3>I'm letting them leave out the back door, I mean,

940
00:51:45.320 --> 00:51:48.800
<v Speaker 3>that's pretty frustrating that all you're doing is replenishing patients

941
00:51:48.920 --> 00:51:51.320
<v Speaker 3>versus growing a practice an organization.

942
00:51:51.679 --> 00:51:54.960
<v Speaker 4>So yeah, i'd love your thoughts on this one. Since

943
00:51:55.039 --> 00:51:56.119
<v Speaker 4>you went to it.

944
00:51:56.360 --> 00:52:01.159
<v Speaker 2>So yeah, no, absolutely, I mean I see, like I

945
00:52:01.199 --> 00:52:06.159
<v Speaker 2>mean marketing companies, social media. You know, SEO can always

946
00:52:06.280 --> 00:52:09.440
<v Speaker 2>produce new leads. You know, we can just take it there, right,

947
00:52:09.480 --> 00:52:13.719
<v Speaker 2>You you have the ability to produce leads. And you know,

948
00:52:13.760 --> 00:52:17.280
<v Speaker 2>because the the audience hangs out on those platforms are

949
00:52:17.320 --> 00:52:19.000
<v Speaker 2>either going to do a Google search or they're going

950
00:52:19.039 --> 00:52:21.199
<v Speaker 2>to look at your Instagram, your social you know, you're

951
00:52:21.239 --> 00:52:22.840
<v Speaker 2>going to hit them with a Facebook guid. You have

952
00:52:22.880 --> 00:52:26.039
<v Speaker 2>a website, you have Google my business. You can bring

953
00:52:26.119 --> 00:52:28.480
<v Speaker 2>leads in, right, but like kind of zero and back.

954
00:52:28.760 --> 00:52:31.159
<v Speaker 2>You actually you have to have a system to convert them.

955
00:52:31.519 --> 00:52:36.079
<v Speaker 2>And you you have to, uh, you know, acknowledge the

956
00:52:36.119 --> 00:52:38.960
<v Speaker 2>fact that someone's raise their hand and they're interested in

957
00:52:39.000 --> 00:52:41.280
<v Speaker 2>a service and a treatment. And if you nail that

958
00:52:41.840 --> 00:52:46.280
<v Speaker 2>with systems, processes, TechEd and you have the ability to

959
00:52:46.280 --> 00:52:49.559
<v Speaker 2>to convert these leads you know, at a at a

960
00:52:49.639 --> 00:52:53.320
<v Speaker 2>decent percentage, that's like nailing the first thing, right. So

961
00:52:53.360 --> 00:52:56.119
<v Speaker 2>if you can convert at a really high rate and

962
00:52:56.440 --> 00:53:00.000
<v Speaker 2>bring them in, educate them, get them on a treatment plan,

963
00:53:00.000 --> 00:53:03.239
<v Speaker 2>and then have a robust checkout process. And the robust

964
00:53:03.320 --> 00:53:07.199
<v Speaker 2>checkout process that I like that what is best in

965
00:53:07.239 --> 00:53:11.679
<v Speaker 2>class that I see is upon leaving. Educate them like

966
00:53:11.880 --> 00:53:13.559
<v Speaker 2>during the treatment, let's just roll back a little bit.

967
00:53:13.639 --> 00:53:15.400
<v Speaker 2>During the treatment, educate them on all the products and

968
00:53:15.400 --> 00:53:20.480
<v Speaker 2>services you have, not through sales, but information and you're

969
00:53:20.480 --> 00:53:25.280
<v Speaker 2>the expert, right. And then as they're checking out, rebook them,

970
00:53:25.920 --> 00:53:29.400
<v Speaker 2>ask for feedback and get a Google review out of them.

971
00:53:29.840 --> 00:53:33.039
<v Speaker 2>Educate them on the inventory that you have. Right. Most

972
00:53:33.079 --> 00:53:37.480
<v Speaker 2>practices carry a skincare line that's going to enhance her experience, right,

973
00:53:37.639 --> 00:53:40.760
<v Speaker 2>So that's an upsell which keeps them loyal and wanted

974
00:53:40.880 --> 00:53:43.199
<v Speaker 2>to come back and reload when that product runs out.

975
00:53:43.760 --> 00:53:46.039
<v Speaker 2>Connect with them on social media. Great time to get

976
00:53:46.039 --> 00:53:48.400
<v Speaker 2>a testimonial, have them call you out on social media

977
00:53:48.400 --> 00:53:51.239
<v Speaker 2>on a story. Right, get them on a membership plan.

978
00:53:51.360 --> 00:53:53.599
<v Speaker 2>Then they're really low. That's going to increase best in

979
00:53:53.639 --> 00:53:58.559
<v Speaker 2>class when it comes to patient retention. Right. So it's

980
00:53:58.599 --> 00:54:02.239
<v Speaker 2>important obviously get the leadson and convert them. But if

981
00:54:02.280 --> 00:54:07.000
<v Speaker 2>you do not have that checkout process dialed in, it's

982
00:54:07.039 --> 00:54:09.039
<v Speaker 2>going to be a turn and burn operation and you're

983
00:54:09.079 --> 00:54:12.920
<v Speaker 2>continuously having to spend a tremendous money on marketing and

984
00:54:13.000 --> 00:54:14.679
<v Speaker 2>be stressed out to get new clients.

985
00:54:16.360 --> 00:54:19.920
<v Speaker 3>That's great advice and inn that cool, Like these little

986
00:54:20.000 --> 00:54:22.840
<v Speaker 3>data points, that's where I think folks can go in

987
00:54:22.920 --> 00:54:25.719
<v Speaker 3>and compare it against their practices. And let's say that

988
00:54:25.800 --> 00:54:28.199
<v Speaker 3>I am listening to this and I'm one of those

989
00:54:28.239 --> 00:54:30.760
<v Speaker 3>forty eight percent and I see seventy percent and I

990
00:54:30.800 --> 00:54:33.599
<v Speaker 3>listen to your device, Like these are things that like

991
00:54:34.320 --> 00:54:39.159
<v Speaker 3>data is so valuable because if you benchmark yourself against this,

992
00:54:39.559 --> 00:54:42.280
<v Speaker 3>you kind of know exactly where you can tweak. You

993
00:54:42.360 --> 00:54:46.400
<v Speaker 3>know what's possible anyway, Like if I'm forty eight percent, okay,

994
00:54:46.159 --> 00:54:49.239
<v Speaker 3>what should I be? And if seventy percent is your

995
00:54:49.239 --> 00:54:52.360
<v Speaker 3>new target and benchmark, then I heard what you said,

996
00:54:52.639 --> 00:54:55.159
<v Speaker 3>and I'm comparing what I'm doing versus what you said,

997
00:54:55.159 --> 00:54:57.199
<v Speaker 3>and I can take action on some of these things.

998
00:54:57.320 --> 00:54:59.920
<v Speaker 3>And that's how you really start turning the practice for

999
00:55:00.079 --> 00:55:03.719
<v Speaker 3>organization into this like really efficient machine, which is pretty

1000
00:55:03.719 --> 00:55:05.400
<v Speaker 3>exciting when you see folks do it.

1001
00:55:06.199 --> 00:55:08.119
<v Speaker 2>Dude, you just nailed it. Like that's the whole point

1002
00:55:08.119 --> 00:55:10.079
<v Speaker 2>of the data, right, Like let's get the data, let's

1003
00:55:10.079 --> 00:55:12.480
<v Speaker 2>look at it, let's talk about it, and then where

1004
00:55:12.519 --> 00:55:14.840
<v Speaker 2>are we at as a practice? So it doesn't matter

1005
00:55:14.880 --> 00:55:17.880
<v Speaker 2>if you're guys, if you're not at seventy percent, cool,

1006
00:55:18.159 --> 00:55:21.679
<v Speaker 2>it's an area to explore of opportunity to evaluate you

1007
00:55:21.719 --> 00:55:23.719
<v Speaker 2>are and now you can bring this up in your

1008
00:55:24.079 --> 00:55:26.519
<v Speaker 2>weekly sales meetings with your team and say, hey, we

1009
00:55:26.559 --> 00:55:28.719
<v Speaker 2>want to go from from why or X to Y

1010
00:55:28.800 --> 00:55:32.039
<v Speaker 2>or whatever. Guys like, what are we not doing? You know,

1011
00:55:32.320 --> 00:55:35.639
<v Speaker 2>and focus on that retention. But you have to know

1012
00:55:35.639 --> 00:55:38.559
<v Speaker 2>your numbers, Ben, Like, Yeah, that's the other hard part

1013
00:55:38.599 --> 00:55:40.679
<v Speaker 2>is I see time and time again where you know,

1014
00:55:40.719 --> 00:55:43.599
<v Speaker 2>the practice owners they may not know what their retention

1015
00:55:43.719 --> 00:55:47.239
<v Speaker 2>rate is, you know, and maybe not have the best

1016
00:55:47.239 --> 00:55:49.320
<v Speaker 2>systems and tech in place to know it. That is,

1017
00:55:49.360 --> 00:55:52.440
<v Speaker 2>I think EHRs and EMRs are obviously getting better, and

1018
00:55:52.480 --> 00:55:55.039
<v Speaker 2>if you're using them diligently the way that they're designed, like,

1019
00:55:55.079 --> 00:55:56.920
<v Speaker 2>you should be able to pull these reports pretty quick.

1020
00:55:57.800 --> 00:56:01.440
<v Speaker 2>But you know, that's another issue that I too, one

1021
00:56:01.519 --> 00:56:02.280
<v Speaker 2>hundred percent.

1022
00:56:02.480 --> 00:56:03.920
<v Speaker 4>That's exactly right.

1023
00:56:04.000 --> 00:56:07.039
<v Speaker 3>And I'm hoping that, you know, with consolidation in this

1024
00:56:07.199 --> 00:56:12.639
<v Speaker 3>space and the newfound focus on data and knowing what's

1025
00:56:12.719 --> 00:56:16.079
<v Speaker 3>going on in practices, that we'll see that get better.

1026
00:56:16.119 --> 00:56:19.159
<v Speaker 3>And they're continuing to get better as you just mentioned, Cam,

1027
00:56:20.079 --> 00:56:22.000
<v Speaker 3>But yeah, I completely agree with you.

1028
00:56:22.079 --> 00:56:24.320
<v Speaker 4>I think practice owners.

1029
00:56:23.960 --> 00:56:27.440
<v Speaker 3>Have to have the ability to have good tools in

1030
00:56:27.519 --> 00:56:29.519
<v Speaker 3>place to give them a chance to succeed.

1031
00:56:30.440 --> 00:56:33.800
<v Speaker 2>Yeah, man, I know we could talk on this report

1032
00:56:33.920 --> 00:56:35.920
<v Speaker 2>for a long time. I don't know how much more

1033
00:56:35.960 --> 00:56:39.079
<v Speaker 2>time you have, but you know, like I think we've

1034
00:56:39.079 --> 00:56:41.679
<v Speaker 2>covered a ton of meat and given a tremendous amount

1035
00:56:41.719 --> 00:56:46.400
<v Speaker 2>of value. I know you're super busy and I'm as well,

1036
00:56:46.480 --> 00:56:50.199
<v Speaker 2>So why don't we do this guys? You know for

1037
00:56:50.280 --> 00:56:53.079
<v Speaker 2>the audience that I think there's a lot more to

1038
00:56:53.159 --> 00:56:56.960
<v Speaker 2>go through on this. You know, for example, this is

1039
00:56:56.960 --> 00:56:58.599
<v Speaker 2>just a couple quick call outs before we go in

1040
00:57:00.079 --> 00:57:03.559
<v Speaker 2>two percent of all esthetics patients were millennials or younger

1041
00:57:03.599 --> 00:57:07.840
<v Speaker 2>in twenty twenty three. Like, that's amazing, you know. So

1042
00:57:09.079 --> 00:57:11.079
<v Speaker 2>and again back to the exercise you and I just did.

1043
00:57:11.119 --> 00:57:13.920
<v Speaker 2>I see the data? Okay, cool, if that's what it is,

1044
00:57:14.079 --> 00:57:15.480
<v Speaker 2>what are we going to do in terms of our

1045
00:57:16.119 --> 00:57:19.400
<v Speaker 2>marketing and the demographic of the approach? Right? So, like

1046
00:57:19.760 --> 00:57:22.280
<v Speaker 2>see the data? Who is your who is your audience?

1047
00:57:22.320 --> 00:57:24.679
<v Speaker 2>And then what action are you guys going to take? Right?

1048
00:57:25.480 --> 00:57:27.920
<v Speaker 2>Let's just go, is there any other call outs you

1049
00:57:27.960 --> 00:57:31.119
<v Speaker 2>want to talk about before a set of transact.

1050
00:57:30.800 --> 00:57:32.880
<v Speaker 3>That's actually the one that I was going to mention

1051
00:57:33.159 --> 00:57:37.119
<v Speaker 3>is the forty two percent millennials You're younger, and you

1052
00:57:37.280 --> 00:57:39.280
<v Speaker 3>just nailed it. Like, now that you have this data,

1053
00:57:39.400 --> 00:57:41.519
<v Speaker 3>you can analyze, is this who I'm reaching out to?

1054
00:57:42.119 --> 00:57:44.679
<v Speaker 4>Is my service mix geared toward these people?

1055
00:57:45.119 --> 00:57:48.119
<v Speaker 3>Because you know a decade or fifteen years ago, that

1056
00:57:48.280 --> 00:57:51.119
<v Speaker 3>wasn't the case. It was an older uh you know,

1057
00:57:51.280 --> 00:57:54.960
<v Speaker 3>female wasn't really talking about it because medical aesthetics wasn't

1058
00:57:54.960 --> 00:57:58.679
<v Speaker 3>as accepted as it is now. Now things are preventative

1059
00:57:58.719 --> 00:58:03.599
<v Speaker 3>and so forth, which completely changes the demographic of the

1060
00:58:03.679 --> 00:58:06.320
<v Speaker 3>patient base. You know, I would say one thing would

1061
00:58:06.320 --> 00:58:09.320
<v Speaker 3>be and we haven't really seen the uptick yet. We

1062
00:58:09.400 --> 00:58:11.519
<v Speaker 3>keep saying we're going to see it. We haven't seen it.

1063
00:58:12.280 --> 00:58:12.480
<v Speaker 4>You know.

1064
00:58:12.559 --> 00:58:17.440
<v Speaker 3>Male adoption was kind of interesting. Male adoption into this

1065
00:58:17.599 --> 00:58:22.159
<v Speaker 3>space hasn't been as fast as we would expect. However,

1066
00:58:22.440 --> 00:58:25.079
<v Speaker 3>if you look at spending habits, they line up with

1067
00:58:25.119 --> 00:58:28.440
<v Speaker 3>the females and in some cases outpace it. And that's

1068
00:58:28.440 --> 00:58:31.519
<v Speaker 3>something that I think surprised us, which was a pretty

1069
00:58:31.519 --> 00:58:33.840
<v Speaker 3>interesting you know, I think it's like in a chart

1070
00:58:33.920 --> 00:58:35.599
<v Speaker 3>there right here, kind.

1071
00:58:35.440 --> 00:58:37.760
<v Speaker 4>Of an Excel thing. Yeah, so that was kind of interesting.

1072
00:58:37.800 --> 00:58:42.079
<v Speaker 2>I thought, Yeah, it shows that the males actually spend

1073
00:58:42.639 --> 00:58:46.440
<v Speaker 2>almost four hundred dollars more per visit and that interesting. Yeah,

1074
00:58:46.639 --> 00:58:49.280
<v Speaker 2>I thought that. Yeah when I pre read this, that

1075
00:58:49.480 --> 00:58:52.760
<v Speaker 2>was very interesting. I'm like, huh, I wonder how, I

1076
00:58:52.800 --> 00:58:54.440
<v Speaker 2>wonder why that is. But yeah, it shows here, guys,

1077
00:58:54.440 --> 00:58:58.480
<v Speaker 2>in twenty twenty three, females the average like ticket, for example,

1078
00:58:58.639 --> 00:59:03.199
<v Speaker 2>thirteen eighty male seventeen sixty six, which is which is

1079
00:59:03.559 --> 00:59:06.119
<v Speaker 2>really interesting. But and then it breaks it down by

1080
00:59:06.159 --> 00:59:10.360
<v Speaker 2>like segment female male. There's also a really cool report

1081
00:59:10.400 --> 00:59:14.679
<v Speaker 2>in here, guys that talks about gen Z and younger millennials,

1082
00:59:14.800 --> 00:59:19.320
<v Speaker 2>gen X boomers, what they spend, what services they invest in. You, guys,

1083
00:59:19.320 --> 00:59:21.400
<v Speaker 2>you have to get this report like it's amazing and

1084
00:59:21.440 --> 00:59:24.039
<v Speaker 2>take the time to read it and then don't like

1085
00:59:24.400 --> 00:59:27.840
<v Speaker 2>don't get the report and just read it and just

1086
00:59:27.880 --> 00:59:31.519
<v Speaker 2>tell yourself you read the report, Like read the report

1087
00:59:31.599 --> 00:59:34.199
<v Speaker 2>and take action. Like that's my biggest thing is there's

1088
00:59:34.199 --> 00:59:36.719
<v Speaker 2>a lot of people that are like listen to podcasts,

1089
00:59:37.159 --> 00:59:40.480
<v Speaker 2>they listen like they read books audio and they just

1090
00:59:40.320 --> 00:59:42.719
<v Speaker 2>just like, don't just read it. To read it, like

1091
00:59:42.960 --> 00:59:46.400
<v Speaker 2>take notes from it and then implement all of the

1092
00:59:46.480 --> 00:59:48.760
<v Speaker 2>data points that can move the needle for the practice,

1093
00:59:48.800 --> 00:59:51.119
<v Speaker 2>because that's what's going to put you, guys in a

1094
00:59:51.159 --> 00:59:54.519
<v Speaker 2>position to have ultimate success. And especially going in a

1095
00:59:54.559 --> 00:59:57.800
<v Speaker 2>twenty twenty five like this is a perfect time over

1096
00:59:57.800 --> 01:00:01.880
<v Speaker 2>the holidays, digest the report and then take action based

1097
01:00:01.960 --> 01:00:03.519
<v Speaker 2>upon what the data tells us.

1098
01:00:04.519 --> 01:00:04.760
<v Speaker 4>Yeah.

1099
01:00:05.000 --> 01:00:08.760
<v Speaker 3>I think financial data or KPI data really can drive

1100
01:00:09.280 --> 01:00:13.280
<v Speaker 3>everything from culture to operational guidance.

1101
01:00:13.599 --> 01:00:14.920
<v Speaker 4>We do it all the time, by the way.

1102
01:00:14.960 --> 01:00:17.360
<v Speaker 3>I mean, I look through things like this for investment,

1103
01:00:17.400 --> 01:00:19.719
<v Speaker 3>banking and management consulting firms.

1104
01:00:19.320 --> 01:00:21.239
<v Speaker 4>To see how we're tracking.

1105
01:00:21.440 --> 01:00:24.119
<v Speaker 3>And it's really neat because, as you said, a camp,

1106
01:00:24.559 --> 01:00:27.480
<v Speaker 3>I do take notes and I put it against our numbers,

1107
01:00:27.480 --> 01:00:28.599
<v Speaker 3>and I keep it there as.

1108
01:00:28.519 --> 01:00:30.719
<v Speaker 4>A reminder of where we have the.

1109
01:00:30.679 --> 01:00:34.400
<v Speaker 3>Ability to tweak, because it allows you then to double

1110
01:00:34.440 --> 01:00:38.920
<v Speaker 3>click into why am I lower than industry, and therefore

1111
01:00:38.960 --> 01:00:42.280
<v Speaker 3>it allows you to start correcting some of your behaviors.

1112
01:00:42.719 --> 01:00:45.760
<v Speaker 3>It really works because you know there's that saying. I

1113
01:00:45.800 --> 01:00:48.159
<v Speaker 3>know you say it too. You get what you measure, right,

1114
01:00:48.320 --> 01:00:50.960
<v Speaker 3>and if you're measuring that, that's something that you'll be

1115
01:00:51.039 --> 01:00:51.719
<v Speaker 3>focused on.

1116
01:00:52.599 --> 01:00:55.599
<v Speaker 2>Yeah. No, absolutely, I one hundred percent agree, Ben. It's

1117
01:00:55.599 --> 01:00:58.880
<v Speaker 2>been a pleasure having you on, man. I think we

1118
01:00:58.880 --> 01:01:03.039
<v Speaker 2>could talk for another hour. Sure, But like if somebody

1119
01:01:03.039 --> 01:01:04.800
<v Speaker 2>if they want to go get the report, where's the

1120
01:01:04.840 --> 01:01:06.639
<v Speaker 2>best place have you guys published this on the.

1121
01:01:06.599 --> 01:01:10.039
<v Speaker 4>Site or yeah, I think we have it on our website.

1122
01:01:10.599 --> 01:01:13.039
<v Speaker 3>You can also, you know, kind of use any of

1123
01:01:13.079 --> 01:01:16.719
<v Speaker 3>the emails on our website that are available there and

1124
01:01:16.760 --> 01:01:18.039
<v Speaker 3>we'll get it over to you.

1125
01:01:18.559 --> 01:01:21.400
<v Speaker 4>It's certainly something that we like sharing with the industry.

1126
01:01:22.920 --> 01:01:24.119
<v Speaker 2>Yeah, I'm on their site.

1127
01:01:24.159 --> 01:01:24.559
<v Speaker 4>Guys.

1128
01:01:24.719 --> 01:01:27.639
<v Speaker 2>If you go to knowledge Base, I believe it's under

1129
01:01:28.400 --> 01:01:31.000
<v Speaker 2>blogs Business Development, it's on the site.

1130
01:01:31.639 --> 01:01:32.280
<v Speaker 4>Oh perfect.

1131
01:01:33.079 --> 01:01:35.920
<v Speaker 2>Yeah, and for some reason, you guys can't, Fine, I

1132
01:01:35.920 --> 01:01:37.480
<v Speaker 2>just get in touch with sky Tell. These guys are

1133
01:01:37.480 --> 01:01:39.760
<v Speaker 2>best in class when it comes to understanding the market.

1134
01:01:39.920 --> 01:01:43.840
<v Speaker 2>They are like extremely detail oriented when it comes to

1135
01:01:43.920 --> 01:01:46.360
<v Speaker 2>understanding what success looks like in order to run an

1136
01:01:46.360 --> 01:01:51.559
<v Speaker 2>effective practice. I know quite a few people on Ben's team.

1137
01:01:51.559 --> 01:01:53.639
<v Speaker 2>They're amazing. They're out of Dallas. So if you guys

1138
01:01:53.639 --> 01:01:57.840
<v Speaker 2>are are you know, seeking for advice on what to

1139
01:01:57.880 --> 01:02:01.599
<v Speaker 2>do within your aesthetics practice from a consulting standpoint, Maybe

1140
01:02:01.599 --> 01:02:04.320
<v Speaker 2>you're looking to exit, Maybe you're looking to exit in

1141
01:02:04.360 --> 01:02:06.119
<v Speaker 2>ten years from now. Maybe you want to run your

1142
01:02:06.119 --> 01:02:09.000
<v Speaker 2>practice like you want it to exit so you can

1143
01:02:09.039 --> 01:02:11.280
<v Speaker 2>get the highest value from it. That's like, you know,

1144
01:02:11.599 --> 01:02:13.159
<v Speaker 2>that's one of the things I always say is run

1145
01:02:13.199 --> 01:02:14.840
<v Speaker 2>it like you're going to sell it, because that's how

1146
01:02:14.880 --> 01:02:17.159
<v Speaker 2>you can really get tightened up in your numbers and

1147
01:02:17.199 --> 01:02:20.000
<v Speaker 2>your efficiency and your process. And you run it that

1148
01:02:20.039 --> 01:02:21.840
<v Speaker 2>way and you're going to have a very robust machine.

1149
01:02:21.880 --> 01:02:25.000
<v Speaker 2>So I'll leave it at that. Guys, thank you so

1150
01:02:25.079 --> 01:02:27.360
<v Speaker 2>much for taking the time to tune in, Ben, thank

1151
01:02:27.400 --> 01:02:30.639
<v Speaker 2>you for joining and you, guys, if you found this

1152
01:02:30.760 --> 01:02:34.239
<v Speaker 2>valuable this specific episode, please share it. Let's get the

1153
01:02:34.239 --> 01:02:37.599
<v Speaker 2>conversation going. I know that you have colleagues that could

1154
01:02:37.639 --> 01:02:39.800
<v Speaker 2>get a tremendous amount of value from this white paper

1155
01:02:40.320 --> 01:02:42.239
<v Speaker 2>and from Ben and I just kind of going through

1156
01:02:42.280 --> 01:02:44.320
<v Speaker 2>the data and talking about taking action from the data.

1157
01:02:44.840 --> 01:02:46.199
<v Speaker 2>So I'll leave it at that. Guys, You guys have

1158
01:02:46.239 --> 01:02:49.360
<v Speaker 2>a wonderful weekend. Until next time, Happy injecting.