Plastic Surgery Business Principles to Run a Successful Practice

Surgeons who embrace plastic surgery business principles move their practices from simply surviving to profitably expanding them. By creating systems to manage their practices with little oversight from them personally, these surgeons transform themselves from mere survival into highly profitable enterprises.

Establishing realistic financial goals and investigating all available financing solutions when creating a plastic surgery practice plan. Doing this helps ensure that when it's time to sell off the practice, its assets remain attractively valued for sale.

TRANSFORM YOUR STAFF INTO A TEAM OF ROCK STARS

Successful businesses depend on an all-star team. Rock stars are employees who live out the company's mission and culture while contributing to its success in meaningful ways, inspiring others along the way. Forming such an all-star group requires a combination of different experiences, trust-building efforts, purpose-driven understanding, and clear, effective communication.  

Just like top athletes prepare their swing before swinging a club, plastic surgeons should meticulously plan their procedures.  This is especially important on the evolving field of plastic surgery, where new techniques are introduced frequently.  

A well-run plastic surgery clinic understands this and emphasizes pre-operative planning, such as drawing “cross-hatching” marks perpendicular to planned incisions to facilitate precise tissue apposition during resections. Furthermore, an efficient support system is crucial.  

A practice manager can handle budgetary matters and client interaction, allowing the surgeons to focus on patient care and growing the business. This team approach ensures smooth operations and allows the clinic to thrive.

STRATEGIC MARKETING AND PLANNING

Skytale Group can assist in making sure that your plastic surgery business thrives beyond medical expertise - using sound business practices, we offer several strategies to ensure its profitability while upholding quality services. From creating strong financial foundations and understanding key strengths to installing systems that streamline operations and enable clients to be focussed on, Skytale Group provides everything needed for its success.

Profitable clinics take an analytical approach to both running surgeries and running their businesses, monitoring KPIs in both areas to optimize and improve over time. They recognize how a strategic business plan and well-executed marketing campaign can bring new patients and revenue - rather than spending money chasing after glittery shiny objects that only end up distracting and time wasting them.

Once you've amassed an established patient base, the next step should be determining your practice type and structure. This decision will have implications for what type of business entity needs to be established as well as tax implications. Many surgeons opt for self-employment while others choose partnerships or small group practices depending on their level of autonomy and desired goals - each option could prove valuable for success.

SET STANDARDS SO YOU DON?T COMPETE ON PRICE

As cosmetic procedures are typically uninsured, your practice must effectively market itself to clients and convince them that any investment in changing is worthwhile. One effective method for doing this is through before and after photos on your website or brochures; these should resonate with clients so they want to see if their own body can transform as well.

Your marketing plan should also contain realistic financial projections, detailing startup costs as well as estimated annual expenses and revenues. This data is especially essential for potential lenders.

Plastic surgery differs significantly from other physician specialties, and your business structure could significantly impact how you're taxed. Therefore, it is advisable to speak to both an attorney specializing in healthcare law and your CPA before making your legal structure decisions.

As part of your clinic start-up plan, it is also beneficial to prioritize must-haves over nice-to-haves. Instead of looking at having the newest laser devices as the top priority, opt instead for proven technologies with proven results that are less expensive to operate. Also take into consideration your clientele and location; older surgeons typically have established patient lists they could potentially sell off to younger surgeons looking to break into competitive geographical markets.

CREATE A PRACTICE YOU CAN SELL FOR MILLIONS

As you establish your practice, keeping in mind the day you intend to sell it can serve as motivation to ensure it becomes profitable as quickly as possible. Furthermore, this provides an opportunity to collaborate with someone who can share wealth equally in order to facilitate a win-win exit strategy.

Buyers (and banks) typically look for practices with clear processes and documented systems in place. You should take time to document roles and responsibilities, insurance/collections policies, referral patterns and production reports (by procedure) so they provide buyers with an accurate depiction of your practice's potential.

Maintaining low overhead expenses will add value to your practice, like by opting for telemedicine over physical space and eliminating expensive equipment, maintenance, and marketing costs. Telemedicine also allows you to leverage existing demand while expanding services into areas with greater need.

Note that selling may take years, yet even years away from now, preparing your practice for sale can increase its value significantly. Buyers will likely prefer purchasing an established and successful practice over one that is struggling and decline. By taking steps to enhance performance and grow the business, your practice could potentially fetch millions in sale proceeds.