Physician practices, Day Spas, cobbled together franchise chains, add-on clinics, and even hair salons are taking the title of Medical Spa or laser clinic. So while the opportunity is there, it would be wise to take note of the old cartographer’s adage when marking unknown or dangerous territories on the map, “Here be dragons”.
Start Your Medical Spa HereIt pays to learn from the experience (and mistakes) others have made. If you’re looking to enter retail medicine or expand as a medical spa, start here.
Since a med spa incorporates procedures and services that most States consider the “practice of medicine”, a qualified physician must be involved. Professional liability coverage must cover your spa, the clinicians performing the procedures and the physician in his/her role.
The increasing development of effective non-surgical medical technologies has made a scalable and replicable solution possible for the first time. IPL (Intense Pulsed Light), RF (Radio Frequency), IR (Infrared) devices, Clear² PDT, Pointé Lift, and other developments mean a steep new learning curve for doctors. What equipment to choose, how to bring in new patients, where to get training, how to compensate staff.
Plenty of opportunities exist for entrepreneurs to take advantage of this bounty. But before you jump into this market, keep in mind that sound financial planning is key to the success of any business. If you're looking to enter the medical spa field or expand your current facility, here are a few tips to consider when planning your financial future.
In the last issue, Jeff Barson reviewed how important sound financial planning is to a new or expanding medical spa business. Part one of "Smart Financing" covered why medical spas need a solid business plan to get financing, how to secure a loan or a line of credit, and other funding options. Part two of this series covers essentials to think about when planning how to use that funding.