Plastic surgery cut by saggy economy wear.

Comments

[Kenneth Wang]

The economy has also hit the healthcare industry hard this year. Demand for fee for service procedures are down approximately 25 - 30% in my area. More medspas are closing and more second hand laser equipments are available on the market. As the current real estate market goes, the cosmetic laser industry is a buyers' market. I have multiple laser sales reps approaching me selling brand new units at 15-20% previous asking price haggle free.

[DermaDoc]

Our environment here is a bit more stable, but local plastics have been scrambling to bring in more quick procedures to keep the expensive roof over their head. We may have dipped about 10% which is not bad for summer anyway. Oddly enough there have been 3 new MedSpa's open within a 5 mile radius in the past few months. Makes me wonder if they have been paying attention to the economy....

[Charity]

I've seen some medspas close around my area. It's amazing how things like this are influenced by this big vague force called "the economy".

[DermaDoc]

There is a whole field of study related to how macroeconomic forces affect business activity and spending patterns, but the botttom line is: do people feel they are either 1) safe enough financially to spend the money on a procedure at a medspa, or 2) they have nothing more to lose. I think we have alll seen examples of both and rely on them for our continued existence as a business. Being in a metropolitan area, there are always new businesses opening up as competition, but few have developed beyond the first few months. More people come to us indicating they know we have been here a while and want some stability. Others come to us wanting an alternative to the foo-foo spas that act like you are bothering them to make an appointment. We take business away from local derms and plastics because we are here and people want an alternative where they can feel comfortable and in touch, not talked down to and dismissed. As far as I can tell, this is the only way we are going to stay in biusiness in an economy that turns on a dime and where people are never sure if they have a job next week.

Good luck to all of us, but moreso to those who treat the patient like an important part of their business.

[Jenni]

I'm not a Plastic Surgeon, but I am orthodontics in Minneapolis.

I've seen so many patients they want to do this, I didn't feel them.

[Bystander]

How does everyone in the business feel about the economy right now? How are 'non-critical' services like Botox and hair removal going to survive...? Just looking for some feedback and general opinions. Thanks!

[Medspa MD]

My Podcast Alley feed! {pca-6ba83a63744234bf8fc2d552f83b2da3}