Warren B. Seiler III, MD
John Di Saia, MD
Beatriz H. Porras, MD
Shervin Naderi, MD, FACS
Edward Zimmerman MD
Paula Di Marco Young, BS RN
Seth A. Yellin, MD FACS
Dr. Kevin D. Light
Stephen Weber MD PhD
Brian K. Sidella
Sabine Zenker, MD
Daniel Kaufman MD
Brian Howard MD FACS
Mickey A. Couvertier
Lila Bratani MD
Alex Denes MD FACP
3 CommentsFree Marketing Report: The best & worst tactics for medical spa profitability.
The impact of the economic slowdown on elective healthcare services such as cosmetic procedures and LASIK was almost immediate. Initially the impact was regionalized to those areas with the highest decrease in home value. But as the year progressed and the economy worsened, the majority of elective healthcare practices experienced a decrease in new patients and patient conversions.
To quantify the effect of the slowing economy on cosmetic practices, CareCredit asked Hiner & Partners, Inc. to survey 10,000 CareCredit practices to identify tactics they were successfully using to increase or maintain sales and profitability. Participants were contacted via mail, email and fax to participate in the web-based survey. This report summarizes the key findings of that market research initiative to help cosmetic practices compare and analyze their current status with peers across the country and to share best practices.
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The Economys Impact on Cosmetic Practices & Tactics to Maintain Profitability
Key Findings
- 61% of practices reported an average decline of 32% in monthly sales as compared with 2007
- Only 13% of practices reported an increase in sales
- 26% reported same level sales as 2007 The decrease is impacting both surgical and non-surgical practices
- 64% of surgical practices reported an average 31% decline in monthly sales
- 56% of non-surgical practices reported a 34% average decline.
The economy is affecting all areas of business including inquiries, consultations, commitments, completed procedures and repeat customers.
Reader Comments (3)
Any one from South Florida/Miami Area? During the past two months my revenue has taken a tremendous nosedive. I would be interested in hearing from other South Florida Plastics/Derms/cosmetic physicians to determine if this is a regional, seasonal, or even nationwide phenomena. Thanks.
SFLADOC,
I am in central Florida and I have seen a steady decline in med spas and plastics starting around Sept/Oct 08. The few plastics not affected at first have taken a sharp decline in the past two months also. I'M sure you know cosmetic busy season is spring/winter/fall in Florida.
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