#165: Money Talks: How To Price, Pay, And Scale Your MedSpa Right With Jessica Hunter

Cameron is joined by Dani Naughton, an expert in aesthetics with 17 years of experience, and they discuss the fundamentals of running a successful aesthetic practice, the importance of understanding market dynamics, and the operational fundamentals necessary for profitability. Dani shares insights on common mistakes made in treatment rooms, the significance of staff communication, and the strategic approach to marketing and equipment acquisition. They delve into the true cost of goods, the impact of labor costs, and the hidden expenses that can affect profitability. The conversation emphasizes the importance of time management and understanding supply costs in treatments, providing valuable takeaways for practice owners looking to thrive in the competitive aesthetics industry.Cameron and Dani talk about the importance of efficiency and understanding the financial health of aesthetic practices. They explore strategies for improving margins, managing chaos in operations, and the significance of patient retention. The dialogue emphasizes the need for new practice owners to establish a clear vision and for established practices to overcome stagnation by implementing effective systems and processes.Listen In!Thank you for listening to this episode of Medical Millionaire!Takeaways:Dani Naughton has 17 years of experience in aesthetics.Understanding the basics is crucial for practice success.Staff communication is key to implementing new products.Labor costs must be factored into the cost of goods.Hidden costs can silently destroy profitability.Time management is essential in treatment efficiency.Marketing should be strategic and well-planned.Practices need to survey staff and patients before acquisitions.Winning in the margins can significantly impact profits.A mindset shift is necessary to run a practice like a CEO. Winning in the margins can significantly boost marketing budgets.Practices should focus on EBITDA rather than just revenue.Efficiency is crucial, even if the practice isn't for sale.Understanding treatment times can improve patient throughput.Consistency in service delivery is essential for brand reputation.Operational chaos can lead to significant financial losses.Implementing cancellation policies can help mitigate no-show losses.Effective communication of policies enhances patient experience.New practice owners should clarify their vision from the start.Established practices must assess their operations to identify growth opportunities.Unlock the Secrets to Success in Medical Aesthetics & Wellness with "Medical Millionaire"Welcome to "Medical Millionaire," the essential podcast for owners and entrepreneurs inMedspas, Plastic Surgery, Dermatology, Cosmetic Dental, and Elective Wellness Practices! Dive deep into marketing strategies, scaling your medical practice, attracting high-end clients, and staying ahead with the latest industry trends. Our episodes are packed with insights from industry leaders to boost revenue, enhance patient satisfaction, and master marketing techniques.Our Host, Cameron Hemphill, has been in Aesthetics for over 10 years and has supported over 1,000 Practices, including 2,300 providers. He has worked with some of the industry's most well-recognized brands, practice owners, and key opinion leaders.Tune in every week to transform your practice into a thriving, profitable venture with expert guidance on the following categories...-Marketing-CRM-Patient Bookings-Industry Trends Backed By Data-EMR's-Finance-Sales-Mindset-Workflow Automation-Technology-Tech Stack-Patient RetentionLearn how to take your Medical Aesthetics Practice from the following stages....-Startup-Growth-Optimize-Exit Inquire Here:http://get.growth99.com/mm/

Cameron is joined by Jessica Hunter, a seasoned consultant in medical aesthetics, and they discuss the importance of understanding financial metrics, the common mistakes made by MedSpot owners, and the significance of staff compensation strategies. Jessica shares insights on how to analyze profit margins, the role of memberships in practice retention, and the critical importance of training and empowering front desk staff. They emphasize the need for practice owners to approach their businesses with a solid understanding of finance and strategic planning. In this conversation,Cameron and Jessica discuss the critical aspects of compensation structures, the importance of front desk staff in patient conversion, effective communication with staff, strategies for scaling medical practices, and the distinction between profitability and revenue. They highlight the need for practices to understand their financial metrics and prepare for future transactions, stressing the importance of operational efficiencies and staff engagement in achieving long-term success.Listen In!Thank you for listening to this episode of Medical Millionaire!Takeaways:Understanding financial metrics is crucial for MedSpot owners.Common mistakes include not knowing profit margins and service costs.Membership programs should be strategically designed for retention.Staff compensation should reflect individual value and contribution.Training for staff should be ongoing and comprehensive.The front desk plays a vital role in patient engagement and success.Compensation plans should be tiered based on experience and performance.Analyzing service profitability requires a detailed breakdown of costs.Investing in new equipment should be based on market demand and client needs.Empowering staff leads to better business outcomes. Compensation structures must align with realistic expectations and revenue generation.Front desk staff play a crucial role in converting inquiries into appointments.Effective communication and regular check-ins with staff can uncover valuable insights.Practices should assess their current patient population before seeking new patients.Understanding average transaction values is key to maximizing revenue.Operational efficiencies can lead to increased profitability without needing to scale.Transparency in compensation can foster trust and motivation among staff.Practices should prepare for potential transactions by optimizing their financial health.Utilization rates and marketing spend ratios are critical metrics for growth.Investing in the right systems and software is essential for tracking performance and making informed decisions.Unlock the Secrets to Success in Medical Aesthetics & Wellness with "Medical Millionaire"Welcome to "Medical Millionaire," the essential podcast for owners and entrepreneurs inMedspas, Plastic Surgery, Dermatology, Cosmetic Dental, and Elective Wellness Practices! Dive deep into marketing strategies, scaling your medical practice, attracting high-end clients, and staying ahead with the latest industry trends. Our episodes are packed with insights from industry leaders to boost revenue, enhance patient satisfaction, and master marketing techniques.Our Host, Cameron Hemphill, has been in Aesthetics for over 10 years and has supported over 1,000 Practices, including 2,300 providers. He has worked with some of the industry's most well-recognized brands, practice owners, and key opinion leaders.Tune in every week to transform your practice into a thriving, profitable venture with expert guidance on the following categories...-Marketing-CRM-Patient Bookings-Industry Trends Backed By Data-EMR's-Finance-Sales-Mindset-Workflow Automation-Technology-Tech Stack-Patient RetentionLearn how to take your Medical Aesthetics Practice from the following stages....-Startup-Growth-Optimize-Exit Inquire Here:http://get.growth99.com/mm/

Cameron is joined by Cortney Hall, COO of True Medical Spa, and they discuss her extensive experience in the medical aesthetics industry. They talk about the competitive landscape in Utah, the importance of owning your story, and the lessons learned from various roles in the industry. Courtney emphasizes the significance of brand identity, personal growth, and the entrepreneurial spirit that thrives in Utah. They highlight the journey of transitioning to a new practice and the challenges and successes that come with it. In this conversation,Cameron and Cortney discuss the importance of navigating career transitions, building strong teams, and fostering a supportive work culture. Cortney shares her experiences in leadership, emphasizing the necessity of tough conversations and effective communication in business. They explore how success is defined beyond revenue, focusing on the value of attracting talent through strong leadership and creating an environment where team members feel valued and supported.Listen In!Thank you for listening to this episode of Medical Millionaire!Takeaways:The medical aesthetics industry in Utah is highly competitive but filled with talented professionals.Believing in abundance rather than scarcity can lead to a healthier business mindset.Owning your story allows for personal freedom and growth.Networking and relationships are crucial in the business world.Success is not just about knowledge; it's about connections and opportunities.Staying focused on your own brand identity is essential in a competitive market.Self-reflection and learning from experiences are key to personal and professional growth.Transitioning to new opportunities can be daunting but rewarding.Building a strong team is vital for success in any business.It's important to prioritize fulfillment and passion in your work. Sometimes the voice inside you is louder than discomfort.A strong team foundation is crucial for business success.Tough conversations are essential for team growth.Leadership requires investing in team experiences.Creating a supportive culture helps retain talent.Communication is key to preventing misunderstandings.Success is defined by the desire of others to join your team.Fear-based leadership can lead to high turnover.It's important to focus on what you can control.Building relationships with your team enhances workplace culture.Unlock the Secrets to Success in Medical Aesthetics & Wellness with "Medical Millionaire"Welcome to "Medical Millionaire," the essential podcast for owners and entrepreneurs inMedspas, Plastic Surgery, Dermatology, Cosmetic Dental, and Elective Wellness Practices! Dive deep into marketing strategies, scaling your medical practice, attracting high-end clients, and staying ahead with the latest industry trends. Our episodes are packed with insights from industry leaders to boost revenue, enhance patient satisfaction, and master marketing techniques.Our Host, Cameron Hemphill, has been in Aesthetics for over 10 years and has supported over 1,000 Practices, including 2,300 providers. He has worked with some of the industry's most well-recognized brands, practice owners, and key opinion leaders.Tune in every week to transform your practice into a thriving, profitable venture with expert guidance on the following categories...-Marketing-CRM-Patient Bookings-Industry Trends Backed By Data-EMR's-Finance-Sales-Mindset-Workflow Automation-Technology-Tech Stack-Patient RetentionLearn how to take your Medical Aesthetics Practice from the following stages....-Startup-Growth-Optimize-Exit Inquire Here:http://get.growth99.com/mm/

Cameron is joined by Lauren Taylor, founder and CEO of The Limited Agency, and they discuss the importance of measuring ROI in social media marketing, establishing credibility through social media, identifying red flags in social media management companies, and the effectiveness of boosting posts versus running targeted campaigns. They also explore the potential of TikTok as a marketing platform and the engagement process for new clients.Listen In!Thank you for listening to this episode of Medical Millionaire!Takeaways:Social media is crucial in the patient journey, often serving as the final touchpoint before booking.Aesthetic providers need to showcase their work and personality on social media to build credibility.The 'messy middle' concept explains the complex path from visibility to booking.Tracking social media success is challenging but essential for understanding ROI.Engagement metrics like profile visits and direct messages can indicate social media effectiveness.Building a strong organic social media presence can lead to significant increases in patient bookings.Consistency and quality in social media content are key to attracting and retaining patients.Marketing agencies should assist in managing social media interactions to enhance patient engagement.Understanding patient needs during consultations can inform social media strategies.Long-term patient retention is more valuable than one-time bookings. Measuring ROI in social media is crucial for proving success.High engagement metrics do not always translate to revenue.Content should be authentic and not just trend-driven.Analytics should guide marketing strategies and adjustments.Credibility can be established through education and showcasing results.Localized growth is more important than just follower count.Boosting posts can increase visibility but may not drive conversions.TikTok offers a cost-effective way to reach a larger audience.Engagement with potential clients should be thorough and informative.Social media should be used to educate patients, not just impress colleagues.Unlock the Secrets to Success in Medical Aesthetics & Wellness with "Medical Millionaire"Welcome to "Medical Millionaire," the essential podcast for owners and entrepreneurs inMedspas, Plastic Surgery, Dermatology, Cosmetic Dental, and Elective Wellness Practices! Dive deep into marketing strategies, scaling your medical practice, attracting high-end clients, and staying ahead with the latest industry trends. Our episodes are packed with insights from industry leaders to boost revenue, enhance patient satisfaction, and master marketing techniques.Our Host, Cameron Hemphill, has been in Aesthetics for over 10 years and has supported over 1,000 Practices, including 2,300 providers. He has worked with some of the industry's most well-recognized brands, practice owners, and key opinion leaders.Tune in every week to transform your practice into a thriving, profitable venture with expert guidance on the following categories...-Marketing-CRM-Patient Bookings-Industry Trends Backed By Data-EMR's-Finance-Sales-Mindset-Workflow Automation-Technology-Tech Stack-Patient RetentionLearn how to take your Medical Aesthetics Practice from the following stages....-Startup-Growth-Optimize-Exit Inquire Here:http://get.growth99.com/mm/

Cameron is joined by Dr. Sarah Crawford, founder of Anchor Wellness Center and Wave Physical Therapy + Pilates, and they discuss her journey in the healthcare industry and the creation of the Anchor Wellness Center. They highlight the challenges of practitioner burnout, the importance of community support, and the need for a shift in mindset for business growth. Dr. Crawford emphasizes the significance of personal wellness for providers and the unique experience offered at her wellness center, which aims to disrupt traditional healthcare models.The conversation also touches on the role of social media in marketing and the potential pitfalls it can create for practitioners. In this conversation, Sarah Crawford and Cameron Hemphill discuss the essential elements of building a successful and sustainable business. They emphasize the importance of decision-making, investing in personal growth through coaching, and the necessity of community support. Sarah shares her experiences with discomfort in business growth, the balance between work and family life, and the journey of entrepreneurship. They also touch on managing stress and the significance of giving oneself grace in the pursuit of success.Listen In!Thank you for listening to this episode of Medical Millionaire!Takeaways:Dr. Crawford has been practicing for 14 years and specializes in chronic pain.The Anchor Wellness Center is designed to support health and wellness entrepreneurs.Practitioner burnout is a significant issue in the healthcare industry.Creating a supportive community is essential for practitioners.Personal wellness is crucial for effective patient care.Entrepreneurship involves learning from failures and taking risks.Mindset shifts are necessary for business growth and success.The Anchor Wellness Center offers a unique, spa-like experience for patients.Social media can be both a tool for growth and a source of burnout.Listening to patients is key to providing effective care. You have to make a decision and stop overthinking.Investing in a coach can significantly change your business.Growth requires getting comfortable with discomfort.Recognizing your strengths and weaknesses is crucial.Building strong relationships is essential for success.Balancing business and family life is a priority.Entrepreneurship is a journey filled with challenges.Creating a thriving practice requires community support.Managing stress is vital for resilience.Give yourself grace and acknowledge your efforts.Unlock the Secrets to Success in Medical Aesthetics & Wellness with "Medical Millionaire"Welcome to "Medical Millionaire," the essential podcast for owners and entrepreneurs inMedspas, Plastic Surgery, Dermatology, Cosmetic Dental, and Elective Wellness Practices! Dive deep into marketing strategies, scaling your medical practice, attracting high-end clients, and staying ahead with the latest industry trends. Our episodes are packed with insights from industry leaders to boost revenue, enhance patient satisfaction, and master marketing techniques.Our Host, Cameron Hemphill, has been in Aesthetics for over 10 years and has supported over 1,000 Practices, including 2,300 providers. He has worked with some of the industry's most well-recognized brands, practice owners, and key opinion leaders.Tune in every week to transform your practice into a thriving, profitable venture with expert guidance on the following categories...-Marketing-CRM-Patient Bookings-Industry Trends Backed By Data-EMR's-Finance-Sales-Mindset-Workflow Automation-Technology-Tech Stack-Patient RetentionLearn how to take your Medical Aesthetics Practice from the following stages....-Startup-Growth-Optimize-Exit Inquire Here:http://get.growth99.com/mm/

Cameron discusses the essential elements of running a successful medical practice. He emphasizes the importance of treating practices like businesses, understanding the deeper motivations behind patient care, and the transformative impact of aesthetic services. He shares insights on building emotional connections with patients, effective communication strategies, and the need for a sustainable business model that prioritizes patient experience. He concludes with a forward-looking perspective on the growth potential of the aesthetic industry.Listen In!Thank you for listening to this episode of Medical Millionaire!Takeaways:Every practice must be run like a business.Understanding your 'why' is crucial for success.You're not just selling services; you're selling transformation.Practice owners are artists, creating life-changing results.Burnout is a real challenge for entrepreneurs.Every patient interaction is a chance to build emotional connections.Effective communication is key to patient retention.A sustainable business model is essential for growth.The aesthetic industry is poised for significant growth.Helping patients should be the primary motivation.Unlock the Secrets to Success in Medical Aesthetics & Wellness with "Medical Millionaire"Welcome to "Medical Millionaire," the essential podcast for owners and entrepreneurs inMedspas, Plastic Surgery, Dermatology, Cosmetic Dental, and Elective Wellness Practices! Dive deep into marketing strategies, scaling your medical practice, attracting high-end clients, and staying ahead with the latest industry trends. Our episodes are packed with insights from industry leaders to boost revenue, enhance patient satisfaction, and master marketing techniques.Our Host, Cameron Hemphill, has been in Aesthetics for over 10 years and has supported over 1,000 Practices, including 2,300 providers. He has worked with some of the industry's most well-recognized brands, practice owners, and key opinion leaders.Tune in every week to transform your practice into a thriving, profitable venture with expert guidance on the following categories...-Marketing-CRM-Patient Bookings-Industry Trends Backed By Data-EMR's-Finance-Sales-Mindset-Workflow Automation-Technology-Tech Stack-Patient RetentionLearn how to take your Medical Aesthetics Practice from the following stages....-Startup-Growth-Optimize-Exit Inquire Here:http://get.growth99.com/mm/

Cameron discusses the essential strategies for success in the medical aesthetics industry. He emphasizes the importance of marketing, patient retention, and leveraging data to drive growth. He also explores innovative financing solutions and the significance of post-treatment follow-up to enhance patient loyalty. As the industry faces challenges, he provides insights into future trends and winning strategies for 2025, urging practice owners to invest in technology and understand their market positioningListen In!Thank you for listening to this episode of Medical Millionaire!Takeaways:The most successful practices are the best marketers.Patient retention is crucial for long-term success.Understanding market dynamics can help practices thrive.Data analysis is key to identifying growth opportunities.Innovative financing options can attract more patients.Post-treatment follow-up is essential for patient loyalty.Many practices struggle with branding and unique selling propositions.The aesthetics industry is evolving with new trends.Positioning and personalization are vital for profitability.Investing in technology can streamline operations and improve patient experience.Unlock the Secrets to Success in Medical Aesthetics & Wellness with "Medical Millionaire"Welcome to "Medical Millionaire," the essential podcast for owners and entrepreneurs inMedspas, Plastic Surgery, Dermatology, Cosmetic Dental, and Elective Wellness Practices! Dive deep into marketing strategies, scaling your medical practice, attracting high-end clients, and staying ahead with the latest industry trends. Our episodes are packed with insights from industry leaders to boost revenue, enhance patient satisfaction, and master marketing techniques.Our Host, Cameron Hemphill, has been in Aesthetics for over 10 years and has supported over 1,000 Practices, including 2,300 providers. He has worked with some of the industry's most well-recognized brands, practice owners, and key opinion leaders.Tune in every week to transform your practice into a thriving, profitable venture with expert guidance on the following categories...-Marketing-CRM-Patient Bookings-Industry Trends Backed By Data-EMR's-Finance-Sales-Mindset-Workflow Automation-Technology-Tech Stack-Patient RetentionLearn how to take your Medical Aesthetics Practice from the following stages....-Startup-Growth-Optimize-Exit Inquire Here:http://get.growth99.com/mm/

Cameron discusses the importance of marketing, technology, and sales in the medical esthetics industry. He emphasizes that successful practices are those that invest heavily in marketing, aiming for 10-15% of top-line revenue, and have a robust tech stack. Key components include front-facing websites, e-commerce, online booking, EMRs, CRMs, membership programs, and patient financing. He stresses the need for automated systems to handle patient inquiries and bookings effectively, noting that over 90% of practices underfund their marketing budgets. He also highlights the importance of educating patients and maintaining a seamless patient experience to enhance retention and acquisition costs.Listen In!Thank you for listening to this episode of Medical Millionaire!Unlock the Secrets to Success in Medical Aesthetics & Wellness with "Medical Millionaire"Welcome to "Medical Millionaire," the essential podcast for owners and entrepreneurs inMedspas, Plastic Surgery, Dermatology, Cosmetic Dental, and Elective Wellness Practices! Dive deep into marketing strategies, scaling your medical practice, attracting high-end clients, and staying ahead with the latest industry trends. Our episodes are packed with insights from industry leaders to boost revenue, enhance patient satisfaction, and master marketing techniques.Our Host, Cameron Hemphill, has been in Aesthetics for over 10 years and has supported over 1,000 Practices, including 2,300 providers. He has worked with some of the industry's most well-recognized brands, practice owners, and key opinion leaders.Tune in every week to transform your practice into a thriving, profitable venture with expert guidance on the following categories...-Marketing-CRM-Patient Bookings-Industry Trends Backed By Data-EMR's-Finance-Sales-Mindset-Workflow Automation-Technology-Tech Stack-Patient RetentionLearn how to take your Medical Aesthetics Practice from the following stages....-Startup-Growth-Optimize-Exit Inquire Here:http://get.growth99.com/mm/

Cameron discusses the economics of the aesthetics industry, focusing on the financial metrics that MedSpa owners need to understand to thrive. He highlights the importance of knowing revenue and profit margins, the impact of service selection on profitability, and the necessity of investing in marketing. He emphasizes the significance of managing utilization rates and provider workloads, as well as enhancing revenue per treatment hour. The episode concludes with key takeaways for MedSpa success, encouraging owners to be proactive in their financial management and marketing strategies.Listen In!Thank you for listening to this episode of Medical Millionaire!Takeaways:Understand your financial metrics to thrive in the aesthetics industry.Invest 10-15% of your top-line revenue into marketing.Know your patient acquisition cost and work to reduce it.Maximize profitability by selecting high-margin services.Regularly audit your expenses and subscriptions for efficiency.Utilization rates should be monitored to prevent provider burnout.Enhance revenue per treatment by introducing additional services.Educate patients on available treatments to increase their spend.Aim for a net margin of 25-30% for sustainable growth.Be proactive in financial management to increase the value of your practice.Unlock the Secrets to Success in Medical Aesthetics & Wellness with "Medical Millionaire"Welcome to "Medical Millionaire," the essential podcast for owners and entrepreneurs inMedspas, Plastic Surgery, Dermatology, Cosmetic Dental, and Elective Wellness Practices! Dive deep into marketing strategies, scaling your medical practice, attracting high-end clients, and staying ahead with the latest industry trends. Our episodes are packed with insights from industry leaders to boost revenue, enhance patient satisfaction, and master marketing techniques.Our Host, Cameron Hemphill, has been in Aesthetics for over 10 years and has supported over 1,000 Practices, including 2,300 providers. He has worked with some of the industry's most well-recognized brands, practice owners, and key opinion leaders.Tune in every week to transform your practice into a thriving, profitable venture with expert guidance on the following categories...-Marketing-CRM-Patient Bookings-Industry Trends Backed By Data-EMR's-Finance-Sales-Mindset-Workflow Automation-Technology-Tech Stack-Patient RetentionLearn how to take your Medical Aesthetics Practice from the following stages....-Startup-Growth-Optimize-Exit Inquire Here:http://get.growth99.com/mm/

Cameron discusses the critical importance of mindset for MedSpa owners. He emphasizes the transition from being a technician to a business owner, the need for a growth mindset, and strategies for overcoming fear and building confidence. The conversation also covers building a resilient team, understanding financial strategies, and the significance of effective marketing and branding in a competitive industry.Listen In!Thank you for listening to this episode of Medical Millionaire!Takeaways:Mindset is crucial for MedSpa owners.Transitioning from technician to business owner is essential.Overcoming fear builds confidence.A growth mindset is necessary for adapting to industry changes.Hiring with intention fosters a positive team culture.Charge what you're worth to reflect your expertise.Self-care is vital to prevent burnout.Authentic branding attracts ideal customers.Storytelling builds authority and trust.Investing in your business is key to long-term success.Unlock the Secrets to Success in Medical Aesthetics & Wellness with "Medical Millionaire"Welcome to "Medical Millionaire," the essential podcast for owners and entrepreneurs inMedspas, Plastic Surgery, Dermatology, Cosmetic Dental, and Elective Wellness Practices! Dive deep into marketing strategies, scaling your medical practice, attracting high-end clients, and staying ahead with the latest industry trends. Our episodes are packed with insights from industry leaders to boost revenue, enhance patient satisfaction, and master marketing techniques.Our Host, Cameron Hemphill, has been in Aesthetics for over 10 years and has supported over 1,000 Practices, including 2,300 providers. He has worked with some of the industry's most well-recognized brands, practice owners, and key opinion leaders.Tune in every week to transform your practice into a thriving, profitable venture with expert guidance on the following categories...-Marketing-CRM-Patient Bookings-Industry Trends Backed By Data-EMR's-Finance-Sales-Mindset-Workflow Automation-Technology-Tech Stack-Patient RetentionLearn how to take your Medical Aesthetics Practice from the following stages....-Startup-Growth-Optimize-Exit Inquire Here:http://get.growth99.com/mm/