#177: No More Broke Millionaires: Danielle Hayden On MedSpa Cash Flow

Cameron is joined by Danielle Hayden, CEO and founder of Kickstart Accounting, and they discuss the critical aspects of financial management for medical aesthetics practice owners. They explore the importance of understanding business structures, effective marketing strategies, and the necessity of regular financial analysis. Danielle emphasizes the need for proper bookkeeping, the implications of choosing between LLC and S-Corp structures, and the significance of smart financial practices to ensure sustainable growth and profitability. The conversation highlights the importance of data-driven decision-making and preparing for potential business opportunities and challenges. Listen In!Thank you for listening to this episode of Medical Millionaire!Takeaways:Finances are essential for success in the medical aesthetics industry.Bookkeeping is crucial for building a budget and financial strategy.Practice owners should avoid the comparison game and focus on their own growth.Understanding where to spend money is vital for business health.Marketing spend should be evaluated regularly to align with business goals.Business owners must review their financials monthly for informed decision-making.Choosing the right business structure can impact tax liabilities and personal liability.Paying yourself a reasonable salary is important for financial health.Avoid unnecessary spending that doesn't contribute to business growth.Data-driven decisions can lead to better business outcomes and profitability.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 Mel Abraham, a CPA and author, and they discuss the importance of financial literacy and building a 'money machine' for financial freedom. They talk about the journey of balancing work and family, the significance of quality time over earnings, and the strategies for creating passive income streams. Mel shares his personal experiences, including his battle with cancer, and how it shaped his perspective on financial planning and service to others. The conversation emphasizes the need for financial education, the power of time in wealth building, and the importance of making conscious financial decisions.Listen In!Thank you for listening to this episode of Medical Millionaire!Takeaways:Financial freedom requires understanding and managing money effectively.Quality time with family is more valuable than earnings.Building a money machine is essential for financial independence.Investing early and consistently can lead to significant wealth over time.Financial literacy should be taught to children from a young age.Passive income allows for more freedom and choice in life.The first $100,000 is the hardest to achieve in wealth building.It's important to separate your self-worth from your earnings.Financial struggles are often symptoms of past decisions, not just money issues.Service to others can be a fulfilling way to use your financial knowledge.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. Marcia A. Harris, a pioneering OBGYN who shares her inspiring journey in the healthcare industry, and they discuss her challenges as a woman in a male-dominated field, the importance of personalized patient care, and her transition to wellness and restoration after experiencing burnout. She emphasizes the critical role of hormones and nutrition in overall health and wellness, advocating for a proactive approach to healthcare that focuses on prevention rather than just treatment. Dr. Harris's mission is to empower individuals, especially women, to take charge of their health and well-being.Listen In!Thank you for listening to this episode of Medical Millionaire!Takeaways:Dr. Marcia A. Harris shares her inspiring journey in healthcare.The importance of personalized care in medical practice.Raising prices can enhance perceived value and patient flow.Self-care is crucial for healthcare providers to avoid burnout.A life-changing health crisis can lead to transformative changes.The Wellness Restoration Center focuses on preventive care.Hormones play a critical role in overall health and wellness.Nutrition is often overlooked in traditional medical training.Women often face unique challenges in healthcare professions.Building trust with patients is essential for 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/

Cameron is joined by Portland Face Doctor, Dr. Peter Vila, and they discuss Dr. Vila's journey of acquiring and rebuilding a practice. Despite initial challenges, including a team exodus and negotiation complexities, he successfully rebuilt the team and expanded services. Dr. Vila emphasizes the importance of transparency, education, and trust in patient interactions. He highlights the financial nuances between surgical and non-surgical services, noting that younger patients often opt for financing.Cameron and Dr. Vila emphasize the importance of transitioning from a technician mindset to a business-oriented one, highlighting the value of attending conferences, networking, and continuous learning in the field of facial plastic surgery. They discuss the benefits of collaboration among plastic surgeons and the necessity of understanding business aspects, which are often overlooked in medical education. They also share business knowledge and the challenges of balancing innovation with practical business decisions, stressing the significance of networking, attending conferences, and maintaining a strong online presence to grow a practice.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 is joined by Nelly Johansson, aka Nelly Gal, owner of LiveVibrant Wellness And Aesthetics, and they discuss her journey from Cuba to owning a thriving practice in Florida. Despite growing up without basic amenities, Nelly emphasizes the importance of resilience and purpose and details her strategy for patient acquisition, including leveraging Groupon and Facebook marketing. Her practice, Live Vibrant Med Spa, generated over $150,000 monthly with one full-time provider. She outlines her future plans, including a digital health academy for women over 35. They also highlight the significance of building relationships and providing personalized treatment plans.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 is joined by sisters Dominique and Flora Waples, co-founders of Restor Medical Spa. They discuss their journey into the medical aesthetics industry, the importance of defining roles in a partnership, and the challenges of balancing family and business. The conversation covers key topics such as the significance of feedback, the implementation of the Entrepreneurial Operating System (EOS), and the necessity of financial awareness and customer service in practice management. They also emphasize the importance of marketing strategies, data-driven decision-making, and the need for practice owners to invest in their future to stay competitive in the growing medical aesthetics industry.Listen In!Thank you for listening to this episode of Medical Millionaire!Takeaways:The importance of defining clear roles in a partnership.Feedback from patients and employees is crucial for growth.Implementing EOS can streamline business operations.Surrounding yourself with talented individuals is key to success.Financial awareness is essential for sustainable growth.Marketing needs to be data-driven and consistent.Utilization rates are critical for practice profitability.Balancing personal branding with business growth is challenging.Accountability in leadership sets the tone for company culture.The medical aesthetics industry is rapidly evolving, and providers must adapt.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. Jon Marashi, a renowned cosmetic dentist and entrepreneur, and they discuss Jon's journey from aspiring skateboarder to successful dentist, discussing the challenges he faced in dental school and his transition to practice ownership. He emphasizes the importance of resilience, building a strong team, and the impact of word-of-mouth referrals in growing his cosmetic dentistry practice. Dr. Marashi recounts his experience launching Byte, a direct-to-consumer dental product, which led to a billion-dollar exit. They also reflect on the lessons they have learned from both success and adversity, including the importance of community and personal growth.Listen In!Thank you for listening to this episode of Medical Millionaire!Takeaways:Dr. Marashi's journey from skateboarding to dentistry showcases the importance of following one's passion.Resilience is key in overcoming challenges, especially in rigorous programs like dental school.Building a strong team is essential for success in any business venture.Word-of-mouth referrals play a crucial role in growing a cosmetic dentistry practice.Transitioning from employee to practice owner requires careful planning and execution.The launch of Byte demonstrates the potential for innovation in the dental industry.Success often comes from being open to new opportunities and partnerships.Work-life balance is a myth; choices have outcomes that shape our lives.Experiencing loss can lead to personal growth and a reevaluation of priorities.Continuous learning and adaptation are vital in entrepreneurship.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 Stephanie Simkins, owner of Harper & Faye Financial, and they discuss the critical importance of financial clarity for aesthetics practice owners. They explore various aspects of financial management, including bookkeeping, P&L statements, payroll, cost of goods, and cash flow. The conversation emphasizes the need for practice owners to understand their numbers to drive business success and prepare for future growth or exit strategies.Listen In!Thank you for listening to this episode of Medical Millionaire!Takeaways:Understanding your numbers is crucial for business success.Bookkeeping is often overlooked but is the backbone of your business.P&L statements provide insight into your financial health.Cost of goods sold directly impacts your profitability.Consistency in bookkeeping is essential for long-term success.Payroll management is a significant expense that needs careful consideration.Cash flow issues are common and need to be monitored closely.Preparing for business valuation requires clean financial records.Discounts and promotions should be approached strategically.Hiring a financial expert can provide significant ROI.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 Andrea Liebross, business coach and podcast host, and they discuss the journey to becoming a coach, the mindset blocks that hold entrepreneurs back, the importance of delegation, and how to visualize future success. Andrea emphasizes the need for a growth mindset, the power of a 'believe list', and the necessity of investing in business knowledge. They also touch on overcoming guilt in delegation and establishing non-negotiable habits for success.Listen In!Thank you for listening to this episode of Medical Millionaire!Takeaways:You have to go through the journey to become a coach.Mindset blocks can prevent entrepreneurs from scaling their practices.Delegation is crucial for freeing up time to focus on growth.Comfort zones can hinder business expansion.Visualizing your future self can guide your current actions.Creating a 'believe list' can shift your mindset.Guilt in delegation is a common barrier that can be overcome.Understanding the difference between costs and investments is key.Investing in business knowledge is essential for practice owners.Establishing non-negotiable habits can lead to 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/

Cameron is joined by Terri Ross, practice growth consultant and sales trainer, and they discuss the critical importance of business acumen for medical practitioners. They explore the challenges practitioners face in learning how to run their practices effectively, the operational blind spots that limit scalability, and the vital role of front desk staff in patient acquisition. They emphasize the need for structured training and a focus on data-driven decision-making to enhance patient experiences and foster long-term relationships.Cameron and Terri Ross delve into the intricacies of the aesthetics business, focusing on patient spending patterns, the importance of treatment plans, and maximizing revenue through effective consultations. They talk about the need for better business education in the aesthetics field, emphasizing the significance of understanding pricing strategies, financial metrics, and the power of data in making informed business decisions. They also highlight the importance of regular meetings and networking opportunities in fostering growth and success in the industry.Listen In!Thank you for listening to this episode of Medical Millionaire!Takeaways:Practitioners often lack business acumen, which is crucial for success.Many practices fail due to a lack of structure and understanding of financials.Training for front desk staff is essential for effective patient acquisition.Sales in aesthetics is about understanding patient emotions and needs.Consultation processes need to be standardized and focused on patient education.Practices should invest in training to improve their operational efficiency.Data-driven decision-making can significantly enhance practice growth.The aesthetics industry has a gap in business education that needs to be addressed.Practitioners must recognize the importance of their front desk staff in the sales process.Building lasting patient relationships requires a transformation in consultation approaches. Every patient is underspending on treatments.Implementing treatment plans can significantly increase patient spending.Consultations are crucial for generating revenue.Many practices operate at only 50-65% utilization rates.The aesthetics industry is leaving billions on the table due to underutilization.Aesthetics is a serious business that requires business acumen.Understanding gross margins is essential for pricing strategies.Regular meetings can lead to more opportunities for change.Data-driven decisions can enhance business performance.Networking at conferences can provide valuable insights and connections.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/