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5 Things You Can Do Right Now to Increase Revenues

While new COVID rules continue to affect your practice, they also affect your bottom line. Not only do you need to make up for lost dollars for the past several months of lockdown, but you also need to step it up if you’re going to meet your 2020 goals. How to increase revenue for plastic surgeons.

increase revenue for plastic surgeons

However, PPE masks and social distancing hinder you. Most practices are running at 40-60% capacity and that means fewer patients and fewer profits…unless you make some changes.

The goal now is to get more, or at least the same, revenues but do it with fewer cosmetic patients.

But that takes strategy and different ways of approaching your business model.

5 things to increase revenue for plastic surgeons to get your post-COVID revenues up

1. This will be so counterintuitive, but here goes….raise your prices.

increase revenue for plastic surgeons

This is NOT the time to market to price-shoppers who will spend the bare minimum, negotiate with you and take up a bunch of your time nitpicking your services and prices.

This is the time to cater to patients who trust you and want a good result for a fair price. You want the patients who care more about you and your expertise than anything else.

However, add a little something of extra value to go with your higher prices. For example, sample-size hand sanitizer with your logo on it or a free peel to go with their filler treatment.

And, raise your prices could also mean just don’t discount them. Concentrate on relationship-building instead so these patients are glad to pay a fair price for a great result AND experience.

2. Offer Good – Better – Best

increase revenue for plastic surgeons

I don’t care what happens to the economy, there will always be different groups of consumers who buy the best, buy the least and the majority by “in between”. It’s just the way humans are so knowing that helps you increase the value of your services.

Give your patients a choice of 3 so they feel they are in control and choose one by self-selecting what type of consumer they are and where their threshold is.

For example, you can offer a choice of:

(Good) Botox – $400

(Better) Botox + Filler – $1,000 (Save $200)

( Best) Botox + Filler + IPL – $1,300 (Save $400)

Or offer tiered pricing and wait time for Botox so the patient can choose what’s more important to them.

Either way, they are choosing your practice:

Surgeon fees are $16/unit + 3 week wait

Nurse Injector fees are $13/unit + 2 day wait

3. Smart Target Marketing

increase revenue for plastic surgeons

If you are doing external marketing, target the higher-end zip codes where your preferred patients live. Don’t waste your money, time or efforts on zip codes that are most likely to be affected by the economy. You have to stay focused on the most likely patients who are least likely to be affected by the economy.

4. Increase the Value of the Transaction

increase revenue for plastic surgeons

Marketing experts know the best time to upsell a customer is when they just bought from you. Again, that seems counterintuitive but think about it…your patient likes and trusts you enough to buy your services and they feel good about it, so they are most likely to be open-minded to other services you suggest.

But there’s no need to be pushy about it. Just make it comfortable and sensible. For example, at checkout, your staff can hand the patient a thank you note that says, because you spent $300+ today, here’s a $100 gift card to use towards a new treatment you haven’t experienced yet. Have it expire within 30 days and then, hopefully, they’ll book their appointment right now.

Or if the patient is buying a skin care product, your staff can say, “By the way Sara, you save 20% when you buy 2 products” and then let the patient decide if they want to save 20% or not.

5. Much Better Follow-up

More revenues are lost here than anywhere else in the practice. The reality is you must try harder to attract patients and convert them to paid procedures. It takes “professional persistence” to get someone’s attention long enough for them to decide.

So here’s what you do….come up with a contingency plan for every step in your process such as:

What do you do when:

  • The caller does NOT book an appointment?
  • The patient does NOT show up?
  • The patient does NOT return after 6 months?
  • The patient does NOT give you a review as promised?

There you have it. There’s no need to call your IT guy to re-do your website or spend a fortune on a new PPC campaign. Just start here using the resources you already have and see your revenues grow.

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TESTIMONIALS

5/5
"Catherine outlined a plan that put key metrics in place, gave us a clear plan to follow throughout the year and trained our staff to increase their conversions by at least 10%. Since engaging with Catherine, I’m happy to report that revenues are up 15% over the last three months - 22% in the last month alone! I highly recommend Catherine’s consulting services to any practice looking for “best practice” additions to their operation."
Robert Sigal, MD
Robert Sigal, MD
"I have finally tapped into the most efficient way to grow my cosmetic practice and that is to “fish in the pond of my own patients”. When patients return to my practice, over 85% will purchase another service, product, or procedure. Not only was it worth over $200,000 in revenues this past year, it also reminds my patients I’m still around so they don’t wander off to my competitors. Catherine’s group has far exceeded our expectations and goals we had set up for them to achieve."
Victor Ferrari, MD
Victor Ferrari, MD
"Our consult conversions were running at 40-50%. Then we attended Catherine’s online training and implemented her strategies. They immediately increased conversion rates to 75-80%."
Anthony Corrado, MD
Anthony Corrado, MD
"I know how to run a profitable practice; however, it was not without major staff issues, inefficiencies and unproductive drama. With Catherine's guidance, I reorganized staff, set up processes for them to carry more of the workload and hold them accountable so I have more time to focus on patient care. The changes we put in place and the staff training to convert more callers and consultations will easily increase my revenues by 15% as well as save us time, money and costly mistakes. "
Evan Sorokin, MD
Evan Sorokin, MD
"Working with Catherine and her team has been very profitable. We’re only half way through the year and I’m up $200K and I’m booked out for the next 2 months even though we typically go into our slow summer months now. Her recent promotion brought in an extra $63,782 with more surgeries scheduled. I never realized how much money was sitting in my patient list but I’m a believer now!"
Robert Langdon, MD
Robert Langdon, MD
"Catherine Maley has one of the best Marketing Minds in the aesthetic industry, bar none. She understands the aesthetic patient and she also understands the challenges and frustrations we face as aesthetic surgeons. You will benefit from Catherine's tools whether you are new in practice or a seasoned professional.Turn to Catherine for guidance - she knows what she's talking about."
Edwin Williams, MD
Edwin Williams, MD
“Catherine’s Cosmetic Patient Marketing Service has been a great addition to our practice-building overall plan. While we still invest in our online presence, we also found immense value in the internal marketing efforts. We especially like that all results are tracked so we know we are getting a great return ... last year it was 1,148% and no staff time was used. That’s a much easier way to grow my cosmetic practice.”
Mark Mason, MD
Mark Mason, MD
"Catherine Maley turned our practice around. We converted more consultations in one week than we did in an entire month. Our practice went from a painful 50% no show rate to a remarkable 85% show rate. Even more impressive was our close ratio - from 35% to 80% and still increasing. We would recommend her to any practice that’s looking to not only increase their profits today, but sustain a healthy flow of income for many years to come. Thanks Catherine!"
Sam Assassa, MD
Sam Assassa, MD
"Catherine found me the best patient care coordinator I could have asked for. She worked out a payment plan that was fair to me and motivating to my coordinator. She also provided training tools to help my coordinator convert better, even though she was already experienced. The results have been phenomenal. So good, in fact, that my income increased 250% and I’m booked out for 3 months. Don’t waste any more time or money doing it yourself. Outsource to someone you trust!"
Andrew Lofman, MD
Andrew Lofman, MD
"Since we’ve been working with Catherine and her team for the past 5 months, we’ve brought in $79K in surgeries and have booked an additional 17 surgical procedures and 20 non-invasive body procedures since then. This does not include the additional new patient referrals and revenues we are seeing from the on-going nurturing of my current patient database."
Verne Weisberg, MD
Verne Weisberg, MD
"I had given my staff the goal to convert at least $35K per week in surgeries AND I gave them the tools to help which was Catherine’s Online Learning Center at More Patients Academy. They watched Catherine’s modules and implemented her strategies and converted $80K! That equaled a 2,550% ROI. Nice!"
Adam Stein, MD
Adam Stein, MD
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Catherine Maley

Catherine Maley

Catherine is a business/marketing consultant to plastic surgeons. She speaks at medical conferences all over the world on practice building, marketing and the business side of plastic surgery. Get a Free Copy of her popular book, Your Aesthetic Practice: What Your Patients Are Saying View Author Profile.

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