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Stream of Income to NOT Ignore

Have you noticed that even when you’re doing well and the revenues are coming in, you still have that uncertainty (paranoia) that it will dry up? That Google changes the SEO rules and you lose your ranking, or a new competitor comes to town and out-markets you? Yes, it could happen, so what stream of income changes can you do now to prepare?

New Stream of Income Tips for Plastic Surgeons

The answer is, that you cover your bases and use ALL of your resources to keep more than one stream of income coming in.

That way, if one stream dries up, you still have other streams flowing.

If you have struggled to increase your revenues, or you want to stop the yoyo-ing revenue from month to month, this is a must read, since you are most likely overlooking an important stream of income. 

stream of income for plastic surgeons

Let’s say you’re having a slow month and need quick cash. Where would you go to get it? You could:

  • Place a Google ad but it takes time and money to outbid others for the positioning.
  • You could post on social media and hope your audience is willing to reach out to
    you and don’t live too far away. OR…
  • You could reach out to a list of patients who already know, like and trust you and who have given you money in the past and would do it again.

I have tested this over and over and get the same answer every time…..

Hands down, you get a faster, cheaper and better response from patients who know you vs. stranger prospective patients who don’t.

Stats That Matter

According to research by Invesp Consulting, it costs 7X more to attract a new cosmetic patient than it does to keep an existing one. 

And, your current patients convert way more often than stranger patients, and they spend 31% more.

By focusing on repeat visits, you are able to establish relationships with cosmetic patients and build momentum with them, instead of continuously spending money on acquisition.

This is extremely important when it comes to your profit margins, because it directly implies that a strong cosmetic patient retention rate ensures you have long-lasting and loyal cosmetic patients who boost your bottom line….for free.

Here is how to use your leverage for more patients and profits….

Encourage Referrals

There are various studies that show that word-of-mouth marketing is one of the most valuable forms of marketing. Why? Because 92% of people trust recommendations from friends and family over other types of advertising. Once consumers get a recommendation from someone they trust, they are far more likely to become loyal cosmetic patients as well. 

Once a cosmetic patient is loyal to a brand, they are more likely to spend more as well. The lifetime value of referred cosmetic patients is 16% higher than non-referred cosmetic patients.

You can hope your patients talk you up to their friends or you can plan on it using:

  • In-house signage reminders
  • Tell your patients you would like more patients just like them so please spread the word
  • Post content that is “sharable” so your patients pass it along
  • Always be thinking, “Share/Give/Bring a Friend” in your communications

Patients Who Are Treated Well Treat You Well

Bad customer service is the number one problem leading to dissatisfaction and attrition. One study by Bain & Company found that a consumer is 4X more likely to defect to a competitor if the problem is service related rather than price or procedure related.

A strong relationship with cosmetic patients can become a revenue lifeline through retention, referrals and social proof. 

best stream of income plastic surgeons

You turn your patient list into your network and keep in touch, so they remember you when talking to friends. There is no simple equation for making cosmetic patients stay, but there are several strategies practices can focus on in order to minimize their attrition rates, increase their retention value, and boost referrals. For example:

  • Share. Send bi-weekly emails to your patient list letting them know what’s new in your practice, who is joining, having a baby, birthday, etc. Educate them on new procedures or comment on celebrity plastic surgery to keep things interesting. 
  • Add value. Rather than offer discounts to strangers, offer gift cards to your current patients to return for more. That way, you are thanking them for their loyalty and support and they will appreciate the gesture. 
  • Have brainstorming sessions with staff to answer this question: “What can we do to improve the patient experience with us?” Then execute the ideas you come up with. 

These are key ways to ensure that cosmetic patient service goes above and beyond, and it also improves your chances of transitioning your patients into raving fans who return, refer, review and share you on social media.

I go into this in more detail on how to build more than one stream of income in my latest report:

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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

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