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What’s Your Cosmetic Practice Worth?

You’ve dedicated years of blood, sweat and tears into building your cosmetic practice so you believe you have a valuable asset you can sell when the time comes. But do you?

Determining the value of your practice involves many factors that contribute to your attractiveness to potential buyers when the time comes.

Three main factors are included in this blog post.

 Keep these in mind throughout your entire career since it takes years to finesse these areas to get your practice off the ground, grow it year after year and weather the storms along the way:

Profits: The Core Indicator

The #1 indicator of a valuable practice is in its ability to generate cash. Prospective buyers of your practice are looking for predictable revenues they can count on month after month.

However, this is tricky if you are the sole revenue generator performing surgery. They can’t be certain your patients/prospective patients will see you the same way and stay with the practice once you leave.

So, buyers are looking for predictable revenue streams that don’t rely on YOU.

That’s why non-surgical procedures, with their transferable skills and broader audience of consumer patients, is an attractive profit center to build up and nurture. 

Automated Marketing Systems

If you have a strategic marketing plan that uses technology
and creative strategies to attract more cosmetic patients to your practice with minimal overhead costs, that’s a winner that increases the value of your practice!

In today’s uber competitive market, finding and nurturing prospective cosmetic patients can be a daunting task that can’t be ignored.

Because leads are the lifeblood of a cosmetic practice. When they stop – you stop and so do your consultations, surgeries and revenues.

The secret is to have many “poles in the pond” so you have leads coming in from all fronts. So, if one marketing channel flops or closes on you, you still have the other marketing channels working. 

When you know how to leverage technology and the latest marketing strategies to attract a steady stream of cosmetic patients, while keeping your lead generation costs down, that increases your practice’s profitability and transferability to a buyer.

Clear Processes & Seamless Operations

Streamlined operations increase the value and marketability of your practice for several reasons.

Well-defined processes add consistency and reliability to patient care. Now your cosmetic patients have a great patient experience and that leads to not only patient satisfaction but also long-term loyalty.

Smooth operations increase efficiency and reduces waste of resources and overhead costs. You’re eliminating unnecessary steps and bottlenecks, as well as preventable mistakes costing you time, money, and aggravation.

This clarity also attracts and retains the best team players because they enjoy working for a practice that has well thought-out systems that allow them to do their job most efficiently.

Focus on bringing in more patients, while encouraging them to return, review and refer their friends is the name of the game. It’s about maximizing your results while minimizing the effort.

That’s how you build a valuable practice others want to invest in.  

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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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