Medical Millionaire Podcast

• #168: Scale Or Sink: Terri Ross Reveals What Separates Thriving Aesthetic Practices From Failing Ones

  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/

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• #167: Yanasthetics Founder Yana Bromberg: Know Your Journey, Honor Your Path, Treat Every Client Like Royalty In The MedSpa World

  Cameron is joined by Yana Bromberg, a medical professional who transitioned from urology to aesthetics, and they discuss her unique journey into the aesthetics field, the challenges she faced while opening her own practice, and the importance of building strong relationships with patients. She emphasizes the artistic side of aesthetic treatments and how personal connections with patients enhance their experience. She also discusses the risks of entrepreneurship and the need to focus on personal growth while navigating the business side of aesthetics.Yana shares her journey in the medical aesthetics field, discussing the balance of patient interactions, the challenges of entrepreneurship, the importance of social media, and the need for continuous learning and networking. She emphasizes the significance of building rapport with patients and the necessity of delegating tasks to focus on what truly matters in her practice. Yana also offers valuable advice for aspiring practitioners, particularly women, on how to navigate the complexities of the aesthetics industry.Listen In!Thank you for listening to this episode of Medical Millionaire!Takeaways:Yana's journey into aesthetics was unexpected but fulfilling.The transition from urology to aesthetics involved a steep learning curve.Aesthetic medicine allows for a more personalized and artistic approach to patient care.Building strong relationships with patients is key to retention and success.Yana emphasizes the importance of patient experience over sheer volume.Opening her own practice was a significant risk but ultimately rewarding.Keeping overhead low is a strategic decision for sustainable growth.Yana values the connections she builds with her patients, treating them as friends.The aesthetic industry can be cutthroat, requiring continuous learning and adaptation.Focusing on personal growth and ignoring external noise is crucial for success. Yana prefers to see about 10 patients a day for comfort.Patient experience is about building rapport and providing a fun atmosphere.Entrepreneurship allows for flexibility and control over one's schedule.Burnout in traditional medicine led Yana to pursue her own practice.Hiring a social media manager can save time and reduce stress.Networking and attending conferences are crucial for staying updated.Aesthetic medicine requires a solid foundation in traditional medicine.Starting in aesthetics should be gradual, not an immediate leap.Not everyone is cut out for entrepreneurship; it's a full-time commitment.Work-life balance is essential, and it's okay to seek a different path.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/

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• #166: Back To Basics, Forward With Purpose: Aesthetic Strategy Reimagined

  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/

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

  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/

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• #164: Build The Team, Build the Dream: Why Your People Are Your Practice With Cortney Hall

  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/

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