In a recent article in Medical Economics, the “economics” of adding aesthetic medical treatments (such as Botox®) to a medical practice took centre stage. While offering these services will meet an existing demand of your patients(who are likely looking for these services elsewhere if you are not providing them), the financial case to be made for adding engaging in Botox® training, adding these procedures and growing your business beyond its current patient base is irrefutable.
In discussing this topic with Jeff Russell, Executive Director of the IAPAM, Jeff notes that, “many primary care physicians (PCPs) have decided to address the demand for these services by gradually integrating these services into their practices, perhaps seeing aesthetic patients from 4 p.m. to 6 p.m. to start, and can leverage their existing overhead that way and see if they enjoy it. Also, you could start offering these procedures with relatively little upfront capital, especially if you launch with modalities such as injectables and medical grade chemical peels (these are the three most popular cosmetic procedures, according to the ASPS), as well as accompanying physician directed skin care.
Another plus to offering these services at your existing practice is that 78% of women aged 21 to 60 shared that medical credentials were very important when choosing an aesthetic treatment provide. Although many “spas” offer these treatments, most of them are not owned by doctors, and physicians often do not provide most treatments themselves.
Finally, after doing ‘the math’, we see that while Botox® will get patients in the door, it is interesting to note that there is little profit in ONLY offering Botox®. You only make $100-150 a patient and you typically see a Botox® patient 3 times a year, so for an entire year you would only makes $300-450. However, the cost to provide a chemical peel treatment is $25 ($20 labour, $5 products) and the retail is typically around $125, so the profit is $100, and the patient typically returns once a month, so with a chemical peel patient, you make $1,200/year. Couple that with physician directed skin care and the economics are clear; by devoting a little time and a little space to non-surgical treatments at your practice, can greatly benefit your bottom line! That is the main reason we don’t only cover Botox® training at the IAPAM’s Aesthetic Medicine Symposium, but we also include the other top 5 minimally-invasive procedures, incorporating them all is necessary for a financially successful aesthetic practice.
Botox is a trademark of Allergan Inc.