Cosmetic dermatology continues to be a growing market. Each year, advances in products, techniques and procedures are made to give patients more effective, accessible results than before. Services ranging from injections to skin rejuvenation and laser hair removal or treatment of leg veins have become increasingly popular.
If you focus on cosmetic services or have a cosmetic specialist in your practice, you likely already know that. But if don’t currently provide cosmetic services in your practice or only offer a few options, should you consider adding or increasing them? It could be a great way to boost additional income and increase your patient base.
But first, it’s important to take a good look at your practice and patient population to see if the fit is right. Entering or becoming a bigger part of the highly competitive cosmetic dermatology market means training, more costs and perhaps, dealing with a different kind of patient. You should way these factors – what’s your budget for adding services/equipment, how much training are you willing to take on or if preferring to add a specialist, are you able to bring on another provider?
Looking at the Financial Side
If adding cosmetic options, consider these questions for each procedure:
- What’s the demand for this procedure in your market?
- Is anyone else in your community offering this service?
- Can your practice perform this service more effectively than your competition?
- How will this service affect your current patients and team?
- How much will you be reimbursed and what’s your break-even point?
- How will it affect your time with other services and/or work/life balance?
You may consider starting with one additional procedure, such as facial injections or fillers, and evaluating the success you’re seeing and what additional demands or challenges it’s creating. If needing to add significant equipment, you should evaluate whether the additional revenue brought in will cover the cost of the equipment.
Marketing New Services
If adding cosmetic services, you’ll have to make sure current and potential patients know about it. Are you able to take on additional marketing costs and production? Marketing to existing patients first could be a good first step. This could consist of e-mail blasts announcing the new services, mailed advertising included with a patient’s regular bill, promotional in-office material and digital advertising through social media, digital ads and your website. And if adding print media, radio or television advertising to the mix, your campaign activities can cost thousands. Simple word of mouth in your office is another good way to let patients know (and much more cost-effective).
What Training Is Needed?
If adding new cosmetic services that you’ll be performing yourself or having another provider perform, proper education and training is essential. More than one course over a few days and a demonstration or tutorial from the product’s manufacturer may be needed. You should also have a full understanding of what your state’s licensing laws and requirements are for cosmetic procedures.
Are Cosmetic Services a Fit with Your Practice Culture?
Before adding cosmetic services, ask yourself, “Will this truly complement and advance the practice or will this be inconsistent with what we’ve been doing?” Does it fit with the brand you’ve established? How do you think patients will react?
Is It Easier to Bring on a Cosmetic Provider?
As previously mentioned, you don’t necessarily have to perform additional cosmetic services yourself if you prefer to bring in a cosmetic specialist. If you’re able to accommodate an additional provider financially and space-wise, this may work better for your time and schedule. And you wouldn’t have to take on additional training. In this scenario, referrals can be kept “in-house” most of the time, unless cases or complications require another local surgeon referral.
If you need assistance adding or expanding on your cosmetic dermatology services, we’re always a phone call or click away to support your needs. Schedule a consultation with one of our practice management experts today!