Beautifully Profitable Forever Profitable

This book represents the compilation of practical, valuable, and professional experience my team and I at beautiful forever have gathered over several decades. We have helped countless physicians, surgeons, med-spa owners, and others to create, launch, and grow successful aesthetic medical practices and related businesses.  That experience provided the solid practical grounding for Beautifully Profitable, Forever Profitable.

– Cheryl Whitman

Practice Management Tips
To Help Your Practice Be Beautifully Profitable & Forever Profitable

Tip #1: Know Your Target Market
Understand whom you plan to serve before you open your door.
To be successful, you must identify who your target market is and what you will be offering them. Trying to be all things to all people is likely to end in failure. Identify what you are an expert in and what service offerings compliment your medical practice. Then develop a service menu that clearly articulates those. Limit the number of offerings and price them competitively, at least until your practice is well established. Too many can confuse patients and trying to provide too many different services can hurt your profit potential. Your goal is to understand your target market and to establish a clear identity with them. Doing so will help you generate a consistent revenue stream, help create patient loyalty, and will set you up for future growth, while maintaining your integrity as a solid Medical Aesthetic Practice.

This tip is adapted from “Beautifully Profitable, Forever Profitable,” by Cheryl Whitman, Pages 6-7

Tip #2: Tips for a More Successful Practice
Three simple ideas to help you grow your practice.
If you would like to grow your practice, follow these three tips. First, ask your current patients for referrals. Most people are happy to refer their friends, but seldom think of doing so without being asked. Second, thank those people that are sending you referrals. A quick, hand-written note builds a huge amount of good will. Include a token gift with the note such as a $5 Starbucks gift card to show your appreciation. Better yet, give them a free product or a discount on a future service to encourage them to come back in. More traffic equals an increased bottom line. Finally, offer new products and services to existing clients. The first sale to a potential client is the most difficult. After a client has chosen to buy from you once, offer them incentives to keep buying from you. Loyalty clubs are a great way to do this. Follow these three tips and you will see more traffic through your door and more dollars flowing to your bottom line!

This tip is adapted from “Beautifully Profitable, Forever Profitable,” by Cheryl Whitman, Page 101

Tip #3: Know Your Numbers
To keep your business healthy, know and understand your numbers.
Just as knowing your blood pressure and cholesterol numbers can help you stay healthy, knowing the key numbers in your business can keep you on the road to success. It is important to use quantifiable metrics rather than intuition to keep your practice on the right track. Your accountant can help you identify key financial metrics and develop a plan to review them regularly. Satisfied patients are critical to a successful and profitable practice. To ensure you are meeting your patient’s expectations, you should also identify and monitor client satisfaction metrics. Finally, to facilitate practice growth, you should use demographic and lead metrics to target your marketing efforts. Managing your practice by the numbers will help you enjoy a profitable and growing practice.

This tip is adapted from “Beautifully Profitable, Forever Profitable,” by Cheryl Whitman, Pages 19-20

Tip #4: Word of Mouth Marketing is the Best
Get your patients telling their friends about you.
In a successful Medical Practice, patient referrals account for up to 80% of patient volume. This makes patient referrals the life blood of your practice and this is even more true for Aesthetic Medical practices. Don’t leave referrals to chance! Every practice needs a professionally executed patient referral program to ensure a steady flow of new patients. Develop a patient referral program and train your staff on when and how to ask for referrals. Word of mouth is the most effective form of marketing. And according to marketing giant, McKinsey & Company, “Word of mouth generates more than twice the sales of paid advertising” Start your referral program today!

This tip is adapted from “Beautifully Profitable, Forever Profitable,” by Cheryl Whitman, Page 61

Tip #5: What’s New?
The importance of updating your menu.
Your menu of services is your revenue generator. It should provide your patients with more than just a list of available services and pertinent information such as hours and booking information. It must communicate the value and expertise of your practice as well as entice patients to book services. Just as a restaurant must update its menu to avoid becoming dull and dated, you must update your menu to include new services. Think in terms of tried and true services combined with up-to-the-minute, must-have-now service offerings. Today’s Medical Spa clients are very well informed so they proactively seek out the location that offers the beauty enhancement procedures they are looking for. Your menu should clearly communicate the benefits each treatment offers and it should reflect your brand. Promote value, not price. Take a few minutes to review your menu with your staff. Chances are, adding a new must-have offering would be good for the bottom line.

This tip is adapted from “Beautifully Profitable, Forever Profitable,” by Cheryl Whitman, Page 138

Tip #6: Something Old, Something New
Adding New Profit Centers can add more to your bottom line.
The popularity of aesthetic medicine is increasing, a trend that is likely to continue. Now is an excellent time to consider adding a new, aesthetic profit center to your practice. It can bring new revenue and enhanced profit to your Medical Practice. Research what’s trending and compare that with demand in your area. Then act. In taking advantage of the many new profit-center opportunities, there’s an easy way and there’s a hard way – a way that capitalizes on practical experience, and a way that give you that practical experience. If you or a staff member has expertise in a given area and the time to make use of it, you can probably manage to add that new service yourself. However, if time is short or expertise is lacking, it is both prudent and profitable to capitalize on the knowledge of existing experts, and hire an expert to handle that new service.

This tip is adapted from “Beautifully Profitable, Forever Profitable,” by Cheryl Whitman, Pages IV-XI

Tip #7: Create a Winning Team – Improving Staff Performance
A staff with average training means a Practice with Below Average performance.
One of the most important parts of an Aesthetic Medical Practice is your staff. Without a strong, well-trained staff, your day and your practice’s performance can be a nightmare. An inadequately trained staff results in lost patients, lost profits, and an endangered reputation. Engage in continuous training. Make customer service a priority and train your staff in what makes a satisfied patient. In addition, make sure your staff is exceptionally well trained in the procedures your practice offers, the products your practice sells, and the credentials your team holds. They should be able to answer patient questions in a friendly, informed, and professional manner in terms the patient can understand. Remember, an outstanding staff leads to a strong bottom line.

This tip is adapted from “Beautifully Profitable, Forever Profitable,” by Cheryl Whitman

Tip #8: Your Brand – The Key to Practice Growth
Your Brand is likely to be one of the most valuable assets of your practice.
A compelling and memorable brand can create patient loyalty that becomes a preference; strong enough to overcome intense competition and price differences. This means your brand has a direct correlation to your bottom line. As an Aesthetic Medical Practice, your brand is driven by how you serve your patients, the products and services you offer, your social media presence, your community involvement, and so much more. For a physician, a personal brand is extremely powerful. It sends a clear message about who you are and what you offer. It sets you apart from every other physician in your specialty and can position you as an expert who is sought out by patients and prospects. Your brand is how your target market perceives you. Consciously creating your own brand is extremely powerful and directly affects the success of your practice.

This tip is adapted from “Beautifully Profitable, Forever Profitable,” by Cheryl Whitman

Tip #9: Public Relations Strategies
Public Relations should be part of an effective lead-generation strategy.
Today, Aesthetic Medical Practices have the opportunity to become media sources for the press. Press relations are personal relationships with media representatives. Get to know the media representatives in your market and establish yourself as a credible, medical expert that leads the press to you as the go-to person for information on medical stories. Make it easy for them. Put together a press kit which includes materials like a Doctor Biography, Before and After photos, relevant industry statistics, etc. For your practice, develop a 12-month PR strategy that includes a long-range strategy, a mid-range tactical plan, and a short-range action plan. This plan should tie into the growth plan for your practice. Now that you’ve identified your objectives and target audience, it’s time to build your media list. Don’t use an outdated, purchased list. Media reps change frequently. Build you own. Finally, reach out to the media with a well-planned campaign.

This tip is adapted from “Beautifully Profitable, Forever Profitable,” by Cheryl Whitman

Tip #10: Integrate New Technologies for Increased Profitability
Looking to increase your profitability? Add the newest technology, treatments, and procedures!
There are several strategies for an Aesthetic Medical Practice to increase its profitability. For example, work longer hours; raise fees; see more patients; sell bundled services in advance; cut costs; or, add the newest technology, treatments and procedures. With the vast majority of patients seeking non-invasive or minimally invasive procedures, staying abreast of the latest non-invasive advances in your specialty area can increase your service offerings and profitability. Many new treatments and procedures require minimal investment in new technology. You may be able to broaden your patient base with these expanded service offerings and increase your profits with little additional investment. Finally, monitor your competition to identify gaps in their offerings that may provide your practice an opportunity to profitably fill the need. “I recommend you become known as the premier, state-of-the-art Aesthetic Medical Practice in your area by providing your patients with exceptional customer service while delivering the best possible outcomes and the newest technology, treatments and procedures. This helps ensure your practice will be Beautifully Profitable, Forever Profitable.” ~ Cheryl Whitman

This tip is adapted from “Beautifully Profitable, Forever Profitable,” by Cheryl Whitman

Tip #11: Patient Loyalty is Golden
Treating your patients like gold has its rewards.
“I’m often asked why I recommend offering loyalty programs,” says Cheryl Whitman. “The answer is simple, recruiting new patients is expensive and requires intense, focused marketing effort; while keeping existing patients is easier, much less expensive and pays huge dividends.”

Loyal patients are advocates for your practice. They make referrals, are the source for word of mouth business, provide your practice with a more consistent revenue stream and an increased bottom line. Patient Loyalty should be a top priority for your practice. Build loyalty through referral and reward programs; develop a recall program to help retain core patients. Get your entire staff on board. Pay attention to patient needs /concerns and engage with patients in meaningful communication. Focus on building relationships with them. Deliver value. Identify your Unique Selling Proposition and communicate how it benefits your patients. Educate rather than sell. Put your patients first, treat them like gold, and they will bring more profit to your bottom line.

This tip is adapted from “Beautifully Profitable, Forever Profitable,” by Cheryl Whitman

Tip #12: Virtual Retail Has a Strong Future
Online Retail has increased exponentially during the pandemic and the trend will continue.
Over the past few months, the retail world has turned upside-down. With many businesses temporarily closed due to the world-wide pandemic, on-line retailing has become even more prevalent. “I expect the growth in online shopping to continue after the pandemic has ended. Consumers have realized how convenient it is to do things from the comfort of home,” explains Cheryl Whitman. What this means for your practice is that to achieve success, you must embrace doing business virtually. Promote your brand across a variety of social media channels, such as Facebook and Instagram. Make YouTube videos, offer Webinars, and make sure your practice website is up-to-date, easy to find, and easy to buy from. Your website should be search engine optimized and formatted for access by mobile devices. Offer a variety of payment options such as net banking, credit/debit card, PayPal, Apple Pay, Google Pay, etc. Provide consistently great customer service. Personalize their experience and reward loyalty with special promotions, spa dollars, gift certificates, etc. Design personalized promotions for patients based on their buying history. Everyone likes to feel special and by making existing patients feel special, you will not only retain them, but your practice will benefit from their repeat business and their referrals.

This tip is adapted from “Beautifully Profitable, Forever Profitable,” by Cheryl Whitman

Beautifully Profitable

Forever Profitable

  • Must-Read for any Medi-Spa and Medical Practice
  • Very up-to-date, 5th Edition
  • Over 6,000 Copies Sold
  • Basic business marketing, metrics, management, media relations and sales coaching
  • Learn the benefits of creating a strategic annual marketing plan
  • How to host PROFITABLE events every single time
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