Plastic surgery is one of the most lucrative industries in the medical space. But opening a plastic surgery practice can also present challenges that most inexperienced plastic surgeons and business owners cannot navigate effectively. Unlike a traditional storefront that sells a basic product, a plastic surgery practice has to account for both the medical and business sides of operations. Here are three common traps that most plastic surgeons run into when opening their practice.
Ineffective Hiring Process
When running a store that sells ice cream, an incompetent new employee can’t hurt your business. But when it comes to a plastic surgery clinic, hiring the wrong surgeon or technician can mean dire consequences for both your clients and your practice. Even the slightest misstep can result in personal injury, leading to a business-bankrupting lawsuit. Check your applicant’s credentials and experience thoroughly. Use third-party background screening services and research the applicant’s educational attainments and past work experiences.
Not Paying Enough Attention to Cashflow
Most surgeons are too passionate and focused on their practice that they forget to manage their cash flow. Not paying any attention to your cash flow in a business that is capital-intensive leaves you vulnerable to even minor financial emergencies, such as office repairs after a natural disaster or a settlement payout to a disgruntled former employee. Know how much your clinic brings in and burns every month. Better yet, hire an accountant to track your clinic’s expenses and revenues.
Failing to Market Your Business Correctly
A plastic surgeon practice will need a slightly different marketing campaign than ice cream or shoe business. Sure, it’s all about capturing as many eyeballs as you can, but it’s also about knowing where to find them. Relying on word-of-mouth referrals is an excellent way to get your first few clients, but you’ll need an effective and specific marketing campaign that reaches your target audience. Since your target audience won’t be your typical consumer, the marketing channels and platforms you use may be slightly different. Hiring a marketing expert who knows your target audience to get the best results.
For your plastic surgery practice to succeed, you’ll need to continuously hone your skillset as a plastic surgeon and build on your business management skills at the same time. Accelerate your clinic’s growth by acknowledging and avoiding the three mistakes outlined above.