Physicians can diversify revenue by aligning operations with rising interest in aesthetics
Physicians and clinic owners may be able to diversify their revenue streams by entering the aesthetic services market. This is a high-growth arena, with a survey by McKinsey & Company predicting annual growth estimates of 12% to 14% until at least 2026.
Demand is growing due to several factors, including shifting attitudes around wellness and healthy aging. Yet McKinsey reveals that demand is not just increasing but also expanding. Existing aesthetics patients may want a wider breadth of services more often, but new patient populations are emerging, too. Men, younger individuals and people at various income levels are part of potential patient pools.
For providers interested in capturing this market, change management comes easier when your operations are agile, responsive and tailored to your growth.
ModMed® can help you in a number of ways. Our award-winning EHR product EMA® is designed to make it easier for providers to onboard and engage new business.
Consider this blog post a road map for how you may grow your practice into aesthetics. Bookmark it, review it with partners, and share it with your team members to see what they think.
Launch promotions for your aesthetic services
Begin your journey by Identifying what kind of promotional efforts may be most effective at reaching new patients. You may want to explore social media, paid advertising, search engine optimization, website updates and other physician marketing solutions to help you attract patients. Your practice’s online presence counts today more than ever. Over 1 billion healthcare searches are happening online per day.*
ModMed AMP can help drive your practice online. We provide healthcare website solutions to enhance your practice’s digital presence and visibility.
Focus on visual results up front
Bring in the visual elements of aesthetic medicine as early as possible. With ModMed, you have the tools to provide a visual story to patients, while streamlining records.
For example, a built-in anatomic atlas has 3D illustrations specific to aesthetics. Pull up these illustrations directly on your iPad to help educate patients. Providers can also take before-and-after pictures of patients and add annotations to the patients’ charts. These images can also be shared through the patient portal.
These images may also help grow your business if patients give you permission to share them on social media, in email marketing or on your website.
Build patient engagement as you grow
As healthcare trends towards digitization, there are engagement techniques that signal your practice is modern and easy to deal with.
For example, self-scheduling allows patients to select services, schedule and manage appointments, and share their contact information.
It can be helpful to have scheduling features ready for your patients, while also maintaining control over how they work. You can select which appointments can be self-scheduled and include an approval layer for your staff to confirm patients are on the calendar.
These workflows can simplify scheduling and help free your office staff to focus on patient care and rapport.
Services aren’t the only way to grow, either. You can offer products in a branded E-store that drives patient loyalty and gives you more touch points to engage them with marketing.
A recent survey, ModMed 2022 Patient Experience Report: What Patients Really Think, indicated that 66% of patients were more likely to order products from their doctors’ websites versus an online store.**
With ModMed, our E-Store solution lets you operationalize a new income stream, helping you:
- Sell products and services online
- Customize product listings
- Centralize management in one platform
- Integrate your E-store into your website
- Sell in online marketplaces and social media
- Offer easy payments with ModMed Pay
While digitization is vital, it’s important not to lose the human element. Ask patients for feedback, respond to any concerns and adjust your business as needed. Patient surveys can help you understand the patient experience and improve your service quality.
When patients are satisfied, they may become advocates for your aesthetics business, leaving positive reviews and sharing their results on social media.
Some practices may work to drive this kind of growth with staff commissions as well. When staff are rewarded for performance, they may feel incentivized to do more.
ModMed helps make it easy to launch aesthetic incentive programs with our new Commissions Reports. This report can reduce the amount of time staff spends tracking and reporting commissions and provides streamlined transparency around teamwork and individual contributions.
Help patients manage costs
Another meaningful way to support revenue growth and attract patients is to make payments easy.
Out-of-pocket costs for aesthetics services and procedures can be significant. Show patients you understand the value of their business by being transparent and providing payment options with ModMed Pay. With the Practice Management system, you also gain access to our quoting tool.
- Be up front about costs
- Provide documented quotes
- Offer payment plans
- Offer multiple ways to pay
- Send payment reminders
Being patient-oriented around cost has cascading benefits, too. It can help make your practice accessible and affordable to a wider range of patients, which can increase demand for your services. It can also help you build stronger relationships with patients and enhance your reputation online.
Start growing your practice
With such strong demand forecasts, expanding into aesthetic services may be the next growth opportunity for your practice.
ModMed can help you onboard new business, attract and maintain new patients, and manage operations as your practice grows. For more information, request a demo today.
*Becker’s Health IT (2019 March 11).
**”Survey question 40 in the Appendix,” ModMed 2022 Patient Experience Report: What Patients Really Think. Data reflected is a combined stat of “very important” and “somewhat important,” “very likely” and “somewhat likely,” or “strongly agree” and “somewhat agree,” as applicable.
This blog is intended for informational purposes only and does not constitute legal or medical advice. Please consult with your legal counsel and other qualified advisors to ensure compliance with applicable laws, regulations and standards.