8 Key Steps Necessary to Improve Your Aesthetic Practice

In this insightful episode of "In Touch with Terri," host Terri Ross shares her "zone of genius" with listeners, focusing on the top five habits of the most successful salespeople. Engaging and knowledgeable, Terri reframes the concept of salesmanship within the medical aesthetic practice as an activity rooted in service and education, not just transactions. She taps into her extensive experience to deliver actionable strategies that transform how practices can approach sales, client relationships, and growth.

Terri discusses the importance of creating lasting relationships, staying ahead of industry trends, being persuasive, maintaining a resilient mindset, and holding oneself accountable. She emphasizes the significance of continuous learning and adaptability in the ever-evolving field of medical aesthetics. With a combination of personal anecdotes and professional guidance, this episode offers valuable insights, whether you're at the front desk or managing an entire practice.

Key Takeaways:

• Relationship Building: Establishing and nurturing profound relationships with clients is fundamental to successful sales in medical aesthetics.
• Continuous Innovation: Staying informed about industry trends and constantly evolving one's approach is key to staying competitive.
• Persuasive Education: A salesperson's ability to educate and influence client decisions is rooted in a firm belief in their offerings and the quality of care provided.
• Resiliency: A resilient mindset is crucial to overcome the challenges of rejection and adapt to learning opportunities.
• Accountability: Setting SMART goals and measuring performance against KPIs can significantly impact a practice's success.

If you are ready to create change and want to learn more about APX, please visit www.apxplatform.com to schedule a discovery call.

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In this captivating episode of In Touch with Terri, Terri Ross, delves into the increasingly pertinent subject of preparing to sell an aesthetic practice. Drawing on her wealth of experience and expertise, Terri outlines the essential strategies and considerations for owners looking to create a successful exit plan for their business. With a focus on positioning practices to attract and satisfy the rigorous requirements of private equity investors, this episode is packed with actionable advice.

Terri highlights the importance of understanding key financial indicators such as EBITDA, patient conversion rates, and revenue targets that appeal to potential buyers. She also stresses the value of a well-trained, productive team and operational excellence as critical factors that influence the attractiveness of an aesthetic practice to investors. Throughout the episode, Terri interweaves fundamental business principles, such as understanding the unique value proposition, with insights into industry benchmarks and growth opportunities.

Key Takeaways:

• Financial Preparation: Aesthetic practice owners should aim for a top-line revenue of at least $2 million and an adjusted EBITDA of $500,000 to appeal to private equity investors.
• Operation Analysis: Practices must be under substantial scrutiny, focusing on staff utilization, patient load, conversion rates, service diversification, and provider concentration.
• Team Structure: A strong, diversified team showcases a business's sustainability and is crucial for due diligence by private equity.
• Forward Planning: Owners should prepare for an exit strategy at least five years in advance, with a solid team including a CPA, legal team, and operational support.
• Data-Driven Decisions: Grasping industry benchmarks and using KPIs to make informed business decisions is imperative for growth and attracting investment.

If you are ready to create change and want to learn more about APX, please visit www.apxplatform.com to schedule a discovery call.

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About The Guest(s): Dr. Shitel Patel is a double board-certified plastic surgeon and the owner and founder of Lift Plastic Surgery in Houston. He is also the owner and founder of Advital, a business intelligence CRM for aesthetic medicine and a medical lead management system.

Episode: Summary: Dr. Shitel Patel discusses the importance of embracing AI and technology in the aesthetic medicine industry. He shares his journey as a plastic surgeon and the challenges he faced in building his practice. Dr. Patel explains how Advital, his software company, helps practices improve their marketing, communication, and patient journey. He emphasizes the need for accountability and process in running a successful practice and highlights the power of AI in lead management and conversion. Dr. Patel also discusses the future of AI in the industry and the importance of continuous improvement and adaptation.

Key Takeaways:

- Embrace AI and technology to improve marketing, communication, and patient journey.

- Accountability and process are essential for running a successful practice.

- AI can help manage leads, improve response times, and automate follow-ups.

- The fortune is in the follow-up; consistent and meaningful communication with patients is   crucial.

- The successful practice has a well-defined process for consultations, pre- and post-operative care.

If you are ready to create change and want to learn more about APX, please visit www.apxplatform.com to schedule a discovery call.

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• The right time to sell a practice depends on factors such as whether you're still having fun, if your business is still growing, and if you've prepared yourself for the sale.
• Valuation is determined by factors such as EBITDA (earnings before interest, tax, depreciation, and amortization) and the multiple applied to it.
• Factors that can increase valuation include having multiple providers, being located in a growing region, and having a higher percentage of med spa revenue.
• It's important to get your financials in order and clean up any accounting issues before a sale.
• Communication and community are key to running a successful clinic, and it's important to find a partner who values these aspects.

If you are ready to create change and want to learn more about APX, please visit www.apxplatform.com to schedule a discovery call.

Please visit our youtube channel at: www.youtube.com/channel/UCxOkt_vcZd4lXKwcGbgMYaQ

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Summary: In this episode, Terri Ross shares seven valuable lessons she has learned throughout her entrepreneurial journey in the aesthetic space. She emphasizes the importance of adaptability, resilience, positive team culture, networking, continuous learning, time management, and work-life balance. Terri's personal experiences and insights provide valuable guidance for entrepreneurs and professionals in the industry.

Key Takeaways:

• Lesson 1: Adaptability is crucial for success as an entrepreneur, as it allows you to navigate changing circumstances and market conditions.
• Lesson 2: Resilience is paramount to overcome challenges and setbacks, and it is essential to maintain a deep belief in yourself and your purpose.
• Lesson 3: Establishing a positive team culture is vital for building a successful organization, and it requires effective leadership, communication, and recognition of team members' contributions.
• Lesson 4: Networking is essential for professional growth and can open doors to new opportunities and partnerships.
• Lesson 5: Continuous learning is key to staying informed, acquiring new skills, and adapting to the evolving business landscape.
• Lesson 6: Time management is crucial for balancing work and personal life, and effective time blocking can enhance productivity and create more freedom.
• Lesson 7: Work-life balance is essential for personal well-being and maintaining meaningful relationships, and it is important to prioritize self-care and quality time with loved ones.

If you are ready to create change and want to learn more about APX, please visit www.apxplatform.com to schedule a discovery call.

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Terri Ross sits down with Claire Larson and Jennifer Hatton, Co-Founders of MedSpa Social to talk about a topic that is the source of a lot of anxiety among medical spa owners – how to execute a winning social media strategy. If you are like most med spa owners, you have a ton of questions about social media. On today’s podcast, Terri’s engaging interview will get you the answers you need! So tune it as you’ll want to listen to this episode to save time and money when it comes to social media!

Download the MedSpa Social Channels Basics Checklist: https://inboundphotos.shootproof.com/gallery/22417081

If you are ready to create change and want to learn more about APX, please visit www.apxplatform.com to schedule a discovery call.

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Terri Ross interviews Drew Fine, a Fractional Executive and Advisor for Get Hair MD. They discuss the non-invasive hair loss solutions offered by Get Hair MD and how it can be a profitable revenue stream for aesthetic practices. Drew shares his background in the aesthetic space and his experience working with major companies in the industry. He explains the history and business model of Get Hair MD, which focuses on licensing their suite of solutions and protocols to aesthetic practices.

The goal is to create a brand new hair vertical within these practices, offering exclusive territories and marketing support. Drew highlights the target audience for Get Hair MD, which includes patients suffering from hair loss and thinning hair. He emphasizes the non-invasive nature of the treatments and the high completion rate of the protocol. Drew also discusses the training and marketing support provided by Get Hair MD, including social media advertising and influencer partnerships. The episode concludes with a call to action for interested practitioners to reach out to Drew for more information.

Key Takeaways:

• Get Hair MD offers non-invasive hair loss solutions for aesthetic practices.
• The business model involves licensing the suite of solutions and protocols to practices, providing exclusive territories and marketing support.
• The target audience includes patients with hair loss and thinning hair, who are looking for non-invasive treatments.
• The protocol has a high completion rate and can be customized to fit into existing treatment offerings.
• Get Hair MD provides training and marketing support, including social media advertising and influencer partnerships.

If you are ready to create change and want to learn more about APX, please visit apxplatform.com to schedule a discovery call.

Please visit our youtube channel at: www.youtube.com/channel/UCxOkt_vcZd4lXKwcGbgMYaQIf you found this episode valuable, please share this with a friend or colleague that would benefit from listening.

**Key Takeaways:**

1. Understanding the financials and data of a practice is crucial for success in the aesthetic medicine industry.
2. Developing a treatment plan and effectively communicating with patients can lead to better patient retention and increased revenue.
3. Continuous learning and improvement are essential for staying competitive in the field.
4. Asking hard questions and negotiating job terms are important steps when joining a practice.
5. Conversion rates play a significant role in practice growth and should be regularly monitored and improved.

Dr. David Turer, a plastic and reconstructive surgeon, joins Terri to discuss the challenges and best practices in the aesthetic medicine industry. Dr. Turer shares his journey from engineering to medicine and how he navigated the business side of running a practice. He emphasizes the importance of understanding the financials and data of a practice, as well as the need for continuous learning and improvement. Dr. Turer also highlights the significance of developing a treatment plan and effectively communicating with patients to achieve their desired results. 


If you are ready to create change and want to learn more about APX, please visit apxplatform.com to schedule a discovery call.

Please visit our youtube channel at: www.youtube.com/channel/UCxOkt_vcZd4lXKwcGbgMYaQ

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Key Takeaways:

1. Sales training is an investment with a high return on investment for aesthetic practices.
2. Providers have an obligation to diagnose and provide comprehensive treatment plans for patients.
3. Effective sales training can build trust, increase revenue per hour, and improve patient retention and lifetime value.

In this episode, Terri discusses the importance and value of sales training for aesthetic practices. She emphasizes that as providers, it is their obligation to diagnose and provide the best possible treatment plan for patients. Terri shares her own background in sales and highlights the need for comprehensive and holistic treatment plans in aesthetic medicine. She also addresses common misconceptions and fears around sales in the industry. Terri provides insights into the six proven methods of what sales training can do for a practice, including building trust, increasing revenue per hour, and improving patient retention and lifetime value.

If you are ready to create change and want to learn more about APX, please visit apxplatform.com to schedule a discovery call.

Please visit our youtube channel at: www.youtube.com/channel/UCxOkt_vcZd4lXKwcGbgMYaQ

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Tune in to this episode of In Touch with Terri as she shares some exciting news about the recent merger that just took place between APX Platform and Engage Technologies Group and how the addition of the patient engagement feature along with APX’s practice optimization provides a comprehensive practice performance system that will
revolutionize the medical aesthetics industry.

Terri will take a deep dive into the value of patient engagement, the critical gap that currently exists in the industry, how it can differentiate your practice and give you a competitive edge, and enhance the patient experience by fostering buy-in, helping to provide education which makes them more informed and proving a higher patient conversion ratio.

If you are ready to create change and want to learn more about APX, please visit apxplatform.com to schedule a discovery call.

Please visit our youtube channel at: www.youtube.com/channel/UCxOkt_vcZd4lXKwcGbgMYaQ

If you found this episode valuable, please share this with a friend or colleague that would benefit from listening.