It is no secret that the costs involved with efficiently running a medical spa can add up. These expenses are typically ongoing and are costs that must always be added into your yearly expenditures. These costs are non-negotiable and must not be short cut in any way as your medical spa may end up running into issues that may potentially have long term negative impacts.
However, the actual amount of money allotted to these expenses depends on the medical spa itself. Expenditures in the medical spa industry are not one size fit all. Although the type of expenses are the same, the amount of money to be budgeted varies based on the size of the spa, location, years of operation, services and products administered, and the machinery used.
Typically your yearly business plan should include these expenses and the amount of money projected to be spent on these expenses based on the aforementioned factors. Although this is not an extensive list we have comprised what we deem to be the 5 main and most important expenses associated with medical spas.
Staff
Running a top tier medical spa that surpasses the competition within the area, you must have the best staff and practitioners within the industry. Having these practitioners will undoubtedly come at a high price point. Most of these individuals are well experienced and in most cases high in demand as many others understand the value that they offer and will want them to be a part of their teams.
Paying competitive salaries is one aspect but another important factor is ensuring that your staff complete regular training sessions. As well as attend conferences and information sessions to stay up to par and knowledgeable about new industry trends and changes. These can cost a lot of money and should be added to your staffing budget for the year.
Licenses & Insurance
Licenses typically are pricey and have to be renewed every year. These licenses cannot be neglected or your medical spa can run the risk of illegally operating. Due to the sensitive nature of medical spa operations there are licenses that must be in place in order to efficiently operate.
Insurance is another important factor that must be considered and added to your expenses. Just as doctors offices have malpractice insurance so should your medical spa because you are offering medical treatments. It is important to protect your medical spa from any issues or claims that may arise that can tank your business if the adequate insurance is not in place.
It is way too risky to operate and offer such services without having the proper insurance to cover against mishaps. Not to mention most of the machinery and physical infrastructure within medical spas cost a pretty penny and they should be fully covered in the event of any damage. You do not want to wind up losing thousands of dollars in machinery and equipment because something happened and they were uninsured this can tremendously set your business back financially.
Machinery & Supplies
In order for a medical spa to actually be a medical spa it must have the right machinery and supplies. Typically these machinery and supplies cost a great amount of money and they always require consistent maintenance. The laser tools, injectables, special chairs and tables, safety tools all come with a high price point.
If you want your medical spa to be a leader within the industry then you have to pay the price. These sorts of expenses you are not able to skimp on because you need to be competitive and offer your patients the best of the best.
Patient Management Software
Having a proper customer relationship management system comes in handy. It is mandatory to have a system that contains all of the patient’s medical history, information about prior visits, calendars and scheduling as well as billing. These types of systems allow your business to run smoothly and efficiently.
You can keep track of all patient records while maintaining a working personalized relationship with all patients. These software cost a lot and they have to be paid for on a consistent basis to ensure that the system is always current and up to date.
Digital and Traditional Med Spa Marketing
Now depending on the size of your medical spa your marketing budget will be decided. However it can still take a good chunk of your expenses as your marketing budget should be about 5-20% of your annual revenue as a good rule of thumb.
Both digital and traditional med spa marketing consists of many different moving parts all with varying cost. Some can cost more than others but all depends on what you are looking to accomplish and depends on the size of the medical spa. Along with the digital marketing costs it also costs money to hire a full fledged advertising agency that can actually carry out all the marketing needs both digital and traditional.
There are many other expenses that are to be considered when running a medical spa. However, these ones are some of the most important to be considered and cannot be downplayed. With proper planning and investments these costs will only be a small price to pay for the amount of money that your medical spa will be able to make long term.
