Cameron is joined by  Ben Hernandez, founder and CEO of Skytale Group, and they discuss the growth of the MedSpa market, the importance of data, consumer spending trends, and the challenges faced by practices. They highlight the resilience of aesthetic services during economic downturns and the increasing demand for weight loss treatments. They provide valuable insights for practice owners and those interested in entering the aesthetics field.

In this conversation, Cameron Hemphill and Ben discuss the evolving landscape of aesthetic services, focusing on market trends, profitability, patient retention, and the shift from surgical to non-surgical treatments. They talk about the importance of understanding demographics, the impact of new technologies, and the necessity for practices to adapt and specialize in order to thrive in a competitive market. They also emphasize actionable insights derived from data to enhance patient loyalty and operational efficiency.

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Thank you for listening to this episode of Medical Millionaire!




Takeaways:

• The medical aesthetics market has doubled from 2017 to 2023.
• Consumer spending in aesthetics is resilient even during economic downturns.
• Data-driven insights are crucial for understanding market trends.
• Weight loss services are significantly growing within the aesthetics sector.
• Practices need to focus on retaining providers to maintain growth.
• Marketing and education are key to attracting and retaining patients.
• The aesthetic industry is seeing a surge in new practices opening.
• Consumer confidence impacts spending in aesthetics, but demand remains strong.
• Investment in aesthetics is prioritized over household expenses during recessions.
• The future of aesthetics looks promising with ongoing innovations and consumer interest. Emerging aesthetic services are attracting a new demographic of patients.
• The market for dermal fillers has seen a slight decline, while weight loss services are booming.
• Neurotoxins, while popular, have lower profit margins compared to other services.
• Specialization in aesthetic practices can lead to greater profitability.
• The shift from surgical to non-surgical treatments is significant and growing.
• Patient retention rates above 70% are crucial for practice success.
• Understanding demographics is key to tailoring services and marketing strategies.
• Data-driven decision-making can enhance operational efficiency.
• Practices should focus on building patient loyalty through effective treatment plans.
• Running a practice with an exit strategy in mind can improve overall performance.

Unlock the Secrets to Success in Medical Aesthetics & Wellness with "Medical Millionaire"

Welcome to "Medical Millionaire," the essential podcast for owners and entrepreneurs in
Medspas, Plastic Surgery, Dermatology, Cosmetic Dental, and Elective Wellness Practices! Dive deep into marketing strategies, scaling your medical practice, attracting high-end clients, and staying ahead with the latest industry trends. Our episodes are packed with insights from industry leaders to boost revenue, enhance patient satisfaction, and master marketing techniques.

Our Host, Cameron Hemphill, has been in Aesthetics for over 10 years and has supported over 1,000 Practices, including 2,300 providers. He has worked with some of the industry's most well-recognized brands, practice owners, and key opinion leaders.

Tune in every week to transform your practice into a thriving, profitable venture with expert guidance on the following categories...

-Marketing
-CRM
-Patient Bookings
-Industry Trends Backed By Data
-EMR's
-Finance
-Sales
-Mindset
-Workflow Automation
-Technology
-Tech Stack
-Patient Retention

Learn how to take your Medical Aesthetics Practice from the following stages....
-Startup
-Growth
-Optimize
-Exit 

Inquire Here:

http://get.growth99.com/mm/