I am a physicina who owns a medical spa which is my own business and has been growing slowly, unencumbered by any other business relationships or partnerships. At this point, I am under capitalized and wondering what my options are for partnering with someone to invest money and or time in my business. I am concerned about a non medical partner which may be illegal due to fee splitting laws, or "aiding the practice of medicine by a non physician." Is there a way, other than taking out more loans, to partner with a non physician in the medical spa business?

MDG,MD

I personally would recommend to stay it alone if at all possible. Remeber if you add a partner you will always have to split revenues with them. If you have a friend that is a good businessman and can act as a mentor talk to them for advice. I have a couple of very good business mentors that I will use. i take them to lunch every so often and pick their brains. Both of my mentors are self made millionaires. they help to keep me grounded.

Another thing you could look at is talking to a local university with an MBA program. Many of these programs will offer free business consultation services. They would likely be wiling to look at your situation and help point you in the right direction.

Don't you wish they would teach business in medical school? Remember to look for ANY inexpensive or free advertising. Look to your own patients. Put brochures or even video in your waiting area and even your exam rooms. Go talk to local primary care physicians and let them know what you do. I have talked to some fo the local derms and even they will send me some referrals. Go and talk to local hair salons anything that is free.

I would even think about doing a monthly or bimonthly seminar or even an open house and offer significant discounts for that night only. We did one of these and took in about $27,000 in one night. It gave us a shot of money to have some breathing room. Please do not forget to take out overhead when you do these things such as the cost of the botox or fillers etc.

Make sure you offer enough services. If you do not do botox fillers etc learn how. Many of the medical services can be learned at minimal costand will add a nice boost to your bottom line. You will not survive if you only do hair removal and photofacials. remember it is the medical procedures that pay. Spa services are nice to offer but may be costing you more than they are worth.

Other will have recommendations as well try these before adding a partner. Partners always make things more difficult. I would only partner with an MD that is willing to take some fo the risk as well as some of the workload.

I hope this helps.

Thanks LH,

I do offer all of those procedures. I appreciate the advice and would like to know more details about the event that garnered 27K. Could you email me so we can open a dialogue? greenerdoc@aol.com

Thanks!

MDG: you should be in contact with your list of satisfied patients atleast on a monthly basis via a newsletter (i use www.constantcontact.com for a e-mail letter. Many feel that a "hardcopy" newsletter is necessary; consider doing those as well. We had great results w/ a seminar to current patients where it was "bring a friend"--also had a contest w/ prize to person who brought the most friends. hope that helps!

Thanks Derma,

I also use constant contact. I am having a briong a friend in December and a Botox event in November. I like the idea of the contest. I am also implementing a referral program that will be ongoing. Any other guerrilla marketing ideas?

Thanks

MDG,MD

We had an open house for our current clients. We offered discounts on everything for that night only and only to them. We allowed them to bring a friend as well. We did ours in february and it seemed to work well. We will likely do it again this year.

We also offer seminars every 3 months or so on various topics. We are adding a large screen TV to our reception/retail space. This allows us to show the procedures we offer as many pts do not understand all of what we offer.

I would check with your lawyer about the referral programs. Some state medical societies frown on this even if it is legal. I was reviewing my membership in ASLMS and they state that it is a reason for dismissal from ASLMS. The contest by DermaRogue should be fine but I would be careful about giving any financial rewards.