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Three Reasons Why Offering Payment Options helps to Strengthen Client Relationships

Posted By Administration, Tuesday, November 13, 2018

Sponsored by CareCredit

Spa and med spa businesses are always looking to strengthen relationships with clients. How you connect with clients, solidifies credibility and trust that translates into continued financial success. However, a major challenge many businesses face is identifying the right strategies to help build long lasting relationships and overall reputation. One effective action plan can be to offer your clients payment options, like the CareCredit credit card. 

1. Provide transparency and build trust with your clients 

Offer your clients payment options that include special financing options like the CareCredit credit card, with no interest if paid in full within the promotional period*. This helps them identify how to pay, with a selected option that best fits their needs. With budget-friendly monthly payments, spa owners can also help clients choose service enhancements and add-ons without cutting the price of the service to show value. With a dedicated way to pay, clients will understand the pricing for their treatments, and trust their spa or med spa providers. This may also entice clients to elevate or increase services and return for follow up treatments. 

2. Offer payment options that help clients get the treatments and services they want, when they want them

Most spa clients may not have a fixed budget for covering the costs of the beauty, spa and wellness treatments that they want or need. The CareCredit credit card offers spa clients a convenient payment option so they can fit more spa services into their budget. Promotional financing options are available for purchases of $200 or more. CareCredit offers cardholders access to a calculator tool so they can easily review average monthly costs. In turn, clients will feel valued knowing their spa and med spa provider has their best interest in mind. 

3. Leverage payment options to promote your spa or med spa specials and exclusive offers 

Give your marketing materials an overhaul. Update exclusive offers and eblasts touting the latest and greatest offerings or promotional specials; and make them even more exciting by noting that the CareCredit credit card is a payment option for them. By offering value and information about a payment option with promotional financing options, clients will feel like they are receiving a special offer. As a result, they may schedule services and return visits.  

CareCredit works with more than 210,000 providers across a broad range of specialties including medical care, beauty, dental, optometry, hearing and veterinary services. With CareCredit’s 11 million cardholders, spa and med spa businesses can get connected to a new client base, while providing optimal service for current clients. 

Visit Carecredit.com/providercenter now to learn more and enroll so you too can offer your clients CareCredit as a preferred payment option.

*Subject to approval. Minimum monthly payments required.  See carecredit.com for details. 

**No interest will be charged on the promotional purchase if you pay the promotional purchase amount in full within the 6, 12, 18, or 24 month promotional period. If you do not, interest will be charged on the promotional purchase from the purchase date. If your purchase qualifies for a 24-month promotional offer, fixed monthly payments are required equal to 4.1667% of initial promotional purchase amount until promotion is paid in full. The fixed monthly payment will be rounded up to the next highest whole dollar and may be higher than the minimum payment that would be required if the purchase was a non-promotional purchase. For all other promotional offers, the regular minimum monthly payment terms of the account will apply. Regular account terms apply to non-promotional purchases and, after promotion ends, to promotional balance, except the fixed monthly payment will apply until the promotion is paid in full. For new accounts, Purchase APR (interest rate) is 26.99%. Minimum Interest Charge is $2. Existing cardholders should see their credit card agreements for their applicable terms. Subject to credit approval.

Tags:  Sponsored Content 

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CareCredit Establishes New Partnership with American Med Spa Association to Help Drive Growth Among Spa Providers

Posted By Administration, Monday, September 17, 2018

Sponsored Content: CareCredit

CareCredit has partnered with the American Med Spa Association to help spa and med spa industry professionals bring the benefits of CareCredit to their practices. Providers can now offer clients access to more treatments and services while also expanding their potential client base to CareCredit’s 11 million cardholders. Participating spas and med spas will also become a part of the CareCredit network of qualified providers, which receives more than 850,000 searches per month.

The partnership was developed in conjunction with CareCredit’s recent expansion into the day and medical spa markets—helping spa providers drive growth by providing an additional payment option for consumers. Day and medical spas are an attractive growth segment for CareCredit. According to the Global Wellness Institute Global Economy Monitor, wellness is a growing trend showing no sign of slowing down, having become a $3.4 trillion-dollar global industry as of January 2017. Over the next five years, the medical spa market opportunity is expected to grow at a rate of 8% year over year through 2022.  

Working with more than 200,000 providers across a broad range of specialties including medical care, beauty, dental and veterinary services, CareCredit helps people care for themselves and focus on their overall wellbeing, while also helping small business owners offer more payment options.  In turn, small business owners can enjoy peace of mind while using CareCredit to grow their business and clientele.

All AmSpa Members receive 20% off merchant fees on purchases over $200. Click here to learn more about CareCredit.

 

Tags:  Business and Financials  Sponsored Content 

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Getting a Loan for Your Medical Spa Practice: Q&A With Wells Fargo

Posted By Administration, Wednesday, September 12, 2018

Sponsored Content: Wells Fargo

Being approved for a business loan for a medical spa practice isn’t a process that many are familiar with, and the thought of it can seem daunting. AmSpa recently recorded an episode of the Medical Spa Insider podcast with Jeremiah Johnson and Chris Maiwald of Wells Fargo. Check out the quick Q&A below and listen to the episode to get answers to your medical spa lending questions.

 
1. People tend to either be unfamiliar with commercial lending or intimidated by it. Can you describe how you, as a lender, approach the lending process with a new entrepreneur? Is it a difficult process or relatively painless?

Each lending scenario is different. However, I find the lending process to be relatively painless when the borrower/entrepreneur is responsive. My approach to lending is to offer financial expertise to my clients based on their business’ unique needs. My team and I work with our customers to offer them a range of financial services, including credit and cash management. 

 
2. Getting a commercial loan has been difficult, at least historically, in this industry. Are startup loans for med spas available? How hard are they to get?

Yes, start up loans for med spas are available. While each scenario and loan application is different, it is important to work with your banker to determine your best loan options. 

 
3. How does the overall process work? How long does it take? What information does the borrower need?

Although we have a standard process that all loans will follow, each customers’ business scenario and needs are different. Therefore, the timing will vary from customer to customer.

Most loan applications can take between 45 – 60 days depending on the complexity of the project. Projects that include real estate can take up to 60 days, due to the time it takes to obtain appraisals and environmental assessments. A start-up loan without real estate generally takes less time.

Equipment-only loans generally can take anywhere from 3-21 days depending on the documents needed and how fast the entrepreneur submits them.

Typically, we need a copy of an application, personal financial statement, 3 years of business and/or personal tax returns, and a resume.

 
4. How detailed a business plan should the entrepreneur have? Should they have pro formas for 1 year, 3 years, 5 years? How specific/detailed should it be?

Your business plan should serve as a road map to the success of your business. A detailed plan is great, but from a bank’s perspective, we look at a range of different numbers, what type of project you are taking on and the associated risk. 

 
5. Typically how much of a down payment does the entrepreneur have to come up with? Any rule of thumb?

Every loan transaction and customer is different and evaluated on their own merits. Generally, down payment requirements are up to 30% of the total project cost.

I always encourage our customers to call their banker to discuss the project they have in mind. This allows our team to get a better understanding of the customer’s needs and develop a plan for their specific business scenario. 

 
6. Are these loans typically personally guaranteed?

Not all business loans require a guarantee, but all SBA loans do require a personal guarantee. Talk with your banker to learn more about guarantees required by the lender. 

 
7. Why is it important to use a lender familiar with health care? Medical aesthetics specifically?

Lenders who fully understand the healthcare and medical aesthetics industry can speak the language that can help get borrowers through the application process and, if eligible and approved, get the project funded. Our team knows the industry thoroughly, so we are able to help our customers choose the right loan program that fits their needs and ultimately help to achieve their long-term plan. We understand all aspects of a business plan from the complete start-up cost to marketing. We also understand what it takes to be a fee for service business and how to approach cash flow needs from that perspective.

 
8. What about lending for capital equipment purchases, like a laser – do you handle that and how difficult is it to obtain this type of loan?

We have a healthcare equipment lending group that we will engage to help you evaluate potential options to finance this type of request. Our equipment lending group only lends on equipment and offers highly specialized expertise in this area.

Ultimately I would recommend reaching out to your banker who can make suggestions based on your unique situation.

 

For more information reach out to:

 Jeremiah Johnson
Vice-President–Healthcare Specialist
817-505-3641
jeremiah.a.johnson@wellsfargo.com

Chris Maiwald
Vice President¬–Business Banking
682-213-0711
chris.maiwald@wellsfargo.com

Tags:  Business and Financials  Medical Spa Insider Podcast  Sponsored Content 

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SkinPen® Remains the Only FDA-Cleared Device for Microneedling

Posted By Administration, Monday, September 10, 2018
Sponsored Content: Bellus Medical

Aesthetic medical providers beware: The FDA codified its classification order for microneedling, likely putting practices using non-cleared devices at greater risk.

“In many medical device liability cases, a doctor is shielded from liability when properly using a cleared and compliant device, since the FDA review and clearance would ensure all likely hazards are controlled,” said Marc C. Sanchez, an FDA attorney who worked on Bellus Medical’s microneedling De Novo submission. “That defense is totally washed away when using an unapproved medical device.”

As of March 1, there is only one FDA-cleared microneedling device: SkinPen® by Bellus Medical. According to Sanchez, the classification order makes all non-cleared microneedling devices of any kind subject to enforcement actions, such as refusing entry for imported derma rollers and pens as well as issuing warning letters to non-compliant manufacturers.

Read Sanchez’s post on FDA Atty to learn more about the classification order and the new risks for doctors and aestheticians.

Click here for more information on Bellus Medical, and click here to read more about the SkinPen® in AmSpa’s medical spa treatment directory.
 

Tags:  Med Spa Trends  Sponsored Content 

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5 Med Spa Tips: Turning Your Staff Into a High-Performing Team

Posted By Administration, Wednesday, August 8, 2018

Sponsored Content: Venus Concept

Having an outstanding team in a medical spa or aesthetics practice is one of the biggest contributors to long-term success. Quality employees will impact everything from treatment results, to patient retention, to new patient acquisition, to retail sales and much more.

Every person working at your aesthetics practice plays an important role—from a full-time nurse injector to a part-time marketing intern. Boosting performance is always a priority, but it’s not always clear how to navigate the hiring, training, and team-building process so everyone is ready to keep your practice running smoothly and your customers feeling great.

If you’re wondering how to build a high-performing aesthetics team, then we’ve got you covered with these five key tips to hiring and training high-performing staff for your practice! 

1. Start Strong with a Solid Plan

Begin your team-building project by realistically assessing the number and character of distinct jobs that your practice needs to succeed. Your goal is to have the right number of people to serve all your clients without long patient waits. If practice is on the smaller side, the team might be made up of yourself, a direct treatment provider (maybe that’s you, maybe that’s another person), possibly an aesthetician or injector, and a receptionist. A larger practice might add multiple aestheticians, a medical director, a medical assistant, a practice manager, a care coordinator, and a marketing associate.

2. Be Extra Interview-Ready

To build a high-performing team, be patient with the hiring process—adding a weak member to the team will hurt morale and hamper the patient experience. Think about the kind of personalities and credentials that you’d like to join your team. Articulate the top priorities for a potential new hire. These could be professional skills, team style, leadership, customer service, or other qualities. Those key priorities are your guide through the hiring process; when it comes time for the interview, translate them into questions, and tailor them to fit the responsibilities of each role. Those questions will illuminate how the potential hire rates on the key attributes you identified, and indicate whether or not they’ll be an asset to your team.

3. Keep it Positive

The key to fostering a positive atmosphere? Lead by example! Greet each staff member each morning when you arrive, and say goodbye each evening before you leave. Arrive on time and show empathy. After all, this group spends around 40 hours together each week. Making those relationships meaningful will strengthen your team and your practice. If you create a workplace environment where employees are genuinely happy, patients will feel it, too.

4. Train Year-Round

Another important element to building up your team’s professionalism and dedication is ongoing training, and training can happen in a lot of different ways! Schedule a weekly half-hour training session or an afternoon of training once a month. If you use aesthetic devices, look for manufacturers that offer ongoing clinical education, so employees can use these devices to the best of their ability. Building employee expertise enhances your practice overall, so keep your staff up-to-date on industry trends and new procedures.

5. Lay a Good Foundation

Creating and maintaining a high-performing team for your aesthetics practice may be simple, but it certainly isn't easy. It requires commitment on your part. It's difficult to create or sustain a healthy team environment if employees do not feel protected or valued in terms of payment or support for their labor. Start with strong fundamentals like fair wages and realistic benefits, and ensure that these are taken care of before all else. Be consistent and be equitable, and make sure that your bases are covered from day one in terms of fair pay and labor practices.

Still unsure about where to start and how to make the best impact? Don’t worry! Venus Concept partners with high-performing medical aesthetics clinics in more than 65 countries, and has developed a report specially designed to help your practice succeed.

Download the free report, How to Create (and Maintain) a High-Performing Team for Your Aesthetics Practice, to learn more about what makes a great aesthetics team. 

Download Now

Tags:  Business and Financials  Med Spa Ownership  Sponsored Content 

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