Contributed by MedResults Network partner, Jay Shorr of The Best Medical Business Solutions
I’ve seen it over and over again: I arrive onsite for a practice’s site visit evaluation and inevitably, there’s a once-loved device sitting in a closet. Maybe the laser is alone, both unused and unloved, but often, it may have a friend of two with it.
My business partner and I refer to this as the Laser Graveyard, and it’s all too common.
Before you splurge on your next piece of equipment, I suggest that you do two things:
1: Read on for a few tips of what to look for before writing the check. Note this is by no means an all-inclusive list, but just a start.
2: Listen to Thursday’s webinar on November 3, “How to Select Your Next Laser Device.”
Pitfall #1: Evaluate WHY you’re looking to purchase the piece of equipment, and what makes that piece of equipment right for your practice. Think about who is going to be treating your patients, how much time the piece of equipment takes for each treatment, and if you already have the patient base to cross market and cross sell. Is an aesthetician able to utilize the laser in your state, for example, or do you need to hire a mid-level practitioner? Have your patients been requesting a new treatment? Is it replacing an older device or filling a gap in your practice?
Pitfall #2: Not creating a proper marketing plan for your new piece of equipment. This isn’t the Field of Dreams, and you’re not Kevin Costner. If you build it, they may NOT come. Before making the splurge, thing about how you’ll market to your patients internally, through social media, e-blasts, postcards, print advertising, special events and more. Do you have a team made up of selling machines, or is your staff afraid of introducing patients to new technology? Know how you’ll set yourself up for success.
Pitfall #3: Not doing your research ahead of time. Check with other colleagues who have used the device to learn of their successes and opportunities for improvement. Check out your local competition to see about market saturation. Find out which complications occur over and over again, and which complaints or compliments patients in other markets have about the device.
Pitfall #4: Read the fine print in the contract. Make sure you review the contract, in detail, and consider presenting it to a professional as well. We review contracts for our clients on a regular basis to see what’s being left on the table. For example, did the contract include the MedResults Network membership discount or rebate that you receive as being a part of the organization, or was it mysteriously left out when the deal was put into writing?
Pitfall #5: Falling in love with the vendor/sales rep/piece of equipment. At the end of the day, the contract has to be something that will work for you. A new piece of equipment can be an incredible moneymaker and investment, but not knowing the items discussed above can start building… you guessed it… your laser graveyard.
Jay A. Shorr BA, MBM-C, CAC I-X is the founder and managing partner of The Best Medical Business Solutions, a medical practice consulting firm assisting cosmetic and aesthetic medical practices with the operational, financial and administrative health of their business. He is also a professional motivational speaker, an advisor to the Certified Aesthetic Consultant program and a certified medical business manager from Florida Atlantic University. He can be reached at firstname.lastname@example.org