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The “Secret Sauce” in Achieving Extraordinary Practice Results

Discover the key success factors and practices to achieve extraordinary results in your medical aesthetic practice. Learn from a five-year benchmarking analysis and gain insights into improving performance and efficiency.

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The “Secret Sauce” in Achieving Extraordinary Practice Results

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  1. The “Secret Sauce” in Achieving Extraordinary Practice Results Presented by: Amanda Ortlip Allergan Practice Consultant

  2. Session Objectives • Report on results of Five Year Benchmarking Analysis • Provide education on how you can use practice benchmarks to enhance performance • Share insights of key success factors of better performing practices

  3. Program History BSM Consulting and Allergan have been administering a benchmarking survey for 13 years. Survey is available to Medical Aesthetic practices across the United States. Results reported for three sub-specialties and MediSpas.

  4. Survey Participant Specialties Footnote: 1Three years of data is collected for new practices participating in the survey. As this additional data is added to the databases, the number of practices reporting for prior years increases year over year.

  5. Highlights of the Analysis

  6. Analysis Objectives • Compare practice results over five year timeframe • Evaluate trends for key production and efficiency performance indicators • Identify key success factors for better performing practices

  7. Review of Key Performance Indicators • Revenue per FTE Physician • Revenue from Other Sources • Non-Surgical Procedure Volume • Operating Expense Ratio

  8. Revenue per FTE Physician

  9. Revenue per FTE Non-Physician Provider

  10. Revenue per FTE Physician vs. All Other Providers and Service Lines Footnote: 1Other provider and service line revenue includes income from physician assistants, nurse practitioners, nurse injectors, licensed aestheticians, retail sales, consulting and research, and other non-provider sources.

  11. Non-Surgical Procedure Volume Footnote: 1Non-surgical procedures include: neurotoxin injections, filler injections, microdermabrasion, chemical peel, skin rejuvenation, and laser hair removal.

  12. Operating Expense Ratio Benchmark Range: 58% – 72%

  13. Summary of Findings • Physician productivity has returned to 2007 levels. • Practices have done good job of growing other services lines to offset physician productivity declines. • Surgical procedures have declined but are trending positive over the past three years. • Practices have done a good job in controlling overhead costs.

  14. The “Secret Sauce” in Achieving Extraordinary Results Key Success Factors

  15. Adopt and Maintain a Business Plan

  16. Why develop a business plan? • Bring structure and discipline to the practice. • Build consensus among key stakeholders on vision, strategy, and goals. • Establish accountability for agreed upon projects. • Provide a foundation • for budgeting.

  17. Successful Implementation Requires: Strong physician leadership. Consensusamong stakeholders. Communicationwith staff. Proper alignment of economic incentivesbetween physicians and with staff. Accountability and measurement.

  18. Embrace Your Role as a Leader

  19. Ask Yourself Three Questions: ? What does my team need from me as a leader of the practice? What steps can or should I take in order to “keep it together?” What do I need to work on in order to enhance my skills as a leader in the practice? • 1 • 2 • 3

  20. Best Practices Establish and promote a strong sense of purpose and values. Provide a clear sense of direction. Behave in the “right” manner: • Arrive on time. • Be respectful to staff and patients. • Stick to the schedule. • Maintain a positive attitude. • Maintain an even keel.

  21. Best Practices Surround yourself with caring and committed individuals. Share the wealth; align incentives in a thoughtful and strategic way. Maintain a discipline of planning, budgeting, and measuring. Be more transparent about sharing information.

  22. It is fair to ask the “WIIFM” question! • Low, but healthy turnover. Reduction or elimination of drama. • Enhanced productivity and efficiency. Greater engagement of the team in achieving shared goals. • Feeling of contentment from building legacy value.

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