If you own a thriving medical spa or dental practice and are itching to take the next step, you might want to know: How can I double the size of my practice?
Doubling the size of your practice comes with obvious benefits, like treating more patients, building brand awareness, and driving more revenue. And the number one way we suggest making this kind of growth happen is to hire a new provider.
But there’s more to hiring than simply posting on LinkedIn. Let’s take a look at some initial considerations and how this applies to both medical spas and dental practices.
What to Consider Before You Hire Another Provider
If your practice is ready to take the next step toward growing your team, ask yourself these questions first.
Are my current providers fully maxed out? If your providers are fast and efficient but you’re still booking patients months in advance, it might be time to hire. Ideally, you’d be able to bring in new patients within one to two weeks of the time of scheduling.
Do I have enough working capital? In the beginning, a new hire is probably going to cost more money to pay their salary than they’ll be earning for your practice. Until there’s enough patients to start generating a high return on investment (ROI), it’s important to have three to six months of expenses in reserve. That way, you don’t have to stress about making ends meet while the new provider’s schedule fills up.
Am I able to put in the time to hire the right person? Starting with a hiring plan can help the process go smoothly. A hiring plan might include working with a recruiter, asking your network, and creating job listings online and in industry groups. Hiring can feel like a full time job, so you’ll need to be ready to carve out the necessary time or pay someone else to help.
Hiring a New Provider at Your Medical Spa
Hiring a new provider can not only help you double your practice—it can also help you become a more financially efficient med spa. A financially efficient medical spa reduces turnover, because turnover is expensive. And there are two key ways to reduce turnover:
- Hire the right people. We talked about when to hire above, but what about who to hire? For starters, it helps to know what position you need to fill. If injections are booking far in advance, then you’ll probably want to hire an injector. But if another service is more popular, then consider which skill set would best fit your demand. And remember that the best candidates will demonstrate attention to detail and go the extra mile throughout the interview process.
- Compensate fairly. We’ll talk more about this in the last section, but keep in mind that compensating a provider with what they’re worth will help them feel valued and help you make a competitive offer.
Hiring a New Provider at Your Dental Practice
For dental practices, recruiting a new employee is often going to mean hiring an associate dentist. While hygienists and administrative staff are critical, an associate dentist is how your practice will double in size and patients served.
There are a few things to consider when hiring a dentist:
- Are you seeking a specialist or a general dentist?
- Is there a certain level of experience you’re looking for in a candidate?
- What are your state’s labor laws and fair market compensation?
Bringing in a new dentist is a big decision that affects the leadership, efficiency, and budget of your dental practice or DSO. But it can also lead to significant growth.
Compensating a New Medical Spa or Dental Provider
We give an in-depth explanation on how to compensate a new provider here, but there are three general levels of experience to consider:
- Compensating new graduates and/or inexperienced providers. These new hires typically receive a flat salary as they learn the ropes. A flat salary promotes quality over quantity of patient care.
- Compensating new graduates who’ve improved in quality or providers with some experience. These employees are usually offered a hybrid compensation of a flat salary plus commission. Once the provider starts bringing in patients of their own, they deserve a percentage in commission.
- Compensating experienced providers. Most experienced providers will prefer a salary based on a percentage of their production–usually 30-35%.
Compensation in the medical spa industry is a bit more complex than in the dental industry. Talk to your attorney about your state’s laws for paying providers. Also, ask your financial team how much you can afford to compensate.
Maven Can Help You Hire and Grow
As your financial partner, we dig into your practice’s numbers. The newfound data and financial efficiency can inevitably lead to growth for your business. If you’re interested in seeing the trajectory of your practice and planning for what’s next, contact us or send us an email at firstname.lastname@example.org!