Running a successful practice takes work. While a strong team, great services, and exceptional services are always a must - sometimes that alone is not enough to reach your financial goals. This case study highlights our successful partnership with Elysium Medical Arts Center, showcasing their remarkable growth and profitability achieved through targeted financial and strategic operational adjustments.

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Identifying the Challenges

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Elysium Medical Arts Center, located in Washington State, employs a team of four staff members. Despite a solid patient base and high demand for services, the center was struggling with profitability due to high consumable spend and an unbalanced service mix. Recognizing the need for a comprehensive strategy, Dr. George Delaney turned to Maven Financial in March 2023 to uncover inefficiencies and improve financial performance.

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The Strategic Plan

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After conducting a complimentary Financial Benchmarks Assessment, we identified key areas for improvement, including:

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• Service Mix Optimization – Increased focus on high-margin services while reducing reliance on injectable treatments to improve profitability.
• Consumable Spend Reduction – Streamlined supply ordering and vendor negotiations, leading to lower cost of goods sold (COGS).
• Strategic Bundling & Marketing – Developed package deals and service bundles to increase patient retention and drive recurring revenue.
• Fixed Expense Controls – Identified opportunities to reduce overhead and improve operational efficiency through strategic vendor contracts and billing improvements.

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The Results

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With Maven's strategic plan in place, Elysium Medical Arts Center saw impressive results within the first year:

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• Revenue Growth: The launch of a new wellness program and a more balanced service mix drove a 67% increase in total revenue by mid-2024.
• Reduced Consumable Spend: Consumable spending decreased from 43% to 29%, thanks to better service mix and supply chain improvements.
• Profitability Boost: Net income increased by 10%, driven by higher margins and more efficient expense management.
• Operational Efficiency: Streamlined billing and vendor contracts reduced fixed expenses by 9%, supporting long-term financial health.

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Ready to Transform Your Practice?

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Elysium Medical Arts Center's success underscores the potential for any medical practice to unlock greater efficiency and profitability with the right guidance. If you’re ready to elevate your practice, contact Maven Financial today to schedule your Free Benchmark Assessment.

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Let us help you uncover hidden opportunities and turn challenges into growth. Reach out to Maven Financial and start your transformation today!