Med spas with one to three locations are special. Operations are small enough that business owners have a pulse of everything that’s going on. But the med spa might be scaling up, and owners need help navigating what’s next. As a growing med spa owner, you might be asking yourself: What makes my business tick? Where is my revenue coming from? This is where med spa data comes in.
Luckily, Maven Financial Partners serves clients just like you. And one of our specialties is digging into data. In fact, our very own Christin Trujillo recently spoke with Medical Millionaire podcast about the financial insights that can be gleaned from med spa data.
Read on to learn about how we use your EMR system to uncover critical information about your business—and what steps to take after that.
What’s an EMR System?
Electronic medical records, or EMRs, are a digital format of patient charts. EMRs collect patients’ data about things like recent visits, treatments, and medical history. And EMRs are typically stored in what’s called an EMR system.
Another way to put it is that an EMR system is an often-untapped wealth of data. Of course, providers read patient EMRs to provide the right care. But there’s more to learn from an EMR system—which is where Maven comes in.
Our team is familiar with all the major third party EMR platforms. And we can maneuver through each of our clients’ systems to extract data and build a roadmap. Learn more about what we can learn from the med spa data in your EMR system.
What Med Spa Data Can Teach You
This data is usually readily available to all med spas, but business owners often need help reading and interpreting the data. You might have a hunch about where a specific problem is stemming from, like why profits are slowly decreasing or where you’re losing patients in the pipeline. But numbers give validity to your narrative.
Med spa data can help you understand everything about the business from the inside out. The EMR system can tell us things like which service categories are most profitable, the revenue per hour and per provider, the number of patients per hour and per day, and so on. All this information can help you become a more financially efficient med spa.
Our team at Maven pulls the data in bulk and presents it in easily digestible ways. We show you the highlights and pain points. Then, we meet with you every month to review recent data and discuss where the med spa is headed. There’s typically an “epiphany” moment with clients—when the numbers align with the business owner’s hunch.
Taking the Next Action Steps
Once the numbers are in hand, it’s time to take action. Clients will want to develop three or four action items upon leaving the check-in meeting. Here are a few examples of data-driven action steps:
- Grow patient leads. A lack of profit is not usually an expense problem—it’s a revenue problem. The med spa needs to bring in enough revenue to cover overhead expenses and still have profit left over. And often, growing revenue boils down to bringing in more patient leads. This might look like ramping up your marketing strategy and checking conversion rates from your various marketing channels. At the end of the day, busy providers equals more money flowing in.
- Examine payroll. Aside from providers, how are support staff and medical assistants performing? Of the revenue coming into the med spa, what percentage is going toward payroll? It’s worth making sure your payroll is balanced out by the productivity of each employee.
- Find the ideal revenue per hour. Revenue per hour can vary by med spa, but it’s worth finding your sweet spot. This can depend on market size, service prices, and length of appointments. It can also be improved by freeing providers from doing work like charting and administrative tasks and delegating this work to another employee. Business owners can turn the various dials until they’ve optimized revenue per hour. Every hour matters—and the money is made at the chair, doing the actual patient services.
Find a Trusted Financial Partner With Maven
One of Maven’s core values is providing balance to business owners. Even when running a med spa, you can still find balance between life and work. We celebrate your successes, embrace your challenges, and help you sleep at night.
To receive a complimentary financial analysis and learn more about our services, please contact us today.