Importance of Staying Updated:
- Staying updated on industry trends and best practices is crucial for scaling medical companies.
- In the medical clinic and med spa industries, changes occur slowly, with occasional new machines or products generating buzz.
- Typically, long-standing, proven products remain the core offerings.
Approach to New Trends and Products:- Consistently seek out new trends and products, but ensure they are thoroughly tested and proven before implementation.
- Example: Taxify, a Botox product, was rolled out in one location with the best injector after a year of market presence and proven studies.
- Avoid experimenting on patients by reviewing literature and gathering feedback before adopting new treatments.
Sticking to Business Pillars:- Focus on your core business pillars instead of chasing hot trends for long-term success.
- Highly marketed trends, such as obesity treatments, can be intelligent additions due to increasing demand.
- Obesity rates are rising, creating a growing need for obesity medication and treatment.
Compliance and Legal Considerations:- Hire legal counsel knowledgeable in your state's medical regulations for compliance when providing new services.
- Different states have varying requirements for medical procedures and who can perform them.
- Legal counsel and an accountant are essential for opening new locations and ensuring compliance.
- Consistently consult legal counsel to ensure all operations are compliant and avoid legal issues.
Staying Informed and Following Industry Leaders:- Stay informed about treatments by consulting other clinic directors, researching online, and monitoring practices of large, publicly traded medical companies.
- Follow the practices of larger companies with extensive legal teams for guidance.
- Avoid building a business on unsustainable practices or those opposed by regulatory bodies, such as the FDA or DEA.
Marketing and Selecting New Services:- Ensure new products or services are well-marketed and have a strong online presence.
- Products like BTL aesthetics machines and Allergan CoolSculpting machines are successful due to their extensive marketing.
- Use tools like Google Trends and SEMrush to gauge the popularity and demand for new services.
- Add services that show high search volume and interest, avoiding those with little to no interest.
- Eliminate new services that don't work out and focus on proven practices.
Scaling with Proven Services:- Scale by delivering high-quality services within established areas like hormones, weight loss, wound care, and aesthetics.
- Proven services with long histories are more reliable and profitable.
- For more information, visit Genesis Lifestyle Medicine to see successful services and trends.
Summary:- Consistently seek and test new trends and products.
- Focus on core business pillars for long-term success.
- Ensure compliance with state regulations through legal counsel.
- Stay informed by monitoring industry leaders and using marketing tools.
- Scale by delivering high-quality, proven services.
