Archives for March 2023

Trending Topic: Medical Spa Memberships

*The popularity of mobile rewards and membership programs continues to rise in the medical spa industry.*

The Benefits of Offering Memberships

Membership has its advantages. There was a time when memberships were limited primarily to fitness clubs and resort programs. Today, however, memberships are much more widespread, encompassing everything from spas to co-working spaces. Just think of how prevalent subscriptions are these days, from streaming services to workout apps.

There are also a host of rewards programs, such as the Dunkin Donuts’ DD Perks program, which recently came under fire when it was rebranded as Dunkin Rewards and introduced a new set of criteria for earning points. While loyalty programs require consumers to earn their rewards, membership programs incentivize them with immediate access to perks and benefits.

Medical Spa Memberships

Spas have long taken advantage of the membership model for its ability to boost revenue, build loyalty, promote return guests, and more. Now, medical spas are introducing memberships for many of the same reasons. A growing trend, medical spa memberships make sense for those clients interested in maintaining their results. Because most aesthetic treatments, such as injectables, fillers, and lasers, provide temporary solutions, subsequent treatments are necessary to maintain the results. A membership gives clients the opportunity to save money with a monthly or yearly membership fee.

Members also benefit from exclusive offerings and special events that let them be the first to learn of new treatments, technology, products, and more. Memberships can be structured in various ways, but the best ones keep it simple and avoid having multiple tiers. Ultimately, the goal is to build a loyal community, and you do that by understanding what clients want and providing real value for being a member.

RepeatMD Mobile Rewards

In 2021, RepeatMD launched a mobile rewards app for the aesthetics industry. It is designed to make it easier for medical spa staffs to sell memberships and high-margin treatment packages while enhancing the patient experience. It is just one of the many companies offering membership management software and apps to attract and retain clients. According to the folks at RepeatMD, the average increase in revenue from use of the app is $357,840 over the course of a year. And proving the effectiveness of membership plans, the company reports members spending 44 percent more on average than non-members annually. Finally, retention was reportedly boosted, with 7 out of 10 patients wanting ongoing treatments for aesthetic services.

Membership programs help clients stay consistent with their medical spa services and can also introduce new treatments that might not be on their radar. Ultimately, memberships should be win-win for everyone. It’s no surprise they’re on the rise.

Looking to Sell Your Practice? What a Booming Medspa Industry Means for You

March 22, 2023 by Princeton Medspa Partners

Looking to Sell Your Practice? What a Booming Medspa Industry Means for You

Medspa owners looking to sell, we’ve got good news for you: The industry is thriving.

While medical aesthetics used to be more of a hush-hush industry, in recent years, it has become a mainstream topic of discussion. Patients are becoming more and more comfortable wanting to share their remarkable results with their peers, friends and family. And not only are medspas more popular, but they’re also more profitable than ever.

The current state of the medspa industry, along with indications of future long-term growth, makes now a great time to sell your medspa. As seasoned medspa owners, industry pioneers and financial advisors, Princeton Medspa Partners (PMP) is confident that the industry will continue to grow with no end in sight.

According to the recent 2022 Medical Spa State of the Industry Report:

The medspa industry is one of the fastest growing industries in the United States.

The medical spa industry is a $15 billion industry that employs 70,000 people. It is projected that by 2025, there will be 11,553 medical spas in the country. Over a three-year timespan, the total number of medspas increased by over 30%:

2019: 6,582 medspas
2022: 8,841 medspas

With a growth in demand also comes a growth in revenue.

From 2021 to 2022, the average annual medspa revenue increased from $1,722,551 to $1,982,896. This growth is only poised to soar with the financial forecast estimating the average annual medspa revenue will be between $2,006,725 and $2,310,543 by 2025.

Patients are spending more and visiting more often.

Repeat patients comprise an average 65% of medspa patients, with 35% on average being new patients. The average patient-spend for non-surgical aesthetic procedures exceeded $500 per visit in 2022, compared to an average spend of under $500 per visit in 2019. Not only are patients spending more per visit, but there are also more patients visiting:

2019: 243 average patient-visits per month
2022: 283 average patient-visits per month

In summary, the industry’s financial future looks bright.

Though financials were impacted by COVID-19 in 2020 and 2021, 88% of medspas anticipated revenue increases in 2022 compared to 2021. And 74% of those medspas estimated greater than 10% growth.

PMP is actively seeking out successful medspas as well as providing owners with desirable exit opportunities. If you have a desire to sell, we can help you take the next step in your medspa journey! Reach out to PMP today by emailing us at info@princetonmedspapartners.com.

Medspa Industry Trends: Which Services Are in High Demand?

March 22, 2023 by Princeton Medspa Partners

Medspa Industry Trends: Which Services Are in High Demand?

Selling your medical aesthetic practice to Princeton Medspa Partners (PMP) comes with serious buying power and advanced educational opportunities for your business. Both services go hand in hand to make sure your medspa is ahead of the curve.

With PMP, you’ll have access to the top technologies at the best prices as well as training and other ongoing educational opportunities to guarantee your medspa provides the highest level of services and stays on the cutting edge of the industry.

We can help advise which technologies and treatments to acquire so that you receive the biggest return on your investment. Let’s look at the top procedures offered in the past year, according to the 2022 Medical Spa State of the Industry Report:

94% of medical spas offered facial injectable procedures.

Botox®, Dysport® and Xeomin® neuromodulators have remained the leading treatments for reducing wrinkles and rejuvenating an aging facial appearance. Since gaining FDA-approval in 2002, Botox is still one of the most in-demand cosmetic procedures on the market. Other popular facial injectables include dermal fillers, Sculptra® and Kybella®.

92% offered other non-surgical aesthetic services.

It’s no surprise non- and minimally invasive aesthetic services are leading this list. Aside from facial injectables, other non-surgical treatments gaining popularity include microneedling, PRP (platelet-rich plasma), dermaplaning, vein treatments, vaginal rejuvenation, thread lifts, IV therapy and weight loss treatments.

82% offered aesthetician services.

This broad category of services includes clinical skin care and beauty treatments such as facials, HydraFacial®, dermal infusion, chemical peels and microdermabrasion. Aesthetician services help maintain and enhance skin’s overall health and radiance over the long term.

76% offered energy-based skin rejuvenation.

Laser skin technologies are constantly improving along with their long list of benefits. The world’s leading laser treatments can help renew skin from within, stimulate new collagen growth and reverse years of sun damage and aging without surgery or lengthy downtime.

67% offered energy-based hair removal.

Laser hair removal has gained popularity as a safe and proven solution for reducing unwanted hair anywhere on the face and body. When it comes to methods of hair removal, non-invasive laser technologies offer the longest lasting results for hair-free skin.

60% offered non-surgical skin tightening.

Non-surgical skin tightening treatments have become a popular alternative to surgery, delivering impressive results with less downtime. Using targeted light energy, non-invasive skin tightening can tighten loose skin on the body while rebuilding collagen for long-lasting improvement.

53% offered body contouring.

A huge pull with non-surgical body contouring is the ability to reduce stubborn fat and/or tone muscle without surgery, scarring or downtime. Non-surgical modalities, such as EMSCULPT NEO®, also have the ability to address multiple problem areas at once.

With the support of our extensive industry knowledge and guidance, PMP can set your medspa up for success. Learn more about joining our community of the leading medical spas in the country by emailing us at info@princetonmedspapartners.com today.