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the
Grace Report Provides Important Private Intelligence,
Gathered Exclusively
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Headlines-
January 9, 2005
Headlines- January 9, 2006 Commentary
and Opinion by Robert L. Michel: IT’S ACTUALLY THREE TRENDS THAT WILL GROW EXPLOSIVELY as the nation’s millions of baby-boomers move from middle age into their golden years and seek to refresh themselves in the “Fountain of Youth.” I am speaking of: 1) the demand for cosmetic services; 2) the desire for consumers with discretionary income to spend it on aesthetic services in health/beauty/resort spas; and, 3) the shift in the healthcare system to have consumers pay more money directly out-of-pocket for health-related services. Within the ob-gyn profession, one group already appreciates the economic potential of these three trends. It includes all ob-gyns who currently offer cosmetic surgery and aesthetic services to their patients and the greater community. By all reports, a well-run medical spa delivers solid financial results for its owners. That’s certainly the case with Richard J.Mooney, M.D., an ob-gyn in Redding, California, who opened his medical spa in July 2005. It took just five months for his enterprise to pass the monthly break-even point! We provide an inside look at his business and strategy on pages 3 to 10 of this issue. I’d like to offer some compelling evidence that these are real and powerful trends. The International Medical Spa Association (IMSA) has published figures about the number of medical spas in the United States. In the year 2000, IMSA estimated that about 12 medical spas were operating in this country. Now, five years later, there are between 1,250 and 1,500 medical spas in operation. As
clients and regular readers of the GRACE REPORT know, I am a This is powerful evidence that consumer demand for medical spa services is growing exponentially—and that’s before the full impact of the three trends listed above kick in. Add it all up, and I’d say that ob-gyns like Dr.Mooney are following a sound business strategy...and should enjoy a prosperous future. In fact, medical spas can be expected to play a significant economic role in the future of many ob-gyn group practices throughout the country. -------------------------------------------------------------------------------------------------------- Ob-Gyn Hits Home Run With Medical Spa Business Richard J. Mooney M.D.’s new medispa posts 20% growth in patients and revenues CEO Summary: Aging baby boomers are seeking ways to look younger. They are going to spas for hair and blemish removal, for facials, and other rejuvenating services. Five years ago, there were only about dozen medical spas in the United States. Today, the International Medical Spa Association estimates there are more than 1,250. Demand for noninvasive medical skin rejuvenation services has increased more than 450% over the past four years. Ob-gyns are well suited to starting medical spas because they have a ready market among their patients, says ob-gyn Richard J. Mooney, M.D., of Redding, California. -------------------------------------------------------------------------------------------------------- Why Physician Involvement Is Needed for Medispa Success Professional skills and personal relationships are highly-valued by aesthetic patients CEO
Summary: Having made the decision to diversify his ob-gyn practice -------------------------------------------------------------------------------------------------------- Transitioning to Cash-Only: Implementing the Strategy After doing a market survey and developing a business plan, the next step is implementation CEO Summary: In part one of building the cash-only practice, experienced consultant Suzanne Dewey covered the essentials of preparing the way: doing a marketing study and developing a detailed business plan. In part two, Dewey offers specific advice on how to implement this plan. In particular, obgyns and practice administrators need to communicate implementation requirements to staff and hold the team accountable for accomplishing milestones on time and on budget. Dewey also provides insights on how to monitor patient satisfaction with the services they receive in the cash-only practice. -------------------------------------------------------------------------------------------------------- Helping Uninsured Women Pay OBs for Pregnancy Care Maternity Card has a unique approach that benefits both patients and ob-gyns CEO Summary: Statistics show that more than half of the nation’s pregnant women lack either health insurance or maternity benefits. In response to this trend, Austin, Texas-based Maternity Card™ created a novel program to help uninsured and expecting women find healthcare at a reasonable cost. Maternity Card negotiates directly with interested ob-gyns, hospitals and labs on behalf of the patient, who agrees to pay the full amount of the negotiated fees by the seventh month of her pregnancy. Ob-gyns interested in helping their uninsured patients may want to learn more about Maternity Card’s program. -------------------------------------------------------------------------------------------------------- Crew Resource Management (CRM) Book Now for Sale Ob-Gyn
Management: One of several management tools being used -------------------------------------------------------------------------------------------------------- Cervical Cancer Update: New Technology to Create Better Cervical Cancer Test Georgia company is developing diagnostic device for real-time detection of cancer in docs’ offices ------------------------------------------------------------------------------------------------------- INTELLIGENCE: Late and Latent OB-GYNS RECRUITED TO FILL OUT PROVIDER PANEL IN ROLLA, MOS ADD
To: Ob-Gyn Recruitment
Look for the next briefing on Monday, January 30, 2006.
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