There’s no denying aesthetic medicine is an expensive business — and not just for consumers.
If you’re setting up in private practice today, you’ve likely already racked up hundreds of thousands — be it dollars, pounds or euros — on office space, a website, and marketing and that’s before you’ve even thought about investing in a skincare line, injectables or a laser. And when you do finally set-up shop and start welcoming patients, you might need to consider hiring staff to run your practice and support your work.
So, in addition to being a doctor, you’re already a CHRO, a CEO, a CMO and more besides. After all that, what time is left for patients? And therein lies the dichotomy that many doctors in the aesthetic industry are faced with: serving their patients— their vocation— versus building and operating a successful business.
It’s no surprise then, that the business of aesthetics is changing. While a large proportion of clinics in both the US and UK remain sole practitioner practices (over 80% of practices in the UK alone, according to PRIME’s sources), more physicians are now looking to join a partnership. And while private practice isn’t dead just yet, it’s definitely not the lure it used to be.