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Why Is My Medical Spa Insurance Quote So High?
By WMPG The world of medical spas is an exciting one that combines conventional medicine with complementary and alternative ...
Posted By Mike Meyer, Wednesday, September 2, 2020
By Terri Ross, Terri Ross Consulting
When we work with clients, one of the top three pain points that comes up again and again is compensation. There is a lot of frustration and confusion as to whether or not they are utilizing the most effective compensation strategies in their practices.
That's why the team at Terri Ross Consulting has developed a simple system and structure to create a win/win for both the practice and the provider. It is included in the comprehensive, brand-new Financial Foundations online course. Click here to learn more here.
This is part one of a series of articles we'll be sharing regarding compensation strategies for your practice.
Here are a few questions to ask yourself about your current compensation strategy as you read through this information:
1. Must be sustainable. It must be sustainable for the practice based on:
2. Must be a controllable expense. For a financially healthy practice, you must have a compensation system that allows you to budget and assure future profit.
3. Must be legally compliant. Your compensation plan cannot have a per-patient reward. It can't be based on value (or dollar amount) or volume (number of patients), as that is not legal. Of course, you should consult an attorney and review the laws in your state, but it is not legal to pay primarily commission in a medical aesthetics practice.
4. Must reward skill and behavior. Your compensation strategy must:
5. Must provide clear guidelines for individual growth.
Stay tuned for part two in the compensation series, which will be about setting compensation goals and structuring your compensation.
Terri Ross brings more than 20 years of sales and management experience to the field, having worked with leading-edge medical device companies such as Zeltiq, Medicis, EMD Serono, Merck Schering Plough and Indigo Medical, a surgical division of Johnson.
Ross' vast knowledge and experience as a sales director managing upwards of $20M in revenue and successful teams has allowed her to become a renowned plastic surgery management consultant helping aesthetic practices thrive.
To optimize revenues and business performance, Ross' practice management consulting services help physicians evaluate practice processes including, but not limited to, overall-operating efficiencies, staff skill assessment, customer service and operating efficiency strategies. The goal is to develop a comprehensive plan of action to improve productivity, quality, efficiency and return on investment.
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