Running a successful med spa requires more than just offering cutting-edge treatments and outstanding client service; it also requires strategic financial and operational management. This newly published case study highlights Maven Financial Partners’ 16-month partnership with Center Med Spa, showcasing their remarkable results achieved through strategic adjustments and expert guidance.

Identifying the Challenges

Center Med Spa is located in Tennessee and staffs 14 providers. Despite offering very popular services and great care, inefficiencies in provider utilization, inventory management, and promotional strategies were holding them back and affecting their profitability and cash flow. Recognizing the need for a comprehensive solution, they turned to Maven Financial for a deep dive into their financial and operational health.

The Strategic Plan

After completing a free practice assessment, the key opportunities for improvement we identified were as follows:

• Provider Utilization: Optimized schedules to increase appointment volume and value.
• Inventory Management: Streamlined ordering processes to reduce cost of goods sold (COGS) spending.
• Expense Controls: Managed fixed expenses to support long-term financial health.
• Seasonal Events: A focused marketing approach to highlight our two yearly events impacted our marketing ROI positively.

The Results

With Maven’s recommendations in place, Center Med Spa experienced transformative results including, but not limited to:

• Increased Provider Utilization: More efficient scheduling led to consistently fuller provider calendars, improving patient encounters and average revenue per appointment.
• Lower COGS: A reduction from 41% in May 2023 to 27% in October 2024, thanks to streamlined inventory processes and negotiations with vendors.
• Revenue Growth: Seasonal events saw a 44% revenue boost in the fall and 32% in the spring, driven by targeted marketing strategies that improved ROI.
• Profitability: A combination of top-line revenue growth and reduced expenses led to a 14% increase in net income and nearly doubled cash reserves.

Ready to Transform Your Practice?

The success of Center Med Spa highlights the potential for any practice to unlock greater efficiency and profitability with the right guidance. If you’re ready to take your practice to the next level, reach out to Maven Financial today to schedule your Free Practice Assessment. 

Let’s discover the untapped potential in your business and turn challenges into opportunities. Contact Maven Financial to get started today!