Do you dream of purchasing a medical spa one day or starting a medical spa from scratch? There are a lot of people in the medical field who would like to own and operate a medical spa. Medical spa ownership is an opportunity for you to remain on the cutting edge of medical technology while providing your patients and clients with customizable services that they can tailor to meet their needs.

If you are not currently a partner in a medical spa, you have two options available. You can either purchase an existing medical spa or decide to start one from scratch. There are benefits and drawbacks to both options. If you decide to start one from scratch, you can learn more about how to create a medical spa here.

What do you need to know about these options? The right choice for one person is not necessarily going to be the right choice for somebody else, and it is helpful to review some of the benefits and drawbacks as well.

Purchase an Existing Medical Spa: The Benefits

First, let's take a closer look at what it means to purchase an existing medical spa. There are plenty of medical spas scattered across the country, and you need to decide where you want to live. Then, you will need to convince someone to sell their medical spa to you. Maybe they are thinking about moving in the near future, or perhaps they want to retire.

There are a lot of advantages that you will enjoy if you decide to purchase an existing medical spa. Some of the top benefits include:

• It’s Ready To Go: You will inherit an existing staff and practice that understands what they need to do every day. You already have staff that are highly trained, medical spa equipment, and the necessary computer systems and software programs installed and operational.
• An Existing Cadre of Patients: Running a medical spa means you are running a business. You will have a difficult time operating a successful business without reliable patients, and if you purchase an existing medical spa, you will have immediate access to a nice cadre of patients.

• More Predictable Cash Flow: For your business to remain operational, it must generate revenue. If you purchase an existing medical spa, you will get access to historical financial records, which you can use to predict the future performance of the medical spa. This could help you determine which medical spa services are performing well.
• Training and Mentorship: You don't necessarily expect the previous owner to stick around forever, but they are going to provide you with assistance during the transition period. If you haven’t operated a medical spa before a little medical spa training wouldn’t hurt. This means that you will understand what you have to do to keep the staff and patients happy.

These are just a few of the many reasons why you might be interested in purchasing an existing medical spa. On the other hand, you need to weigh the drawbacks as well.

Purchase an Existing Medical Spa: The Drawbacks

There are several drawbacks you might encounter if you decide to purchase an existing medical spa. A few of the top drawbacks that you need to keep in mind include:

• The Cost: If you purchase a successful medical spa, it will have a hefty price tag. If you are fresh out of school, you may already have substantial student loans, and you might have a difficult time getting the loan you need to purchase an existing medical spa.
• Potential Updates: Change is hard, and there's a chance that the medical spa may not have been updated in a while. Perhaps you haven't covered that the practice is not meeting all necessary regulatory guidelines, or perhaps the practice is using old technology, equipment, and charts that might not be the most efficient option today.
• Changing Policies and Business Structure: You are going to immediately inherit the business structure and policies put in place by the previous owner, but what happens if you want to run the spa differently? You might have a difficult time convincing the staff and patients to stay.
• Inheriting the Reputation: You are also going to inherit the reputation of the previous owner, good or bad. You need to think carefully about what this might mean for your business prospects.

Think about both the benefits and drawbacks of purchasing an existing medical spa, and then think about what it might mean to start a new one.

Start a New Medical Spa: The Benefits

If you want to mold the business to match your image, you may want to start a new medical spa. Some of the top benefits of this path include:

• Geography: If you decide to start your own medical spa, you can decide exactly where you want to put it. You need to think carefully about where your medical spot is located, as it will impact your ability to hire employees and attract patients. Where do you want to set up shop?
• Total Control: You can also shape the business to match your dreams. This includes the equipment you purchase, the design of the floor plan, the branding you select, and the services you offer.
• New Technology: Because nothing is in place if you decide to start your own medical spa, you get to decide what equipment and technology you use. This means you can select the latest and most advanced equipment while advertising it to your patients.

• Your Staff: You also get to hire your own staff. You won't be able to do everything on your own, so you need to think about which staff will mesh best with your brand image.

Consider starting a new medical spa if you want to take advantage of all of these benefits.

Start a New Medical Spa: The Drawbacks

There are a few disadvantages to keep in mind as well. If you decide to start a new medical spa, some of the drawbacks you might encounter include:

• Risk of Failure: A startup company is always risky, and a medical spot is no different. Some of the most common reasons why startup companies fail include undercapitalization, location issues, and a lack of cash flow.

• Unexpected Costs: While you might have a budget in mind, you will face some unexpected expenses as well. For example, you might have to deal with a water leak, an equipment failure, or an unexpected software transition.
• Competition: You also need to think about the competition you might face. The medical industry is incredibly competitive, particularly if you want to start a medical spa. Why do you think a patient is going to choose your spa instead of another option?

If you think about these benefits and drawbacks carefully, you should be able to decide which option is right for your needs. You need an unbiased, objective, and experienced perspective to help you make your decision, and that is where we can help you.

Work With the Team From Dental and Medical Counsel

Regardless of the path you choose, you need to have an experienced lawyer in your corner who can streamline the process and make sure you do not overlook anything. We are Dental & Medical Counsel, and we have worked with countless doctors and healthcare professionals, helping them build new practices, acquire existing ones, and put their business interests in the best position possible to be successful. Give us a call today to speak to our team, and learn more about how we can help you.

Frequently Asked Questions

Q: What factors should be considered when purchasing a medical spa?

A: When purchasing a medical spa, consider the location, size, equipment, staff, reputation, client base, financials, and legal issues of the business.

Q: What factors should be considered when starting a medical spa from scratch?

A: When starting a medical spa from scratch, consider the location, size, equipment, staffing, marketing strategy, and financing options for the business.

Q: Can a medical spa be profitable?

A: Yes, a medical spa can be profitable if it is managed effectively and offers high-quality services that meet the needs of its target clientele.

Q: What qualifications are needed to own a medical spa?

A: Requirements vary by state, but generally, the owner of a medical spa should have a medical license, nursing license, or be a licensed esthetician. It's also essential to have a strong background in business management.

Q: Can a medical spa offer both medical and spa services?

A: Yes, a medical spa can offer both medical and spa services, as long as it adheres to the appropriate licensing requirements and regulations in the state where it operates.

At Dental & Medical Counsel, PC, we understand navigating the legal process can be tricky. We believe every doctor deserves the best advice and service so doctors can do what they do best, treat their patients. We make their lives easier by providing expert guidance, so they can focus on their personal and professional aspirations.

About Ali Oromchian, Esq.

Ali Oromchian, JD, LL.M. is the founding attorney of the Dental & Medical Counsel, PC law firm and is renowned for his expertise in legal matters

In addition to practicing law for almost 20 years, Ali is also a renowned speaker, throughout North America, on topics such as practice transitions, employment law, negotiation strategies, estate planning, and more! Ali has helped hundreds of optometrists realize their professional goals and looks forward to aiding you in navigating the legal landscape.