Money makes or breaks a med spa.

Christin Trujillo explains how Maven Financial helps medical and aesthetic practices manage financial decisions and benchmark performance. She covers compensation models, cost analysis, startup planning, and market trends. Dr. Angela Sturm reflects on financial guidance in practice management and the risks of selling without expert advice.

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Key Takeaways

1. Christin explains that a fractional CFO bridges the gap between basic financial partners (like bookkeepers and CPAs) and actionable, strategic financial management. They dive deep into practice operations, help increase revenue, optimize profitability, and provide actionable benchmarks, enabling owners to make informed, growth-oriented decisions.

2. Both Christin and Dr. Sturm emphasize the value of using industry benchmarks for expenses, payroll, and compensation. Understanding these numbers helps practices remain competitive, profitable, and fair, especially amid the confusion around various pay models (gross vs. net production). Having objective data allows owners to justify decisions and optimize staff compensation.

3. Practices approach Christin and her team at all stages—startup, growth, and exit. The central message is that no matter where a practice is in its lifecycle, being proactive and intentional with financial planning (like budgeting, forecasting, and strategy) is crucial to long-term success. Tracking and measuring finances is essential for growth and sustainability.

4. The med spa market is highly dynamic, with rapid expansion leading to greater competition and market saturation. Christin notes that only the most strategic, adaptable, and service-oriented practices thrive, as consumers now expect more than just "meeting expectations." The environment is shifting, and successful operators are those who innovate in marketing, customer service, and operational excellence.

5. There’s a growing trend of private equity and multi-location groups seeking to acquire med spas. Christin cautions owners to be diligent, not jump at the first offer, ensure their finances are in order, and consider consulting a broker to maximize value. The key lesson: selling a practice is a major financial decision that should be approached thoughtfully and strategically to avoid leaving significant money on the table.

Timestamped Overview

00:00 Optimizing Practice Revenue and Performance

05:29 Med Spa Business Metrics Insights

07:30 Simplifying Compensation and Finance

12:40 Provider Incentives and Patient Care

15:25 Strategic Planning for Business Growth

18:59 "Evaluating Business Finances Strategically"

21:11 Healthcare Shift: Providers Seeking Independence

23:30 "Thriving Through Exceptional Marketing"

26:39 "Med Spas: Growth and Consolidation"

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