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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*This episode originally aired on April 2, 2024

Dr. Sturm welcomes Dr. Eric Hamill to the show.

During this conversation, they discuss the intricacies of the human visage, and the gentle touch necessary to deliver superior results for patients.

They delve into the delicate relationship between the brows and eyelids, understanding their collaborative impact on our expressions and the rejuvenation techniques that can accentuate their natural harmony. Learn about the meticulous approach these seasoned practitioners take in treating brow ptosis and their less invasive methods that symbolize the finesse of modern cosmetic care.

Hear personal stories from Dr. Hamill, an oculoplastic surgeon with a rich background and a passion for precision, who shares insights from his journey in medicine and the satisfaction derived from positively transforming patient lives.

Finally, appreciate the human aspect behind the practitioners as they discuss the delicate balance between professional commitments and family life, painting a picture of the dedication required in their field.

Turn up your earbuds, and see beauty through the lens of those who shape it with their hands and hearts.

Key Takeaways

1. Oculoplastic surgery focuses on eyelids and brows, addressing both functional and aesthetic concerns.

2. Training in oculoplastic surgery involves an ophthalmology residency followed by a fellowship in ophthalmic plastic and reconstructive surgery.

3. Choosing a niche within oculoplastic surgery allows surgeons to specialize and become experts in specific procedures.

4. Advancements in brow and eyelid surgery have led to techniques like brow repositioning, which provide more natural and rejuvenating results.

5. Balancing work and family life can be challenging, but having a supportive network and flexible schedule can help.

Timestamped Overview

01:11 Training and Specialization in Oculoplastic Surgery
03:09 Choosing a Niche in Oculoplastic Surgery
04:06 Different Routes to Becoming a Plastic Surgeon
05:06 The Focus of Oculoplastic Surgery
07:00 Practicing Medicine in the Hometown
07:58 Balancing Work and Family Life
08:56 Advancements in Brow and Eyelid Surgery
10:49 Changing Perspectives on Brow Lifts
11:43 The Interplay Between Eyelids and Brows
13:06 Repositioning the Brow for Rejuvenation
14:25 Customizing Surgical Approaches
16:10 Evolution of Brow Lift Techniques
18:26 Markings and Technique for Upper Blepharoplasty
19:20 Technical Nuances of Lower Blepharoplasty
20:48 Preserving Fat in Lower Blepharoplasty
23:11 Challenges with Filler in the Lower Lids
25:55 Advice for Aspiring Oculoplastic Surgeons

Learn more about Dr. Hamill HERE.

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Stories reshape careers.

Dr. Sturm interviews Dr. Jose Barrera, who shares his journey from immigration and a car accident to facial plastic surgery via the Air Force. Topics include jaw evolution, the meaning behind "ethnic rhinoplasty," global perspectives, and preservation rhinoplasty techniques. Collaboration and patient care take center stage.

Connect with Dr. Barrera here.

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Schedule a consult with Dr. Sturm HERE.

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Key Takeaways

1. Dr. Barrera discusses his unconventional path into medicine and facial plastic surgery, influenced by a personal car accident, his immigrant background, and initial interest in research. His journey emphasizes that non-traditional backgrounds and life experiences can deeply shape and enrich medical careers.

2. There’s an in-depth conversation between Dr. Sturm and Dr. Barrera about how diet, intermarriage, and cultural blending have shifted beauty standards and the physical features people desire or present today. The main takeaway is that beauty is neither static nor universally defined; rather, it’s continually reshaped by genetics, culture, and societal trends.

3. They examine the terminology used in rhinoplasty, particularly the term “ethnic rhinoplasty.” They agree that such broad terms often “other-ize” non-Caucasian patients and can obscure important differences within ethnic groups. The key takeaway is the importance of using more inclusive, precise, and culturally aware language in plastic surgery to better respect and serve diverse patient populations.

4. Dr. Barrera shares his adoption and innovation in preservation rhinoplasty, highlighting the importance of continual learning, hands-on skill development, and evidence-based practice. The core idea is that embracing new surgical techniques—and thoroughly testing them before broad application—leads to better patient outcomes and advances the field.

5. Both Dr. Sturm and Dr. Barrera talk about the value of mentorship, collaboration, and networking within the field, from supporting each other’s practice growth to sharing resources and learning from leaders. The takeaway is the power of professional relationships in personal growth, navigating challenges, and elevating standards of care for patients.

Timestamped Overview

00:00 "Life-Changing Accident and Journey"

03:33 "Flight Doc Adventures in Asia"

09:18 "Global Similarities in Beauty Ideals"

10:08 "Diversity in Rhinoplasty Norms"

13:19 "Diversity in Rhinoplasty Standards"

19:13 "Influences and Advancing Surgical Techniques"

20:48 "Surgical Expertise and Experience"

23:25 "Surgical Center Relocation Plans"

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