How You (and Your Practice) Can thrive in This Terrible Economy, Pt 1 of 3
News about the economy is everywhere. As a national medical malpractice insurance agency, we are constantly talking to physicians and we are constantly hearing about the current state of practicing medicine. And, right now, we are hearing a lot about how physicians are feeling the effects of this terrible economy on their practices. We are also hearing about what physicians are doing in response. We thought we would share some of the great ideas that we have heard from your colleagues. This is the first in a three-part series on how to survive this economy.
1. Offer Part-time Medi-spa Services. Whether it’s just creating a small LLC and providing services or locally partnering with a medi-spa, there are many opportunities for an enterprising physician. Here are some of the specialties that can easily partner with medi-spas: internal medicine, dermatology, plastic surgery, general surgery. But, generally, most licensed MDs and DOs can work in a medi-spa capacity –but always check with your state for regulations first.
Here are some of the opportunities available:
a. Medical Director: typically this position does not require the physician to see patients and it is a good “moonlighting” position for some. However, always thoroughly understand the requirements of the position/contract and make sure that you are appropriately covered from a medical liability insurance standpoint.
**Insider tip: Turnover for Medical Directors is very high in this industry. If you turn in a resume, chances are if you don’t hear back immediately, you will in the future.
b. Cosmetic Services. Doctors can provide cosmetic services as long as they have taken the required training, and they can provide medi-spa services in almost any setting. For instance, in the medical spa setting a doctor can perform injections, laser treatments, chemical peels, and even advanced procedures like I-Lipo and other tumescent procedures.
Also, think creatively within your current practice. Gerontologists, for example, can offer Botox and reflexology. Many physicians are thinking of add-ons they can offer to their traditional list of services that would be welcomed and appropriate for their current patients.
Surviving this economy is tough and offering medi-spa services can help bolster a physician’s income. Of course, always make sure that you have the proper training and professional medical liability insurance coverage for your new activities to ensure that you are covered. NEVER ASSUME that your current liability insurance policy will cover your new procedures and/or position(s). Contact us today if you’d like to discuss a medi-spa opportunity that you are considering –we can help you figure out if, and what, medical liability insurance coverage you may need.