Parkhurst Laser MedSpa Consultation - October 2019

Parkhurst Laser MedSpa Consultation

Financial Models and KPI’s

The Center should have a strong financial model that evaluates potential profit centers. The model will guide development of the business plan and should align well with the proposed brand. To assist in this process, I am happy to provide financial data from my aesthetics practice in a follow up web-meeting.

Defining key financial and operational KPI’s will support the process and is essential to assessing progress against plan. Input data can include patient visits, revenues, costs, etc., and these should be applied to develop KPIs such as revenues per patient visit, distribution of services, revenues per employee, etc. Martin is well-versed in this area and will be able to identify the right metrics to evaluate (and communicate) to ensure the Center is meeting expectations.

Advisory Board / Governance Recommendation

Developing an aesthetics center in a medical practice has great potential. While it is not a completely novel idea, it is not yet common. No single person can think of everything, and outside perspectives can often lead to valuable innovations. For that reason, we suggest considering two separate boards to support the Center’s growth: An Advisory Board and a Board of Directors.

The Advisory board should include the Center Director (Heather), a few happy patients, key staff from Parkhurst NuVision, and potentially area business people who might align well with the Center’s purpose – e.g., Directors of top health clubs, country clubs, etc. The Advisory Board could meet quarterly at the Center, receive free consultations, try new products, and share ideas for growth and strategic alignment.

Governance should take the form of a Board of Directors. The composition of the board should include Greg, Heather, Martin, and one or two independent board members who have experience in the aesthetics space. The board should provide oversight on brand development, performance of the center against well-defined KPIs, and opportunities on creating synergies between the Center and Parkhurst NuVision.

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