The opportunity to bring on a new packaged technology is one of the most exciting processes in the medical spa industry. It allows practices to expand their service offerings, increase their market share and provide advances in clinical outcome. However, not all devices or platforms are made equal, and not all provide the return on investment that medical spa practices are depending upon. While there are many processes that allow for the safe onboarding of new platforms, there are a number of concepts that should be foundational to onboarding. For ease of following, we have divided the process into three stages: premarket analysis, platform negotiation and onboarding the platform.
1. Premarket Analysis
Always know your market. You want to ensure that your device or platform is appropriate for your market. Laser hair removal devices illustrate this issue brilliantly. Many coastal areas in the United States do a good deal of business through laser hair removal, but this does not mean that everyone in Florida and California should be doing laser hair removal. Also, the market in Miami, Florida will differ from markets outside of Miami, as their patient population is unique to the area. Laser hair removal devices need to accommodate men and women of color more frequently in Miami than in other Florida markets. As such, laser hair removal in Miami requires pigment-sensitive technologies that are not as necessary in the Nebraska market.