The Money Mistakes That Can Sink a Medical Practice

Is your medical practice actually profitable—or is there simply money sitting in the bank account? In the fourth and final episode of our business lessons series, my wife Amanda and I discuss the financial realities of opening and running a plastic surgery practice. We explain how we determine whether the practice is truly making money, how we calculate overhead and set procedure prices, and why copying a competitor’s pricing can lead to losing money without realizing it. We also share why staying small has been one of our smartest business decisions, how unnecessary employees and oversized office spaces can quietly increase expenses, and why controlling the money flowing out of a business is just as important as increasing revenue. Amanda and I also reveal our biggest financial regrets—including expensive medical devices that did not deliver, financing contracts we should have examined more carefully, and the hidden expenses that surprised us as new business owners. We also discuss marketing, employee benefits, payroll taxes, insurance, vendor costs, and why providing excellent patient care remains the most effective form of marketing. Whether you own a plastic surgery practice, operate a med spa, are preparing to open a medical practice, or simply want to build a healthier small business, this conversation offers practical lessons for protecting your cash flow, controlling overhead, and making smarter financial decisions. Subscribe to The Trillium Show for more conversations about plastic surgery, aging, patient care, and the business of medicine.