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    Opening a second practice

    Mr. AllenOverall, practices with multiple locations can simply make more money. “Once you have learned how to effectively manage associates and coordinate schedules with one location, you can often make enough revenue and profit to cover your expenses and pay yourself well,” says Thomas Allen, founding partner of Practice Real Estate Group, a full-service healthcare real-estate solutions company based in Austin, Texas. “By opening a second location, you can double your income.”

    A major advantage of establishing multiple practice locations is the economies of scale afforded by branding and marketing.

    “The dollars needed to promote all of your locations combined can be significantly less per location than for a single location,” explains Allen.

    Cosmetic practices with multiple locations can also reap referrals from various medical groups situated in the vicinity.

    “You might also gain referrals from existing patients, because often patients know friends or family across town who would enjoy the convenience of a location nearby,” Allen tells The Aesthetic Channel.  “It is easier to fully penetrate a market.”

    And depending on the aggregate size of the locations, “you typically receive better pricing from vendors, due to buying more and having the chance of becoming a big account for a vendor,” Allen says.

    NEXT: Planning for a Second Location

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