The Medspa Industry Overview
The industry for medspas is expanding and is valued at about $5.4 billion in the US, and by 2026, it is projected to reach a global value of $25.9 billion. But since medspas offer medical services, starting one can be a little challenging.
Identifying The Medspa Ownership Requirements
Some states prohibit anyone who isn’t a licensed physician from operating a medical spa. This is due to the fact that services offered by medspas, such as skin treatments, injectables, and laser treatments, are sometimes categorized as medical procedures and need to be carried out by a licensed medical professional or under their supervision. Of course, this varies by State. The doctor has a duty to act in the patient’s best interest regardless of financial incentives. This is done to safeguard patients and to avoid a conflict of interest in the client-patient relationship.
Working with a Medspa Business if You’re Not a Doctor
Through a Management Service Organization, a non-physician can run a medspa (MSO). The licensed physician and you sign a Management Service Agreement (MSA). The physician is the owner, and you consent to provide them with specific services in exchange for payment as a vendor. The medical professional oversees, conducts, and decides on the treatments offered at the medspa. A non-physician can oversee payroll, bookkeeping, human resources, and marketing. Before starting an MSO, it’s a good idea to speak with a legal expert to ensure that your business arrangement is legit. It is also important to check with your insurance company to make sure everyone involved is properly insured.
Additional Licensing Requirements to Consider
HIPAA Compliance: Medical practices that handle protected health information (PHI) and provide medical services are required to abide by HIPAA regulations.
OSHA Regulations: Medical professionals need to be aware of OSHA regulations because they may come into contact with bloodborne pathogens and biohazards.
Insurance Requirements: Several types of insurance are essential for medspas.
Investing in Medical Spa Equipment
Selecting the equipment you’ll need to open a medspa is a big part of the process. Your service menu will determine the kind of equipment you require. Training in the equipment and the procedure is critical. Make sure it is thorough. Many equipment manufactures send a sales rep to the spa for a few hours of training. This is a recipe for disaster. A word to the wise “Vet your Vendor”.