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Published on: August 24, 2018
Optimizing revenue at a cosmetic surgery centre.
Joanna M Funk1, Charles N Verheyden, Raman C Mahabir
1University of Texas Medical Branch, Galveston;
Summary
Cosmetic surgery practices should encourage personal checks over credit cards for transactions over $1,000 to maximize revenue. This analysis reviewed payment methods for over 11,000 cosmetic surgery transactions.
Area of Science:
- Cosmetic surgery practice management
- Healthcare economics
- Payment systems analysis
Background:
- Economic fluctuations impact cosmetic surgery demand.
- Understanding practice economics is crucial for surgeons.
- Knowledge of payment methods is key to financial stability.
Purpose of the Study:
- To analyze payment methods in a cosmetic surgery group practice.
- To identify trends in patient payment behaviors.
- To inform financial strategies for private practices.
Main Methods:
- Retrospective review of financial records (2003-2008).
- Analysis of over 11,000 transactions.
- Categorization by payment method, item purchased, and cost.
Main Results:
- Credit cards were most common for products/services; personal checks for procedures.
- Visa and MasterCard dominated credit card usage (>75%).
- Transactions >$1,000 predominantly used personal checks.
Conclusions:
- Consider limiting credit card acceptance to boost revenue.
- Encourage personal check payments for higher-value transactions.
- Strategic payment acceptance can improve practice finances.
