In episode 4.13, host David Mandell interviews Shannon Seeberan, the co-founder of CloudMedSpas, a platform that enables physicians and medical practitioners to maximize practice revenue by monetizing their unused medical space.
(Video Available March 21, 2024)
The discussion starts with Shannon’s career, as she explains how she transitioned from publishing and advertising to aesthetic medical practice growth, leveraging her deep understanding of the business side of medicine—a passion influenced by her family background in healthcare.
Shannon highlights the challenges many physicians face in managing the business aspects of their practices, such as staff management, efficiency, and planning for future growth. Shannon’s tells David how her work prior to CloudMedSpas primarily involved consulting with physician-owned practices to improve their business operations, emphasizing the integration of aesthetic services to enhance revenue.
Shannon then shares her passion for supporting female entrepreneurship through pro bono consulting, highlighting the synergies between this work and her role at CloudMedSpas.
Shannon then explains to David and the audience the business pivot from Vansanity to CloudMedSpas and its broader application, allowing physicians of all types to monetize underutilized space by renting it out to aesthetic practitioners. Shannon provides specific examples of how different types of healthcare providers, including dentists and gastroenterologists, have successfully integrated this model into their practices.
In conclusion, Shannon encourages interested listeners to reach out for more information on how CloudMedSpas could potentially benefit their practices.=
TAKEAWAYS:
- Practice Owners can Leverage Their Space for Further Revenues: The discussion revolves around the business model of CloudMedSpas, which seeks to help medical practitioners monetize their underutilized medical spaces. Shannon Seeberan shares their approach, which gives practice owners the ability to rent their patient rooms by the hour to independent aesthetic practitioners, like injectors, who treat their own patients, manage their business, and leave.
Shannon highlights the flexibility of their model. She said, “So imagine having two or three exam rooms, how having 10 different practitioners renting from you, 20 different practitioners renting from you, you might have maybe two in your office at the same time.” She further emphasizes that “each practitioner using your space has their own medical director, and they have their own LLC and they have their own malpractice insurance, that is required of them to be independent practitioners.”
She also points out that the concept of shared space is not new, but what they have streamlined is the efficient use of space without taxing staff or creating management headaches. She explains, “Shared space is not a new concept. We did not invent it. Obviously, it has not been highly pursued in the medical space yet. It is starting, we are starting to see it germinate in areas because physicians and medical practices are realizing space is their biggest overhead.”
- Empowerment Through Entrepreneurship: Shannon also highlights the potential of empowering these independent often female aesthetic practitioners go out on their own. She emphasizes that entrepreneurship in the modern sense doesn’t always mean taking on a massive financial risk. It can also mean accessing resources and partners that can help practitioners get off the ground and start their own practice.
Shannon shares how CloudMedSpas is helping these practitioners realize their entrepreneurial potential. She stated, “Entrepreneurship I think 20 years ago meant something completely different. It meant taking out a large loan from a bank and taking on a lot of risk. These days with the resources we have access to, it is not that risky.”
“So it’s been highly rewarding to sort of give that empowerment when people don’t think they necessarily have the gumption to do it.”
INSIGHTS
- Physicians often struggle with business management as it’s not part of their training in medical school. Outside consultants can provide valuable insights and help optimize business growth.
- Incentivizing staff, both financially and through other means, can boost the growth and efficiency of a medical practice.
- Shared space is not a new concept, but it hasn’t been widely adopted in the medical field. Renting out underutilized spaces can significantly reduce overhead costs for physicians.
- Medical aesthetic practitioners typically work smarter, not harder, by generating their own revenue and working fewer hours. This makes them ideal tenants for underutilized medical spaces.
- Physicians can customize their involvement in CloudMedSpas, choosing how many hours and rooms they want to allocate for renting.
LINKS:
- Learn more and connect with Shannon Seeberan on LinkedIn
- Learn more about CloudMedSpas
- Host, David B. Mandell’s Bio