Ep. 74 - Todd Watts on Cracking the Code of Subscription-Based Aesthetics

Technology of Beauty

English - May 02, 2023 18:00 - 38 minutes - 29 MB
Medicine Health & Fitness Arts Fashion & Beauty beauty aesthetics plastic surgery plastic surgeons dr. grant stevens cosmetic regenerative medicine medspa medical spa Homepage Download Google Podcasts Overcast Castro Pocket Casts RSS feed

Previous Episode: Ep. 73 - Drew Fine on Building a Multi-Brand Aesthetic Partnership Platform

Next Episode: Ep. 75 - Andrew Stanleick on Bridging Medical Aesthetics & Traditional Beauty Through Connected Technology

Imagine a membership platform for non-invasive aesthetic treatments that allows patients to make affordable monthly payments while practices get paid upfront in full.

Well as it turns out, we don't have to imagine it… because PRIVI is the first subscription plan of its kind, and PatientFi CEO & Co-Founder Todd Watts is here to tell us about it.

In this exclusive interview with Dr. Grant Stevens, Todd breaks down the mechanics of a financing model that promises "frictionless beauty" for patients — including effortless scheduling, instinctive upselling, and dynamic pricing for treatment plan modifications.

Tune in to find out why Dr. Stevens feels that PatientFi cracked the code of subscription-based aesthetics on the latest episode of The Technology of Beauty.

Show Notes:

0:00 Intro
0:37 Background
7:32 The origins of PatientFi
11:57 Financing packages and products
13:40 Changing how practices quote their procedures
15:23 Doubling growth by changing financing and pricing
16:48 Simplifying front office education
19:25 The launch of PRIVI
21:11 Frictionless beauty: paying for non-invasive treatments on a monthly subscription
23:58 Inside the mechanics of the financing model (with the practitioner paid up front)
25:28 Subscription-based financing for MedSpas
26:54 Dynamic pricing for treatment plan modifications & upsells
30:40 Making scheduling effortless for upcoming procedures
33:11 Members spend 72% more than one-time customers
35:24 1 in 3 U.S. adults are considering a non-invasive cosmetic procedure
36:42 Closing words

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The Technology of Beauty is produced by Influx Marketing, The Digital Agency for Aesthetic Practices. https://www.influxmarketing.com/

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