OCT 2017

MedEsthetics—business education for medical practitioners—provides the latest noninvasive cosmetic procedures, treatment trends, product and equipment reviews, legal issues and medical aesthetics industry news.

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Page 49 of 68

Michael Lin, MD, offers products that complement the procedures he provides and the medical conditions that he treats at his practice, Advanced Dermatology and Skin Cancer Institute, which has four locations throughout Southern California. "At-home products can enhance in-offi ce treatments," he says. "Also, it is convenient [for my patients] to have them available here. I've found that by providing the prod- ucts, patients are more compliant with treatment plans, and their results improve." SELECTING AND MANAGING INVENTORY Karyn Grossman, MD, of Grossman Dermatology in Santa Monica, California, limits merchandise sold at her practice to a few, proven product lines. "Patients are often confused by too many options, so I have a pared-down selection," she says. "I pick products that are aesthetically pleasing, have good active ingredients, are effi cacious and are easy to use." Before placing a new product on her retail shelves, Dr. Grossman fi rst investigates the ingredients, tries the prod- uct on herself and asks staff members to try it. "Only carry products that you believe in, because if there is a problem the patient will complain to you," she says. When stocking a new product, Dr. Lin—who also of- fers his own line of Dr. Lin Skincare products—considers clinical effi cacy, ease of integration, wholesale cost and retail cost. "Clinical effi cacy is most important, because I don't want to sell something that doesn't work," he says. "Ease of integration refers to how well the product com- plements our menu of products and services. Wholesale and retail costs are relevant in determining the product's profi tability and velocity of sales." "Ideally, brand name products should sell at twice your cost," says Cheryl Whitman, CEO of aesthetic consulting fi rm Beautiful Forever. To manage inventory, Dr. Grossman puts barcodes on products and uses an electronic inventory system. "This system shows what was purchased and helps us track in- ventory levels and seasonal variations," she says. One staff member is in charge of managing inventory, and the prac- tice sets its reorder levels based on a three-month supply in order to limit retail purchases to four times annually. Dr. Lin prefers a cloud-based inventory management system. "Regularly checking inventory is critical," he says. "For me, the three key numbers are the current quantity on hand, minimum inventory quantity and reorder quan- tity." He tries to keep the minimum inventory quantity at a one-month supply and the reorder quantity at a two-month supply, but he may increase them if product vendors offer promotions. © GETTY IMAGES | OCTOBER 2017 47

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