This guide will help you understand how to open a med spa as a nurse.
In addition to that, we’ll outline some licenses you may require for such an investment. Until then, let’s define the term med spa.
Can an RN Open A Medical Spa?
The medical spa is a fast-growing industry with an estimated value whopping around $14 billion. The business is expected to grow by an impressive 14.82 percent annually for the next decade.
With this, many entrepreneurial nurses and physicians are considering opening a med spa enterprise. That’s because it has much to do with their specialization, including injectable laser treatment.
As a nurse practitioner, there’s so much to consider when launching a business like this.
What’s a Med Spa
This is a facility that offers a variety of medical and spa services in a luxurious ambiance. These services include chemical peels, Botox injections, microdermabrasion, and laser reamendment.
Others are radio-frequency and skin-lightening, medical facials, laser hair removal, and other relaxing procedures.
Procedures to Open a Med Spa as a Nurse
Unfortunately, due to licensure restrictions, nurses cannot open a med spa independently. Only licensed physicians can own such a venture due to the corporate practice of medicine doctrine.
For this reason, many healthcare experts, including RNs, are considering switching careers to aesthetic medicine. That way, they’ll be allowed to open a med spa.
However, nurses can open a med spa in a few ways without changing careers to aesthetic medicine. One way is to join a management service organization (MSO).
Another is to partner with a licensed physician, obtain a medical permit, or open a spa in another state. Let’s consider a few of these options.
Joining an MSO
For those who want to consider option one, the following paragraphs will explain what an MSO means. Additionally, you’ll be guided on how to establish or join such an organization.
What Does MSO Means?
This is simply an organization that provides management services to physician-owned enterprises.
They handle everything from education training, human resource, billing, equipment, office spaces, payroll, and more. The organization also helps mitigate the risks for physicians and their businesses.
If there’re accidents or problems, MSO will reduce liabilities for them. In addition to that, they often help pay the medical professional’s liability insurance.
However, MSO doesn’t provide medical services. You can only join them to have the chance to own a med spa.
Tips for Establishing an MSO
Since nurses cannot open a med spa, they can consider building an MSO.
This will give them the chance to partner with licensed medical professionals. With this, they can still be at an administrative level of the clinic.
Moreover, you’ll be put into the business side of a med spa.
However, a certified physician will handle every cosmetic procedure and medical treatment. To establish an MSW, you’ll need to go through various processes.
These include creating a business plan, organizing financial data, securing legal advice, building your organization, and declaring your MSO.
Let’s take a look at these procedures individually.
Design a Workable Business Plan
Every new enterprise needs proper planning to make it thrive.
A business plan is just like a road map to success. It will define all the services you can offer, your vision, concept, and more.
Usually, a partnership between an MSO and a physician-owned spa works well if they share these goals.
But since you’re starting new, the case may be different. You’ll need to outline the comprehensive services you can provide. Alternatively, you can limit yourself to a particular specialty service.
Organize Financial Data
It’s a critical step to take this step when establishing an MSO. Businesses and partnerships need to run visions with others. They’ll need to be backed by data and numbers.
In this case, you can prepare your data by specifying your capital contribution, required funding, and cash flow. Other specifications include profitability, management fee, and cost analysis.
Sign Up with a Legal Entity
When establishing an MSO, you must seek legal advice and discuss essential regulations.
You can weigh your options on enlisting or running your organization—for instance, deciding whether it will be a non-profit or commercial entity.
Establish a Sound Structure
When you finish the steps above, you must develop your organizational structure, construction, process, and policies.
Get Your MSO Registered
Before you can run an MSO anywhere in the country, you must register your organization. You can contact your state to obtain licenses and other legal documents.
Open a Med Spa By Partnering with a Licensed Physician
Understandably, not everyone will want to consider having an MSO.
Besides, the procedures are lengthy and tasking. By co-owning with a licensed physician, you can open a med spa. The only problem is that you’ll have minority interests.
But if you’re cool with that, you can go ahead.
Most states will allow a nurse to co-owned a med spa with a licensed physician. But you have to meet certain essentials.
However, some states permit registered nurses to open such businesses without co-owning with anyone. That’s because they both share the same licensing board.
Licenses Nurses May Require to Open Med Spa
Besides the two options above, a nurse can only open such a business with a medical license. Others include a med spa enterprise permit, certificate of occupancy, and professional spa license.
Before you can get either of these authorizations, it will take you time. However, it’s worth starting if you have a long-term plan.
Things to Consider Before Opening a Med Spa
Before you take a step to open such an enterprise, there’re a few main scopes of practice considerations to grasp. They include training or aesthetics and med spa services allowed for nurses.
You may also want to know whether the spa has physician supervision. Once you consider these factors, you can establish a smooth business.
As earlier stated, opening a med spa can be a rewarding venture. However, nurses in most regions can only open such businesses in collaboration with licensed physicians.
However, you can see other alternatives to establishing such an enterprise, even if you’re not a licensed physician. But you must ensure you co-own a spa with a trusted physician or join a reliable MSO.