Plastic surgeons and dermatologists specializing in aesthetic procedures need to be able to read beauty trends fast. They need to keep abreast with which new devices are popular and patients’ changing standards of attractiveness. There is a hint of instability setting in the current aesthetic market. Aesthetic medical practices are facing a drop in the number of patients due to bad economy and heated competition. However, there are also hospitals and private practices that continue to expand and stay successful. Clear Charm Skin Clinic and Grace Aesthetic Surgery Clinic are two of them. Clear Charm Skin Clinic expanded to a larger location of about 1,600㎡ and Grace Aesthetic Surgery Clinic also moved to a larger location last August, adding a medical spa center and a specialized operation room comparable to those of a university hospital. We talked to Dr. In Sungil of Clear Charm Skin Clinic and Dr. Choi Choi Moonseop of Grace Aesthetic Surgery Clinic about their outlooks on the industry trends in 2015 and their management knowhow.

 

 

Dr. In Sungil of Clean Charm Skin Clinic

“Dermatologist practices will be dichotomized between small private practices and large hospitals.”

 

These days I am particularly interested in management strategies in a bad economy. I am not generally interested in economics but I am looking for a breakthrough in the current deflation of Korea’s medical market. We started getting fewer patients from a few years ago and this year, we are seeing drastically less patients. I am sure many other dermatologists are experiencing this. I have heard many dermatologists complain of a drop in the number of patients. As more private practices specializing in aesthetic procedures enter the market, the competition gets more heated and we are seeing less patients. The high supply relative to demand is driving the prices of aesthetic procedures down. Prices of some procedures such as hair removal have already fallen below the cost.

This year I expanded the facilities of my practice. At about 1,600㎡, my dermatologist practice is one of the largest aesthetic dermatology practices in Korea. I decided on expansion after carefully considering survival strategies in this stagnant market. I predict that dermatology practices will be dichotomized between small private practices that prioritize treatments covered by insurance and offer aesthetic procedures on the side, and large hospitals that save cost and attract patients with special advantages. Small practices that have specialty in certain areas will continue to stay competitive.

 

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Secrets of successful dermatologists

 

As we expanded to a larger hospital, we introduced a new system that caters to both low-end and high-end customers. Patients who desire high price procedures expect detailed consultation, close attention, high quality treatment and thorough post-treatment care. And patients wanting a lower price expect satisfying outcome at an affordable price. To satisfy both markets, one should be able to provide high quality for high-end customers and satisfying results at an affordable price for low-end patients.

To this end, we have designated a separate floor for VIP customers. The VIP floor is still in preparation. Separating the services and prices, etc. as well as the external space is a very complicated process. However, I believe this will definitely help expand our clientele. The advantage of a large hospital is the ability to divide its resources into two different systems.

A large hospital has another advantage. Attracting Chinese patients was not part of the reason for expansion but once I opened a larger practice, I received more interest from China. I guess Chinese patients do prefer larger hospitals. However, it is very risky for a dermatologist to rely his practice entirely on Chinese patients. Dermatology procedures are most beneficial when patients keep returning for multiple procedures. In this regard, it is difficult to care for patients from overseas. Currently, about 10% of our patients come from outside Korea and it is not our priority to increase this percentage.

For those of my colleagues who wish to attract foreign customers, I advise to focus on China. We also see some patients from Russia, Japan, Vietnam, Cambodia, Indonesia and Singapore, etc. However, except for Japan and China, these countries are still quite far from Korea and only few patients travel the distance solely for cosmetic procedures. On the other hand, Chinese patients feel less inconvenienced by traveling to Korea. Therefore, the majority of foreign patients will come from China. As Korea is still popular thanks to Hallyu (Korean waves), it may be a good time to start attracting Chinese patients.

 

-To be continued-