As competition within the medical aesthetics marketplace continues to intensify, practices must prioritize value creation across all touch points to attract, satisfy, and retain loyal patients. Patient retention is also fundamental to long term success. JobSnob partner TUSK Practice Sales, has outlined 5 key strategies to generate recurring revenue and increase overall practice value.Invest in Clinical ExcellenceFirst and foremost, dedicate resources towards acquiring advanced technologies, executing innovative procedures and ensuring staff practitioners participate in ongoing training. Seeking cutting-edge treatment modalities and equipment that promise improved safety profiles and aesthetic outcomes demonstrates a commitment to clinical excellence. Closely monitoring results and patient satisfaction post-treatment also allows for refinement and problem solving when needed. All of this while practicing under the watchful eye of a managing physician, will go a long way towards attracting the right kind of patients and keeping legislators at bay.Focus on Replicable Revenue It’s no secret that the medical aesthetics space is a hotbed for growth right now, and there’s no greater reason for that then the lifetime value of a patient. Botox, fillers, easthetic surgery, anti-aging treatments, total health therapy are all among the value drivers within a practice that keep pateints coming back on a regular basis. As competition becomes greater and greater, broadening treatment modalities specifically to include patient treatments that occur multiple times a year becomes more and more critical. It isn’t enough to focus solely on botox and fillers any longer. You have to diversify revenue streams and attract a broader patient population moving into the future.Offer Convenience Through TechnologyToday's patients expect a high degree of convenience and seamless communication. Provide virtual consultations, intuitive online booking, text reminders, aftercare mobile apps, patient portals and more. While technology should augment rather than replace human interactions, strategic implementation enhances access, satisfaction, and outcomes. Automated systems can also help standardize assessments and treatment recommendations. In addition, this can help to alleviate blockages within the business, while allowing your team to truly focus on patient interaction rather than many of the tasks that technology can optimally handle.Create Long-Term StickinessCompeting on price alone is rarely optimal. Instead, foster loyal patient relationships by offering rhobust membership programs with exclusive perks like rewards points, free treatments, discounts on products, VIP events, and more. When patients feel valued as individuals, not just transactions, they become partners invested in referring others. A welcoming atmosphere of care and appreciation nurtures retention and referrals, while opening the door to cross promote services and additional providers.Track Your Numbers Your practice management reporting, and the P&L’s you receive from your accountant should be both the success indicator for goals you’ve instituted previously, and a roadmap for decisions you make in the future. Too many business owners make decisions based off of an emotional reaction rather than clear data. It is critical that you have a firm grasp of the metrics you’re tracking in your business. If you don’t know what they are than invest in the education necessary to gain a better understanding. Additionally, it’s critical that you have someone in a management role that is watching and tracking KPI’s and can report back to you with strategic suggestions specific to those numbers. Invariably businesses that struggle do so in large part because they don’t understand the numbers, their market or the service mix needed to maximize patient satisfaction and value.In summary, medical aesthetics practices should approach every patient interaction as an opportunity to create value and deliver positive experiences. While integrating advanced clinical solutions, maintain a human-centered focus on building relationships and exceeding expectations, all while tracking every phase of the patient journey. By continually innovating across these 5 areas, practices can drive growth and sustainability despite intensifying competition. Delivering outstanding value at each touchpoint is ultimately the key to success and will set your business up for long term growth and sustainability.One of the most important pulses you can keep on your practice is knowing what it’s worth. If you’re curious what your practice is worth in the marketplace today, receive a free practice valuation from TUSK Practice Sales.