Do you want to know how much money plastic surgeons make yearly? If YES, here are 6 factors that determine the income & profit margin for plastic surgeons. In order to have an idea of the amount a Plastic Surgeon is expected to make daily, weekly, monthly or yearly, you should clearly define the service offerings of a Plastic Surgeon.
Table of Content
- What is a Plastic Surgeon?
- 1. The Capacity of the Business
- 2. The Location the Plastic Surgeon is Covering
- 3. The Management Style of the Plastic Surgeon – Business
- 4. The Business Approach of the Plastic Surgeon Business
- 5. The Advertising and Marketing Strategies Adopted by the Business
- 6. The Number of Years the Plastic Surgeon is in Business
What is a Plastic Surgeon?
A Plastic Surgeon provides medical techniques intended to enhance the physical appearance. A standard plastic surgeon engages in administering injectables and humectants (including Botox and Restalyne), performing laser hair removal, microdermabrasion, chemical peels, breast augmentations, liposuction, eyelid surgery, rhinoplasty and abdominoplasty amongst others.
It is important to state that plastic surgery is one of the most challenging specialties a doctor can pursue, but no doubt one of the most rewarding. Of those who undertook private practice, pathologists earned the least. Becoming an ASAPS plastic surgeon requires many years of training and an ongoing commitment to stay current in research and surgical techniques to ensure the very best patient outcomes.
It is important to point that there is no one-mold-fits-all when it comes to how much a Plastic Surgeon is expected to make. There are some factors that we are going to look into before giving an estimate of how much an average Plastic Surgeon can make yearly and these factors are;
6 Factors That Determine the Yearly Income of Plastic Surgeons
1. The Capacity of the Business
One cannot conveniently state the amount a Plastic Surgeon is expected to make yearly if you do not know the capacity of the business. As a matter of fact, you cannot measure the amount a Plastic Surgeon that is just starting out in business can make with a well – established Plastic Surgeon who undertook private practice.
We must not rule out the fact that the location the Plastic Surgeon is covering is a major factor that will determine the amount he or she is expected to earn monthly. The truth is that you will struggle to make good money as a Plastic Surgeon if you locate the business in an area filled with low income earners or in a ghetto.
If you locate your business close to a highbrow area or an area with loads of celebrities, classy and upwardly mobile people and medical facilities, you are likely going to make good returns from the business.
3. The Management Style of the Plastic Surgeon – Business
Another key factor that will determine the amount a Plastic Surgeon is expected to make yearly is the management style of the Plastic Surgeon. Trust me, the results you will get when you are good manager with eyes for top-notch customer services will definitely be far different from a Plastic Surgeon with poor customers services. The idea is that a good Plastic Surgeon will not just retain their old customers, they will also keep getting new customers especially through recommendations.
4. The Business Approach of the Plastic Surgeon Business
There are different business approaches that a Plastic Surgeon can choose from and no doubt it will greatly influence the amount they are expected to make monthly and yearly.
Of course, we know that Plastic Surgeon may decide that they want to work alone and do their marketing alone, but they may decide to partner with other businesses that will recommend clients to them. It is easier to find Plastic Surgeons that offer robust services to partner with spas, hospitals, clinics and other key players in the cosmetics and medical services industry.
Another key factor that will determine the amount a Plastic Surgeon can make yearly is the advertising and marketing strategies adopted by the management of the business. Trust me, there are several advertising and marketing strategies that can help a business increase their earnings, but you may be expected to spend more.
But the results you will make will far outweigh the amount you spent on advertising and marketing. Of course, you don’t expect a Plastic Surgeon that engages in aggressive advertising and marketing to make same amount yearly with a Plastic Surgeon that is passive with its advertising and marketing.
6. The Number of Years the Plastic Surgeon is in Business
In business, the number of years you are in existence will go a long way to determine the amount you will make especially if the business is well – managed and creativity always come to bear. This is because over the years, you would have been able to gain the trust of your customers and it will be easier for you to always have them coming back and also recommending clients to you.
For example, in your first fiscal year (FY1) you might make two hundred and twenty thousand dollars ($220,000), in your second fiscal year (FY2) you might make two hundred and fifty thousand dollars ($250,000) and in your third fiscal year (FY3) you might make three hundred and fifty thousand dollars ($350,000).
According to the ongoing Allied Physicians Salary Survey, plastic surgeons earn anywhere from $237,000 (entry-level) to $820,000 (top earners) per year. Additionally, Salary.com lists a median salary of $321,017 as of 2010 for reconstructive plastic surgeons.
Another Profiles survey shows plastic surgeons with a median starting income of $273,000, with that figure rising to $382,000 after six years of practice. Initially, you are expected to work 60 to 70 hours a week and subsequently work 50 hours a week to earn the above stated amount