Moxie Receives Investment for Medical Spa Centres

Treatments such as Botox are becoming more common. This is leading to an increase in the number of centres offering Botox, IV hydration and laser treatments from certified providers such as medical spas or registered nurses. But opening a medical spa can be a long and expensive process. Moxie wants to make it easier with its "business in a box" model, which offers providers coaching, access to discounted supplies and an EHR/POS software package. So far, it has helped more than 100 medical spa locations open. Moxie announced it raised $15.7 million, led by SignalFire and Boulton & Watt. It currently operates in seven states. Some of the funding will be used to expand across the United States.

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"We are Excited to Support Moxie"

Most of Moxie's clients are registered nurses who feel burnt out from their careers in hospital systems. The majority of them are women, half of them are women of colour. The average opening cost of a medical spa is $163,000. Co-founder Friedman says locations that open with Moxie typically spend less than $30,000 on start-up costs.

Each person who opens a medical spa through Moxie is connected to a hiring manager who they meet with once or twice a week. Once their location is open, they are paired with a success manager, who often has a background as a regional manager of medical spas. Since devices such as lasers can cost between $150,000 and $200,000, the advice medical spa owners receive includes deciding when the time is right to expand by adding new services and equipment. They also receive guidance on patient acquisition through channels such as paid digital marketing. Friedman says new medical spa owners typically spend the first month finding patients through online advertising. But by the second or third month, they're usually getting return customers and word-of-mouth referrals.

Friedman says Moxie's top performers make more than a million a year and have profit margins of over 40 per cent. People who earn that much typically run their medical spas full-time. But Moxie also works with owners who work fewer hours, and about half of its locations are part-time. Moxie makes money on a launch fee. And it makes most of its money from a percentage of sales.