Portrait launches affordable growth platform to help small medical aesthetic businesses succeed
Portrait introduces a platform to help independent small businesses compete with larger players in the medical aesthetics and wellness industry.
PortraitLite offers free and “affordable” financial, patient and management tools to assist small business owners who traditionally had to navigate launching alone or partner with platforms, medical directors or franchisors — paying up to 10% of gross revenue and losing 50% or more of net profits.
Smaller companies have historically lacked financial investment from partners, generating short-and long-term financial strain for owners.
Praveen Ramineni, co-founder and CEO of Portrait, says, “Providers keep 100% of their revenue and profits while growing faster and more efficiently to meet the rising demand for medical aesthetics treatments.”
“PortraitLite empowers providers to compete with the largest medspas from day one — helping more small businesses avoid costly mistakes, thrive, and better serve the industry. There’s no revenue share, monthly fees, long-term commitments or interference in business decisions.”
Proving care
Medical providers can access Portrait’s platform fully via the Portrait360 account which shows a view of their practice, including operations and patient care.
PortraitLite allows these providers to retain control of their businesses without percentage-based fees. The financial services portfolio includes credit, direct investment and equipment financing.
Jeffrey Katzenberg, founding partner at WndrCo (Portrait’s lead investor), asserts, “PortraitLite is a game-changer, offering flexibility, ownership and support for providers.”
PortraitLite allows small businesses to be in charge in ways they traditionally have not been able to be.
“We’re excited to see how Portrait’s platform will help more talented medical providers succeed, and we’re proud to support the mission of this customer-centric team as they shape the future of entrepreneurship in medical aesthetics.”
The platform also offers practice management and patient care, including electronic health records, inventory management, marketing automation, membership programs, point-of-sale systems, financial services and scheduling.
Portrait highlights that these are features often “out of reach” for smaller businesses due to budget or staffing constraints. The company’s long-term vision is to leverage automation and AI to reduce costs.
“Our mission has always been to level the playing field for medical entrepreneurs,” adds Dr. Patrick Blake, co-founder and chief medical officer at Portrait.
“With PortraitLite, we’re taking another big step toward that goal and bringing competitive advantages to even more entrepreneurs. We’re excited to see how clients will benefit from this new offering and look forward to continuing to support their growth and success.”
Previous platform
The preceding platform, PortraitLegacy, launched in 2019, “guaranteed” entrepreneurs up to 30% of gross revenue. Portrait claims this is well above the average profitability of a medspa. It covered all start-up, operating and product costs.
The platform “often doubled or tripled a provider’s annual income” and offered technology, operations, compliance, advertising, real estate support and coaching.
