Magnolia Dermatology & Aesthetics
Business
Born out of friendship and a shared passion for people, Magnolia Dermatology & Aesthetics has quickly become not only a practice but also a dermatologic home dedicated to the health and well-being of families and the community. Together, Dr. Kavita Menon and Dr. Virginia Tracey bring their extensive experience from academia and various practice settings to offer a unique blend of expertise and personalized medicine to dermatology and skin health. From medical dermatology to skin cancer treatments and aesthetic procedures, together they provide a comprehensive range of services patients and their families can trust. “I believe that patients are at the center of everything we do. Our goal is to provide the best and most personal comprehensive care possible,” says Dr. Menon.
Challenge
Starting a practice during a period of rising interest rates and potential government shutdowns posed significant financial challenges for Magnolia Dermatology & Aesthetics. During uncertain economic times, Tracey and Menon faced the daunting task of securing reliable financial support to cover startup costs, manage operational expenses, and ensure they could deliver high-quality care without financial strain—from day one. But, more than financial backing from a bank, they needed a dependable financial partner who knew their community, believed in their vision, and understood the specific needs of starting a medical practice.
I believe that patients are at the center of everything we do. Our goal is to provide the best and most personal comprehensive care possible.
Dr. Kavita Menon, Owner/Founder, Magnolia Dermatology & Aesthetics
Solution
KeyBank’s team worked closely with Tracey and Menon to craft a comprehensive financial plan that covered startup costs and facilitated short- and long-term growth. In addition to providing a tailored Small Business Administration loan, the team offered guidance on creating a business plan, managing cash flow, and accessing additional resources such as the Key4Women program. KeyBank also connected the practice with the local business community to foster further relationships and new opportunities. The KeyBank Relationship Manager points out, “Helping business owners is my passion. I’m thrilled we could assist Magnolia on the SBA side, but even more so, I’m deeply invested in their success over the long term.”
Results
Today, Magnolia Dermatology & Aesthetics continues to grow and expand its patient base in the community. As a trusted healthcare provider, the practice has seen an increased number of referrals from both patients and other medical professionals across the board. Using additional KeyBank products and services, along with ongoing consultative support, Magnolia Dermatology & Aesthetics continues to thrive, offering the personalized dermatological care Tracey and Menon set out to provide. “We love what we do, and with KeyBank’s help, we’ve been able to make a real impact in our community,” Tracey said.
To learn more, contact a local KeyBank Relationship Manager or visit key.com/sbalocations.
To learn more about Magnolia Dermatology & Aesthetics, visit magnoliadermny.com.