ER doctor Jonathan Leake and acute care nurse practitioner Keith Parris wanted to find a way to focus on health and wellness and not just take care of people after they were urgently sick.
“We had heard about a few IV hangover clinics in places like Vegas and Miami,” said Jonathan. “We read the medical literature on wellness-based IV vitamin infusions, then used this research to develop several drips that actually boost wellness.”
Initial investment:
It took $60K to get the Hydrate Medical idea off the ground. 3 initial partners each put in $20K. The team worked night shifts in the ER to be able to staff the clinic during the day.
First year:
Hydrate Medical’s flagship location opened in 2014 on East Blvd in Dilworth.
“To get the word out, we focused on social media — I did both paid and organic,” explained Joanthan who eventually hired a social media lead about one year into the business.
Year one sales was around $240,000 and net profit was less than 3%.
Growth:
Fast forward 10 years later and Hydrate Medical did $5M in 2024 revenue across 8 locations (soon to be 9 with Mooresville opening this summer).
“Number 8 recently opened in Cotswold and has a fun relationship with Sauna Culture and Y2 Yoga,” said Jonathan. “We are interested in how to take that type of setup to more places and become a sort of wellness destination.” Smart idea.
Client pricing:
Drips treatments range from $109 to $199 and typically take 45 minutes from check-in to departure.
They also offer a first timer special for $99 and memberships starting at $129/mo (gotta love that recurring revenue).
Economics:
Hydrate Medical’s biggest expenses are payroll (over $1.2 million in 2024) and supplies. Both of these areas have grown faster than revenue.
“We hire only top experienced registered nurses (RNs) so this comes with significant cost,” said Jonathan who’s only raised prices twice in the past 10 years.
They saw a 10-12% net profit in 2024 which was down from closer to 20% in 2023. This year, the team is taking a hard look at costs — from marketing to software to staff schedules — to drive profitability.
“We often get ‘a bag of IV fluids costs a few dollars and you’re charging $150’ but it’s the costs of high quality staff and high quality vitamins/ingredients that add up — but also make us stand out.”
Hydrate Medical is the only fully licensed physician/nurse practitioner owned and operated IV hydration clinic in metro Charlotte.
Advice for entrepreneurs:
Have the time to dedicate to the venture.
“We see people try to open small businesses and not have the time and cash reserves to survive those first two years,” Jonathan explains. “They then miss the great revenue uptick that happens around the end of year 2.”
Productivity hack:
Jonathan uses timeboxing, a time management technique where you set aside a specific amount of time for a task.
“I schedule 30 minute to 1 hour blocks for a project and if it doesn’t get finished in that time, I schedule another time to work on it more,” he explained. “Scheduling specific times of my day to respond to emails, text and check in on clinics helps my productivity and stress levels. It allows for a more purposeful approach to the day.”
What’s next:
“Our number one goal continues to be providing amazing care to clients and helping them live healthier lives,” said Jonathan. “And create a wonderful place for RNs to work.”
From a numbers standpoint, the Hydrate Medical team is focused on all 10 clinics (2 of which are under construction) becoming profitable by 2026 — then their next big financial goal is $10M in revenue with healthy profit margins.
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