Is it magical or simply a process?  Are thoughts that change the physiological makeup of your body alchemy?  Of course they are.  And it is quite clear that thoughts can transmute or change the physical makeup of your body.  Worrisome thoughts can have the effect of creating ulcers.  And letting go of those worrisome thoughts and learning to relax can help to cure those same ulcers.  The thoughts that we have (happy, sad, worrisome, confident, angry) are constantly creating changes within our physical body.  This isn't magical as much as it simply is the way things are; they way they naturally operate.  Is hypnosis a form of alchemy?  Yes.

Hypnosis introduces thoughts (suggestions) into a subject's subconscious mind in order to facilitate some kind of change.  Often the change has to do with changing habits or dealing with phobias.  But there are hypnotic scripts and products that deal specifically with making some kind of physical change within the body.  There are a number of scripts for relieving migraine headaches, and it is not unusual to use hypnosis in place of anesthesia (for patients who are allergic to anesthetics) to deeply relax someone prior to an operation.  So, it's easy to see how hypnosis operates as an alchemical tool in the process of alchemy.