Starting a Practice - Equipment/Supplies

[HKDO08]

I recently decided I’m going to start my own practice. I am making lists of equipment and supplies needed. I feel stupid - I tried looking up costs on websites like Henry Schein and McKesson but they require registering/having practice location to see. I don’t have lease yet but I need cost estimates etc to request financing loan. I don’t understand how to proceed - is there something I’m missing? (And I can’t risk using my current practice location as I am researching without my employer knowing for the moment.) Thank you!

---

Members don't see this ad.

 

[DeadCactus]

Call / e-mail them?

Edit: I would think in the grand scheme of things, clinical disposables would be a relatively minor cost and you could probably get buy with rough estimate. You could probably just go off of Amazon prices. Office space, utilities, staff, malpractice, health insurance, advertising, etc is probably far more important to be accurate about. You need enough to keep the lights on and doors open while you wait for a patient panel to build up and the practice to become self-sustaining.

 

[HKDO08]

Call / e-mail them?

Edit: I would think in the grand scheme of things, clinical disposables would be a relatively minor cost and you could probably get buy with rough estimate. You could probably just go off of Amazon prices. Office space, utilities, staff, malpractice, health insurance, advertising, etc is probably far more important to be accurate about. You need enough to keep the lights on and doors open while you wait for a patient panel to build up and the practice to become self-sustaining.

Understood. But there are some medical equipment that are pricey that I wanted to be able to shop ahead for. I guess I'll keep googling around to see what the prices are. They do ask for cost estimates up front when applying for loan/line of credit so I'm trying to be as accurate as possible. I guess I'm just not knowledgeable enough to even provide rough estimates on how much certain things cost.

 

[SurfingDoctor]

Medical equipment is expensive. Even major hospitals rent equipment.

You should contact a medical equipment company like McKesson and ask for quotes. I think they even have a service to help to setup the office... though I might be mistaken about that. You can’t just look online though, you have to call them for them to send you quotes typically and speak to a rep.

 

[VA Hopeful Dr]

Understood. But there are some medical equipment that are pricey that I wanted to be able to shop ahead for. I guess I'll keep googling around to see what the prices are. They do ask for cost estimates up front when applying for loan/line of credit so I'm trying to be as accurate as possible. I guess I'm just not knowledgeable enough to even provide rough estimates on how much certain things cost.

Talk to a Henry-Schein/McKesson rep. They are good about giving you a generic "office setup" list of supplies. Go through that carefully. When I set up my (family medicine) practice 3 years ago I ended up with a bunch of stuff I didn't use that was kinda pricey.

 

[HKDO08]

Medical equipment is expensive. Even major hospitals rent equipment.

You should contact a medical equipment company like McKesson and ask for quotes. I think they even have a service to help to setup the office... though I might be mistaken about that. You can’t just look online though, you have to call them for them to send you quotes typically and speak to a rep.

Thank you!

 

[HKDO08]

Talk to a Henry-Schein/McKesson rep. They are good about giving you a generic "office setup" list of supplies. Go through that carefully. When I set up my (family medicine) practice 3 years ago I ended up with a bunch of stuff I didn't use that was kinda pricey.

Good to know! I pretty much at this point have most of my list set up except some office-related items that aren't as obvious to me. Did you obtain financing for your practice? Any tips on estimating projections/business plan? I feel like it's a shot in the dark for me. I do have some things going for me such as practicing in a private practice group in the area for the past 5 years so families do know of me and hopefully some will follow me. I'm just struggling a bit on how to estimate how many patients will be seeing me when I first start up. Thanks!

 

[VA Hopeful Dr]

Good to know! I pretty much at this point have most of my list set up except some office-related items that aren't as obvious to me. Did you obtain financing for your practice? Any tips on estimating projections/business plan? I feel like it's a shot in the dark for me. I do have some things going for me such as practicing in a private practice group in the area for the past 5 years so families do know of me and hopefully some will follow me. I'm just struggling a bit on how to estimate how many patients will be seeing me when I first start up. Thanks!

Wells Fargo has a physician practice loan that I used. It was handy because it took 14 months before full repayment started (nothing the first I think 2 months then it scales up slowly over the next year). Healthcare Practice Loans - Wells Fargo Small Business

Since I'm FP and did a different sort of practice, my projections aren't going to work as well for you. But you've worked in the area for awhile, so just look at what your numbers were at your previous job and use those.

 

[HKDO08]

Thank you for the info! And congrats to you! I’m nearly finished with expenses projection for business plan.....BUT I feel stupid, how do I look up average reimbursements for certain CPT visits? I mean I can’t see fee schedules for private insurances because I think confidential until negotiate contracts. But how do I estimate ahead of time? I have ideas of patient numbers but I don’t know how to apply a $ amount for them. I think I found what Medicaid reimburses but I am not sure if my source is accurate. Am I missing something? I feel kind of stupid here.

 

[VA Hopeful Dr]

Thank you for the info! And congrats to you! I’m nearly finished with expenses projection for business plan.....BUT I feel stupid, how do I look up average reimbursements for certain CPT visits? I mean I can’t see fee schedules for private insurances because I think confidential until negotiate contracts. But how do I estimate ahead of time? I have ideas of patient numbers but I don’t know how to apply a $ amount for them. I think I found what Medicaid reimburses but I am not sure if my source is accurate. Am I missing something? I feel kind of stupid here.

Ask your current job what they get paid for the common peds codes.

Lots of states will have the Medicaid fee schedule online and easy to find. Mine does: Fee Schedules | SC DHHS