What about sharing office space with another specialist or primary care physician? A lot of the basic office start up costs can be avoided right Such as office equipment, treatment chairs, furniture etc. anyone going this route?
My opinion. Open once and open well. Be meager in other ways. I just dont see how rent is a big deal in the grand scheme of things. You are going to generate lets say 50k/ month and rent is what 5k for your own set up (2000 sq ft at $25/sq ft). I dont want to deal with a roommate. Have to deal with their patients, their staff, their messes. No thank you!
Podiatry office chairs are specific to us. A general exam table is awful to do any podiatric services without killing your back. Invest in the bread and butter stuff that makes you efficient. Please spend $ and get damn nail cutters that are actually sharp and stay sharp. Those tired hands need to type notes at the end of the day.
I'm in the middle of opening a concierge IM practice and keeping it intentionally low overhead. Obviously this isn't the same as a pod practice but I'll list expenses that'll likely be the same for both of us. Here are silly things you won't think of right off the bat (some of which are mentioned above):
CONGRATS! You are doing the right thing and you'll be shocked in the right market how people value their time and will gladly pay to walk in and not wait 3 hours to see their PCP.
Here is the anticipated list:
NUMBER 1--- WHAT IS THE NAME OF YOUR PRACTICE?! this one thing took me a while. I didnt want just my name as the practice. And also I didnt want a damn foot with wings as my logo like everyone else.
Malpractice insurance ---- we are much higher, esp if you do "major surgery" and not just nails/office work
Business insurance ---- not terrible but can be ~$100/mo
Tenant's insurance ---- integrated in the above as business insurance protects you as a tenant
*Unemployment insurance*
Exterior signage for your business ---- dont forget local permits and rules regarding signage. some counties have a tax on signs with lights
Waiting room furniture/office furniture (not just patient stuff either. Desks, office chairs, receptionist area) --- faux leather chairs on amazon start at $100. If you have obese patients must look at weight rating. Still most office chairs and all the desks can be had without awful expense. Dont be afraid to craigslist or try office equipment warehouse resellers
Printer/Fax/Scanner ---- business grade all in one starts at $300.... and dont forget the toner!!!!! always get the high yield cartridges.
Paper, pencils, supplies (these add up quick) ---- get local reps to get you note pads, pens
Marketing materials (folders, brochures, business cards, logo design) ---- logo design and doing IVR for your phone you can try FIVERR. you can use vistaprint or gotprint if you are a DIY person and dont mind using publisher/adobe products for print stuff. I used an adobe free week trial and designed all my own stuff.
Building upgrades (I did flooring and paint in a 900 sq ft office and it ran $5k, and that was doing the painting myself)
Storage room shelving, organizing supplies, etc ----- we need shelving to house DME. Home Depot plastic or metal shelving is more than fine.
EMR is $350/mth --- go with an EMR that offers your practice management and revenue cycle management for ease
Scheduling/On Call software ---- EMR should also do this.
If you're going to offer any product for sale, up front costs for this --- DPMs love to sell OTC stuff. buy large cases in bulk like gel heel pads from China.
If you need staff, salary costs for these ---- going to offer benefits?
Legal fees for business set up, copyright, etc ---- dont forget the accountant or have one that can guide you through quickbooks and run your own books and payroll services.
Edit - forgot web design. That was $5k ---- Just have an entire bucket for "ADVERTISING"--- google ads are good way to find patients
more items: office manual/handbook, alarm company + monitoring, Fire Department inspection, Sharps disposal (take it to the dump on your weekend?), lots of distilled water for that autoclave, paper shredding option (buy a big boy shredder for a couple of hundred for DIY vs higher pros), clock system for "punch in/out" for employees, getting survey for x-ray machine and all the licensing costs and yearly maintenance costs, Insurance credentialing costs.... can keep adding to this list as there is literally so much that goes into it and most of it is just realizing to add it
