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What do you charge for a consultation/treatment, and what would people suggest is the minimum amount you would require to purchase tools & equipment to start your own practice? A local podiatrist quoted me the following: Standard 30 min appointment -$40, $25000 to set up & require 20 sets of tools for a full day's work. I just wanted to get an idea of what others thoughts are on this (so I can start saving while I finish studying!) Thanks.

I assume you mean in Australian $

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You will not get very far with making a decent living doing that. You need to get down to at least 3 patients an hour and @>$50.

See:
Purchasing my first podiatry practice
Startup clinic costs....?

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Hi Kara,

In regards to pricing, the best option is to investigate what other pods in your area are charging for consults/surgery/orthoses, and then model your prices around those. I find that works the best.

Good luck with it all .

Spur

Hi Kara,

I agree with Davinci, charging pts $40 per consultation is not going to get you anywhere. If you do it this way, you are going to have to work very hard to cover your overheads and make a decent living. You should be charging a minimum of $50 per consult (at least).

Take a look at the DVA fee schedule for comparison, nothing is under $55.

Regards,

Daniel

$25-30000 should cover most of your podiatry instruments and sterilization equipment. Are you going to rent a premises, work from home or be a mobile podiatrist? If you are going to rent you may want to take into consideration shop fitting costs which may cost anywhere from $50,000 upwards (Depending on the extent of the fit out).

Hi Kara,

It may be worth checking with an accountant before purchasing new equipment.

I understand that suppliers (UK but worth checking with Australian suppliers in your case) provide a lease to buy option on many expensive items.

Possibly better for tax implications?

Just a thought.

Mandy.

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Mandy Brooks
Brooks Podiatry
S64 0DE

Suffering a fondness for odd things.

Thank you everyone -this has been good. Please add more comments if possible. Prices in $AUD would be good, but I can convert if you are from another country. I'm planning on setting up a clinic (eventually).
Mandy -the leasing idea is good - I'll have to look into it.
I've noticed a big disparity between what health professionals (all types of private practice) charge for city vs country areas. I currently pay $42 for a visit to the chiropractor, whereas my friend on the Central Coast pays $90. Considering chiros do 6 years at Uni - this is pretty cheap, but the area I live in is not known for it's high income level.
I had looked at the DVA rates & wondered how Pods that charge less than $55 bill DVA's?

At the rate DVA pays. It is not negotiable.

My advice. Look at what a dentist charges per hour, and bill the same. Your overheads will be about equivalent.

LL

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Remember, it's just a foot.

Hi Kara,

Leasing is a good option as it frees up a large chunk of your start up capital because in the beginning you will have to direct more of your money towards your working capital.

Speak to a good accountant (preferably someone who is not practicing in the same area as you are going to practice) about what sort of business structure is going to work best for you. Trusts and companies are quite popular. However, it’s best to speak to the professionals.

Pricing is very important. If you are too conservative with your prices in the beginning it may affect your business and make you frustrated. It’s better to set your prices right from the beginning rather than regretting it 6 moths down the track.

All DVA pts are bulk billed – you are not allowed to charge them.

Regards,

Daniel

Hi, I charge $46 per consult (subsequent) but I had the difficulty that I purchased a clinic in a small area, where the previous podiatrist charged bugger all. Because of this, I found it difficult to put the fees up, without the backlash of losing patients, a lot of whom, in my town, would rather go to no one than fork out more than what they thought it was worth. I have gradually gotten it higher each year, however still behind the 8 ball. My advice, charge what YOU feel its worth, depending on your area, patients will still come and see you, and they will be used to your fee structure immediately.
Good luck

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l notice in your projection of costs you have not allowed for small things that make a big difference.
1/ Insurance
1/ Marketing, if people dont know your there they are not going to come no matter how much you charge per client.

P.s It's not a tpyo, they are both Number #1 as far as any business is concerned

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David Sutton
C.Ped.CM
My location
www.bilbyshoes.com

Thanks David.
What amount do you recommend budgeting for insurance & advertising?
I had thought about Yellow Pages advertising, or the local phone book (independent to Yellow Pages). I'm yet to price these.
I imagine insurance is a large proportion of overhead expenses!
Thanks again,
Kara.

Insurance is something you should talk to a broker about, l am sure there are a number of contributing factors that may effect your premium, as it does with house By location and cars by drivers age and record.

Advertising, you will pickup some free stuff through local council news letters or newspapers editorials if you are new in an area.

The standard for marketing cost is about 6% of turn over, so if you are expecting $1000,000 turn over you need to look at $60,000 for marketing, you will always spend above that in the early years, dont rush out and spend big straight away until you work out which form works best for you...been there done that .

Marketing or lack of can be the failing of most small business, not making allowances for or indeed enough allowance for marketing can be fatal.

Brochures for the GP's and local shoe store, newspaper, phone books(? not a fan of), internet and the big one Business cards, never leave the house without at least 10 of them on you.
Dont miss an opportunity, l dont

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David Sutton
C.Ped.CM
My location
www.bilbyshoes.com

Hi Kara,

Your professional association insurance should cover your professional indemnity requirements. However, I found to cover my clinic contents, public liability RE: premises & employers responsibilities that a search via eg. moneysupermarket.com (unsure what the Australian equivalent is)? provide a great resource for comparisons on business cover.

Unsure if this is helpful.

Regards,

Mandy

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Mandy Brooks
Brooks Podiatry
S64 0DE

Suffering a fondness for odd things.