Ann A. Lewis, FNP-C Owner and FNP Provider Sampson Medical Services, P.A, Surf City, NC

How did you finance start up and how do you maintain your finances?

The first year in practice at Sampson Medical Service was 1996 and Ann’s income was a walloping $15,000. This year she anticipates a gross income of $375,000 for the practice and she may reap as much as $175,000 for her salary, car lease, trips for CE, malpractice coverage benefit, and insurance benefits.

From January –May, 2003 Ann had to put money into the practice from her personal funds every month. This coincided with the opening of the new building. She states that the overhead is much larger now with this facility.

Her accountant, Alan Stroud (Mag Mutual in Kinston, NC) has helped her through out the years with all of her financial endeavors. She credits him with helping her avoid financial pitfalls. Ann credits the NC Nurses Association with providing the most assistance to her. The Council of Nurse Practitioners within NCNA is a strong organization, but needs more support from all NPs in the state.

To start-up the first practice, in Surf City, NC, Ann and her partner approached two banks: the first turned them down. The second bank loaned them about $70,000 and based collateral on Ann’s assets. Each partner put in $25,000.

To build the current practice in Clinton, NC, Ann states,” I hocked everything I own!” The new building cost ~$600,000 to build.