How can your practice prepare for the Trump tariffs?

Stephen A. Dickens, JD, MAEd, FACMPE, vice president of medical practice services at SVMIC, offers practical guidance for private practices facing the prospect of rising costs due to tariffs on medical supplies and equipment. In this video, he outlines where practices should begin when preparing for potential financial strain — even when options may feel limited.

“For those groups that are worried about this, probably the two most logical places to start are, ‘Is there anywhere where we can begin to initiate any cost savings immediately?'” Dickens says. “And that answer is, for the most part, probably going to be no.” Still, he encourages practices to take a fresh look at their operations to identify any overlooked opportunities for efficiency.

Beyond internal cost-cutting, Dickens stresses the importance of understanding supply chains. “It’s a really good time for them to take inventory of what they are using and where it’s coming from,” he says. In a tightening market, practices that move early to secure vendor relationships will be better positioned to access affordable supplies. “It’s going to be the first [to] establish those new relationships who are going to be able to get the product.”

As cost pressures mount, Dickens says practices may also need to reevaluate the services they offer. “They are going to have to really dig in financially… Is this a service that makes sense for us to continue doing?” Understanding what can be sustained — and what must be adjusted — will be essential for long-term viability.