Chitown1

Ther is very little you need to set up a hospital tank and the benefits of having one are numerous. My first hospital tank was a bare bottom 20 gal with a couple pieces of base rock to provide hiding places and a Maxi Jet 900 to provide some flow. It also had a small air pump and stone to provide oxygen into the tank.
You can pick up all the equipment used for little money, I have seen 20 gallon tanks sold on Ebay for as little as $10, the powerhead and air pump for the same and a air stone cost about $5, they only other things you need is a heater which can also be purchased used for $10-$15 and a cheap light fixture
For as little as $40-$50 you can have a QT/Hospital tank that can be used to treat sick fish when needed, which is much more effective and safer than treating in the display as well quarintine new fish before introducing them into your display, which is IMO one of the most important steps you can do for new introductions.
A QT is invaluable as most LFS run copper in their systems and issues like ICH can not be noticed when in the store and may not be visible for up to a month, that is why I QT all my new fish for 6 weeks before introducing them into my display tanks.
If you use water from your display in the QT tank the parameters will be very close to the display and make the introduction into the display very easy on the fish as well, the only thing that they will need to get used to are its new tankmates and lighting conditions.