There are many advantages for you as a consultant, including:
- Lucrative-You will now have the opportunity to be paid what you are actually worth instead of what some reimbursement schedule says you can charge for your knowledge, effort, training, experience and results.
- Intellectually Challenging-You will have the opportunity to work with smart, highly motivated individuals who value results and will reward you accordingly.
- Low Overhead-One of the many great benefits of consulting is that the overhead is extremely low so that well over 90% of your income is net to you.
- Low Risk-Consulting is extremely low risk as compared to clinical medicine.
- Control-You control the assignments accepted, set the fees, and can normally perform almost all of the work out of your home office. You will be able to spend as much or as little time as you have available consulting.
- No License Needed-There is often no need for board certification, an active medical license or an active clinical practice to be a successful consultant.
- Transition-Consulting is often an excellent way to position yourself to eventually reduce or leave your clinical practice if and when you are ready to do so.
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Frequently Asked Questions about Serving as a Physician Consultant.
Q. What should I consult in/what will be my consulting niche?
A. Many successful physician consultants select a consulting niche to practice in. Any area that you bring value and help solve the problems of the clients can be your consulting niche. There are hundreds of consulting niches and many physicians actually develop new niches for themselves.
Physicians traditionally select their niche based on one or more of the following factors:
* What are they really good at
* A niche that is aligned with their clinical expertise but also their non-medical interests, experience and expertise (e.g. hobbies,)
* An area that they are passionate about
* A niche that helps businesses, companies, and individuals deal with/solve their problems
* Problems that clients are willing to pay money for physicians to help solve
* A niche in which you can get repeat business and referrals
* A niche which permits you to meet and in some cases exceed the expectations of the client
Physicians who initially do not “know their niche” should not be discouraged from pursuing consulting. With some reflection, research, and training most physicians can find an enjoyable, successful and lucrative niche to practice in. In fact many physicians start looking at problems they encounter in their workplace as opportunities to come up with excellent niches they truly enjoy practicing in.
Q. How will I get paid?
A. By the job or the hour. Your fee will be 100% based upon what you negotiate with the client and will not be set by the government or an insurance company. In other words, you will be paid what you are worth.
Q. What are the startup costs?
A. Startup costs are negligible. Some business cards, a web site, and if you choose, errors and omissions liability insurance. Being able to work from home without employees or equipment beyond a computer and cell phone makes consulting a very low barrier to entry endeavor.
Q. If the consulting takes off, can I give up clinical practice all together and just do the consulting?
A. Yes, as long as your niche does not require current clinical skills.
Q. How much money can I make?
A. Physician consultants often earn more through consulting than they do through practicing as a physician. Remember that the overhead for consulting is extremely low and you are not artificially limited in charging for what you are actually worth.
Q. What is the biggest challenges facing physician consultants?
A. To be successful you need to select the right niche or niches and then be a self-starter who can go out and promote yourself and earn business. You will then need to do an excellent job to obtain repeat assignments.
Q. Can serving as a physician consultant help me transition to a full time non-clinical career?
A. Yes. The skills you learn consulting make you more valuable to employers. In addition, consulting is an excellent low risk way to test the waters in a field before taking the plunge and leaving the practice of medicine all together.
Q. Do I need an active clinical practice?
A. No, not unless your niche requires current clinical skills.
Q. Do I need to be board certified?
A. No, not unless your niche requires specialized clinical expertise.
Q. Do I need an active medical license?
A. No, unless for some reason your clients would require this.
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