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Physician Consulting: A Step-by-Step Guide

Physician consulting with a client

Physician consulting is a good avenue for medically trained individuals who want to contribute to better healthcare. If you are considering moving away from patient care but still want to use your experience to make a difference in the healthcare industry, physician consulting may be a good career fit for you.


What is a Physician Consultant?

A physician consultant is a medically licensed doctor who applies their knowledge and clinical experience in serving healthcare organizations. Unlike conventional physicians, they don’t offer direct care to patients; instead, they serve as collaborators for healthcare businesses.

Such experts make healthcare organizations more effective in providing improved care, along with embedding advanced technologies for patients. They also enable these organizations to operate effectively amidst the changing health-related landscape. Physician consulting affords medical professionals the opportunity to contribute in non-clinical ways that significantly enhance the delivery and management of healthcare.

Defining the Role and Value in Healthcare

Physician consultants help improve the quality of care and how well the healthcare system works. By combining their knowledge of medicine with business, they develop strategies that benefit not only the patients but also providers and healthcare organizations. Some examples include optimizing electronic medical record systems, building innovative patient care models, or refining billing processes. Their work leads to seamless operations, revenue growth, and improved patient outcomes.

Further, physician consultants serve in an advisory role in helping devise healthcare policies and guidelines through various collaborations, such as with government agencies, insurance providers, and pharmaceutical companies. Their contributions are vital to ensuring that every decision within healthcare delivery improvement is informed, equitable, and accessible to all.

Areas of Expertise and Specialization

Physician consultants can focus on a specific niche in healthcare, aligning their medical training with an area they enjoy. This helps them provide solutions and insights to businesses looking for help in specialized fields.

Some common specializations are:

  • Pharmaceutical and Medical Device Consulting: Helping with drug development, clinical trials, and getting new therapies into the market.
  • Healthcare IT Consulting: Giving advice on using electronic health records (EHR) systems, telehealth platforms, and other health technology.
  • Healthcare Management Consulting: Assisting hospitals and clinics to improve their operations, financial performance, and patient satisfaction.

 


Why Become a Physician Consultant?

The transition from clinical practice to consulting offers a number of advantages and allows physicians to make a broader impact on healthcare. Many doctors, though finding patient care very rewarding, may want a change of pace, flexibility, and new professional challenges.

Consulting allows physicians to practice medicine while taking on systemic issues and contributing to changing healthcare delivery.

Advantages of Shifting from Clinical Practice to Consulting

Physicians often have to put up with excessive workloads, inadequate compensation, and even burnout. Consulting is an effective way to respond to financial and personal challenges for many doctors and surgeons.

A big advantage is the chance to earn more money from side gigs – consultants usually make much more than doctors in clinical practice. This is because their skills are in demand, and they can often decide their rates or negotiate good contracts.

Consulting also gives more flexibility and better balance between work and life. Unlike the busy schedules of clinical practice, consultants can often pick their hours and work from home. This freedom helps them follow other interests, spend extra time with family, or find a better balance at work and in life.

Impact on Healthcare Systems and Patient Care

Even though physician consultants are not directly involved in the care of the patients, they play an important role in improving healthcare systems and patient outcomes. They focus their time on identifying and implementing solutions that will make healthcare facilities more effective and efficient. The end result of all their work is improved patient outcomes, reduced healthcare costs, and overall satisfaction of the patients.

Why Do Physicians Make Good Consultants?

Physician smiling with consulting expert

Physicians make excellent consultants because they possess licenses, expertise, and hands-on knowledge of medicine. They can thrive in consulting by completing applications, offering free services initially, networking, and finding their niche area of interest.

Essential Skills and Knowledge for Success

While education and certification are merely the building blocks to becoming a physician consultant, a strong medical background is important; however, there are some key soft skills that will make you more effective in this role.

This includes:

  • Analytical and Problem-Solving Capabilities: These skills are crucial for identifying challenges, interpreting data, and creating effective solutions for clients.
  • Communication Skills: Clear, persuasive communication—both written and verbal—enables you to present findings effectively, influence stakeholders, and build strong professional relationships.
  • Business Acumen: Particularly in areas such as healthcare finances, operations, and regulatory compliance, business knowledge is a valuable asset.

Steps to Becoming a Physician Consultant

Now that you know all the fantastic benefits of choosing to consult in your medical career, you may wonder what is involved and how to get started.

1. Become a Licensed Physician

The first step to being a licensed doctor is obtaining a medical degree. This typically involves completing a bachelor’s degree, medical school, a residency program, and possibly a fellowship for further specialization. Achieving a good MCAT score is crucial for medical school admission. After training, earning a medical license allows you to practice independently.

2. Get Clinical Experience

Managing various medical cases helps develop critical diagnostic skills that are essential for consulting. Practical exposure through internships, fellowships, and residency programs provides in-depth knowledge of patient care.

This also expands your experience in diverse clinical settings, such as hospitals or specialty clinics. Greater hands-on exposure sharpens decision-making skills, which are vital in consulting.

3. Develop Business Acumen

Being a physician consultant requires more than medical expertise—you must understand the business side of healthcare. This includes knowledge of healthcare systems, insurance providers, market research, and business liability insurance. Not only does this enhance your credibility, but it also enables you to handle the financial aspects of consulting.

Timeline

How long does the process take to be ready to take the consulting plunge?

  • Education: 8 years
  • Residency and Fellowship: 3-10 years
  • Clinical Practice: Preferably 5 years or more

Total: 16 to 23+ years

How to Get Your First Clients as a Physician Consultant

Starting out as a physician consultant can be challenging, but there are strategies to help you secure your first clients. Networking is a key aspect—connect with your healthcare industry contacts and attend conferences to meet new people in your field.

Social media platforms like LinkedIn are also powerful tools. Showcase your expertise and engage with potential clients by sharing valuable content. Join discussions, contribute insights, and become a part of healthcare-focused groups to increase visibility and attract clients who need your skills.

1. Fill Out Applications

The first step is to apply to as many different research and consulting companies as possible. The more you widen your application pool, the better your chances of success.

Look for consulting opportunities on physician job boards such as DocCafe, Physician Job Board, and MDSearch. Virtual Vocations and flipMD list plenty of remote consulting jobs for physicians as well.

It would also be wise to sign up for job alerts on Google and Indeed. This will make you among the first to know of new opportunities available.

2. Do Pro Bono Work

Engage in pro bono work to get useful experience and help the community. Offering your skills for free shows your dedication and builds trust. Working without pay expands your skills and connections in the healthcare industry. This selfless act can create new chances and referrals.

3. Network

Build a strong network in healthcare. Connect with professionals, go to conferences, and use social media to boost your visibility. Networking is important for physician consulting. It helps you gain trust, get referrals, and find new chances. Talk to potential clients, healthcare groups, and industry leaders to grow your reach and improve your consulting business. Work with other experts to share ideas, knowledge, and stay informed about trends in healthcare. Networking plays a key role in building a successful career in physician consulting.

4. Find Your Niche

Find your specialty and use it. This could be a specific medical specialty or a certain type of consulting to narrow your competition. Ask yourself:

  • What sets you apart?
  • What are you most experienced in?
  • Do you have any special skill set?

The answers to these questions can help you find your niche in the physician consulting world.

The Types of Physician Consultants

When it comes to searching for consulting opportunities, you will notice that the job descriptions vary widely. Consulting is nowhere near a cookie-cutter profession. There are many different positions to pursue.

This list covers the bulk of the types of consultants a physician can become:

Medical Survey Consultant

Research companies will often pay physicians to participate in surveys and market research. Many times, these surveys require a physician to answer questions that deal with their daily life, either professional or personal.

Medical Device Consultant

Medical device manufacturing companies will use a physician consultant to ensure they make a product that would be useful to other physicians.

Pharmaceutical Consultant

Pharmaceutical companies will use physician consultants in various ways, such as overseeing clinical trials of their new drug or endorsing a new product.

Expert Witness Consultant

 

Doctor in white coat with gavel

Attorneys will often require a physician’s expertise to corroborate a case’s medical facts.

Insurance Consultant

Insurance companies will hire a physician consultant to look into malpractice claims and provide their expert opinion.

Physician Coach

These consultants advise other physicians who want to open their own practice or advance their careers in some way.

Clinical Management Consultant

These professionals are used to help manage smaller clinics. They can consult on any aspect of a clinical practice, such as:

  • Budgeting
  • Patient care
  • Training new employees

 

What is the Earning Potential of a Physician Consultant?

We promised we’d come back to it, and here it is. How much can a physician consultant really expect to earn?

The answer really depends on the person. You can set your own rates; the more specific your expertise, the higher you can charge. It’s important not to sell yourself short, even when you are just starting out.

Why? Well, because the demand is there, and it’s not going anywhere anytime soon.

According to The Economic Research Institute, the current average salary of a physician consultant is $380,807, and this number is expected to rise over 20% by 2028.

To put things in perspective, the average family physician earns $255,000, the average salary for a neurologist is $301,000, and an Ob/Gyn makes an average of $336,000, according to Medscape.

This data shows that as a physician consultant, you can potentially earn more than the average salary of over half of the biggest medical specialties out there.

Can You Consult as a Side Gig?

Absolutely! You can be a consultant full-time, part-time, on the side, however, you choose.

Since many consultant gigs require that you have recent clinical experience, the popular route by physicians is to continue practicing medicine as locum tenens and pick up consulting jobs in between.

Make sure you discuss this with your employer. Some employment contracts have stipulations that require you to pay a portion of your earnings to the employer, while others simply don’t allow it at all.


Tips to Ensure Lasting Success as a Physician Consultant

How can a physician ensure success in their new consulting endeavor? Follow these tips below:

Set Up Quarterly Tax Payments

Most jobs will consider you a contractor, not an employee, so you will be paid through 1099, not a W-2.

This means that you must pay self-employment taxes which can add up quickly. To ensure you don’t get behind on taxes, set up quarterly tax payments instead of one lump sum at the end of the year.

Protect Yourself

Business Liability Insurance and Errors and Omissions (E&O) Insurance are a must for physician consultants. They will protect your finances should any legal issues arise.

When accepting a position or gig, always get a written contract. Clearly outline your expected duties and responsibilities, as well as the compensation for the position.

With things in writing, you have fewer possibilities of being jilted. Most consultants charge a per-hour rate instead of a flat fee, in case a job takes longer than expected.

Also, when reading over the contract, always check for non-competes. These can make it difficult for you to obtain other consulting jobs for many years.

Focus on Repeat Clients

It takes time to land a client. Look for jobs that have ongoing work instead of one-and-dones. These will provide guaranteed income on repeat.

Become THE Expert

Do your utmost to make yourself known as “THE” expert on your specific niche:

  • Write a book.
  • Be an expert speaker at events.
  • Create a website.
  • Go above and beyond the competition.
  • Brand yourself online by posting on social media and guest blogging.

All of these actions are like putting up billboards for your services.


Key Takeaways

The basic thing needed to become a consultant is to be a licensed physician with some clinical experience. Beyond that, you need the desire and drive to set yourself apart from the competition.

The benefits you can expect from pursuing this goal include higher pay, more flexibility, and a more easy-going professional life.

To focus on that, let LeverageRx help on the loans and insurance aspects.