Physicians in full-time, employed nonclinical positions enjoy a reliable paycheck and well-defined role. They receive benefits, sensible work hours, and opportunities for promotion and lateral career moves.
There are drawbacks to this type of employment, though. Salaries are limited. You must do the work your employer asks you to do. You have to follow the rules. You might not like your coworkers or the office culture.
Working for yourself or starting a business means that you call the shots (within the confines of the law). There is no ceiling on what you can earn. Your business could potentially have a huge impact on a field, a market, or a segment of the population. These are a few reasons that many nonclinical physicians opt for self-employment.
Independent Consulting
Independent consultants are hired for many reasons. Consultants are brought on board to help create a new business, bring about change in an existing business, identify problems, deliver objectivity, or act as a catalyst. A theme throughout all areas of independent consulting is providing expertise to solve a problem or meet a demand. In most cases, physician consulting clients are businesses.
Common types include:
Expert witness services
High-level strategy for healthcare companies
Medical chart review
Medical practice technology implementation
Medical writing
Speaking engagements
Other consulting services are aimed at individuals, such as:
Career coaching
Personalized weight loss and fitness services
Tutoring
There are many niches for physician consultants. A doctor with a research background can offer publication planning services. Prior success in marketing a medical practice can situate a physician to advise on digital marketing strategies for others’ practices. Physicians with experience in pharmacoepidemiology may find success in performing drug safety case reviews. Setting up a consulting practice begins by recognizing an area of expertise and identifying a need within a target market.
Entrepreneurship
There are countless examples of successful physician entrepreneurs. Our intelligence, motivation, and curiosity prepare us well for entrepreneurship. What is lacking for many physicians is business acumen; however, this can be learned through self-study, earning an MBA, working with a startup, or even trial and error.
Businesses that tend to have the lowest barriers to entry are service businesses. These can offer a service directly to consumers, to other businesses, or through a software or technology solution. Independent physician consultants with more work than they can handle singlehandedly can hire employees and transition from a solo consultant to a CEO.
Physical, tangible products are another opportunity for physician entrepreneurs. Bringing a product to market requires additional time and upfront investment compared with getting a service business off the ground. Additionally, there can be substantial risk and regulatory hurdles—especially for medical products. Nonetheless, product-based businesses are scalable, potentially disruptive of existing markets, and can be financially rewarding.
Forge Your Path
Medicine is a fitting foundation for a breadth of nonclinical business types. As they say, the world is your oyster and the sky is the limit.
Excerpted from 50 Nonclinical Careers for Physicians: Fulfilling, Meaningful and Lucrative Alternatives to Direct Patient Care by Sylvie Stacy, MD, MPH.
