Steven Babitsky, Esq.
For some physicians starting a successful consulting practice seems like a daunting task. My experience is that as thousands of physicians have already done this, there is no reason you cannot join them as a successful physician consultant. Here are some of the common concerns physicians have about starting a consulting practice.
- I Don’t Know Enough
Many physicians erroneously believe that they have to be the “world’s leading expert” to start their practice. Nothing can be further from the truth. Asking yourself: Can I help potential clients with their problems? If the answer is yes you are qualified to start your consulting practice. The bottom line is that you do not have to be the world’s leading expert to start a consulting practice.
- I Will Have to Give Up My Clinical Practice
Most physician consultants start out part-time and do not give up their clinical practice until they are ready to do so. Some physician consultants continue clinical practice part-time even after establishing a successful consulting practice.
- I Do Not Have the Resources to Start a Consulting Practice
One of the best things about starting a physician consulting practice is that for a few thousand dollars (or less) you can get up and running. You need not borrow/invest large amounts of capital to launch your consulting practice.
- I am Not Sure What My Niche Is?
Many physicians considering starting their consulting practice are concerned about selecting their consulting niche. Physician, when selecting their niche, should select a niche in which they are good at, one that clients will pay for, and one they truly enjoy with in. If the niche does not currently exist, you can create your own.
Example: Non-Clinical Careers for Physicians. SEAK recognized years ago that a large number of physicians were increasingly unhappy with clinical practice. We created a new niche “non-clinical careers for physicians.” This has turned into a highly successful annual conference for the past 16 years (https://www.nonclinicalcareers.com/).
- I Do Not Know How Much to Charge
Most physicians start out charging their consulting clients by the hour. Hourly rates can range from $500 to $1000/hour or more. Once consultants gain some experience, some move over to a flat rate per assignment. Physician consultants moving to a flat rate will want to have a solid idea of how much time, efforts, travel, etc. will be involved before setting their rate.
Many physicians are in an excellent position to start a consulting practice. Many of their clinical skills (e.g. problem solving, empathy, being an excellent listener, dependability, intelligence, etc. are a distinct advantage for a consultant. Physician consultants are able to be paid what they are worth, which is almost always more than they make in clinical practice. Physician consulting can be fascinating lucrative work which enables you to use both your clinical and many other skills.
About the Author
Steven Babitsky, Esq. is a nationally recognized consultant. He created and teaches the course How to Start, Build, and Run a Successful Consulting Practice. This course is given annually in Clearwater Beach, Florida. It is always available to stream.