We hear this question all the time. So does our Consultant Corner Guest Editor Beth R. Jacobson, Esq. Here are her thoughts on the subject.
I often get asked the following questions by physicians:
“I hear about my colleagues who do consulting and they love it and they make a lot of money doing it – am I qualified to do consulting and what kind of opportunities are there? Do I have to give up my full time practice?”
If these are questions that you’ve pondered, please read on.
First, if you are a practicing physician, there are a lot of opportunities available for you. There is no need to have any other advance degrees (such as an MBA). Typically, the opportunities are such that companies or individuals are looking to tap into your expertise in medicine only.
Second, there are opportunities to fit within most physicians’ interests. I would suggest choosing opportunities that you think you will enjoy, the money will follow. For example, if you enjoy the law, you may want to review legal cases. If you enjoy the science of new drug discovery, you may want to be on a scientific advisory board. Additional opportunities include: working with medical education companies, speaking with business people about certain drugs or medical devices that you use, case reviews for insurance companies, working with companies to get products through the FDA, speaking engagements, being on the board of directors of companies and opportunities to write in the press or to do radio and television shows.
Third, these are not full time opportunities so there is no need to give up your full time practice. That’s the beauty of such opportunities, you have the ability to hear about an opportunity and then decide if you like it – there is no obligation. You can try out one area of consulting, for example, speaking engagements, and if you decide that it’s not for you, then there’s no reason to do it again. It’s then time to explore other consulting avenues.
Beth R. Jacobson, Esq.
Website: http://www.brjacobson.com/
e-mail: beth@brjacobson.com
Telephone: 914-941-4685
