As a physician you’re a healthcare subject matter expert (SME)!

This morning, a company executive woke up in need of your expertise AND is willing to pay for it.

Your experience is valuable to solve problems in healthcare, pharmaceutical, medical device, media, biotech, and other industries.

THERE ARE 3 CATEGORIES OF CONSULTING*

1. Skill-based or medical knowledge consulting.

There are 3 main types of activities in this category:

I. Management consulting
II. Utilization management (UM) and clinical documentation integrity (CDI)
III. Medico-legal chart reviews and expert witness

I. Management consulting

When companies can’t solve a problem using their internal experts, they hire consulting firms, or independent SMEs (you!)

Examples:

A physician with experience in value-based care consults for healthcare systems to troubleshoot problems with implementation of value-based care.

– A physician with expertise in health care technology consults for tech companies to develop an implementation plan.

– A surgeon with experience using specialized surgical equipment offers consulting services to a device company.

There are expert network platforms to match you, (the SME), with their client, (the company that needs your expertise.)

Companies will also use LinkedIn to search for an expert.

Examples of expert management consulting network platforms:

GLG consulting group

Guidepoint

VISASQ/Coleman

Bridger

McKinsey and company

Bain and Company

Boston Consulting Group

II. UM and CDI

Examples:

– A hospitalist performs chart reviews for a third party insurer to determine appropriateness of an inpatient care plan.

– A physician advisor reviews an occurrence of ICU care to make sure the assessment and plan are accurately reflected in the ICD codes.

Read more here:
Utilization Management and Clinical Documentation Integrity.

III. Medico-legal chart review

Example:

A colorectal surgeon with several years of experience is contacted by a defense attorney to review the care provided by his client (another colorectal surgeon) to determine if standard of care occurred in a malpractice case.

Read more here:
Medical-legal consulting and expert witness.

2. Advisory consulting

This is where a firm pays you to give them advice. They might take your advice or not, but they’re paying you for your advice.

Typically, the company will pay you for a fixed period (6 months or more), also referred to as a retainer, for you to be available to give advice during that time.

An example of high paying advisory services is Venture Capital advising.

3. Credibility consulting

In this type of consulting, you are selling your credibility. Your MD/DO credentials help justify the decision a company wants to make (or occasionally has already made) in how they are investing or spending their money.

(They’re not really interested in your expertise.)


HOW TO GET STARTED WITH CONSULTING

Flesh out your skills and knowledge

What problems do you like to solve?

What do you like to read, talk, and write about?

What are the most common topics or questions your colleagues and patients ask you?

Update your LinkedIn profile

Edit your banner and About section to reflect your area of expertise so that companies looking for your expertise can find you.

Network with people on LinkedIn who may need your expertise!

Consider joining groups and attending conferences in your area of expertise.

Write and speak in your area of expertise

This will help you get clearer on the problems you solve and increase your visibility and credibility to companies that are searching for SMEs.

Ways to do this are to create your own blog, or start a newsletter on LinkedIn, and post regularly on the platform. If this sounds too much, start simply by writing the answer to the most recent question you were asked, and post it on LinkedIn.

Look for podcasts and meetings in your areas of expertise and sign up to participate as a speaker.

Sign up to become a physician expert on network platforms

Consider starting with the companies linked above or use the platforms highlighted in the chart review and medico-legal review articles.

Start your own consulting micro-corporation (like an LLC)

This facilitates invoicing, fee collection, and tax benefits. Small business attorneys can provide guidance on this.

Note:
When you submit your expert profile to network companies, be honest and specific about your experience and skills.

Read the terms and conditions thoroughly and make sure you don’t have any conflicts of interest.

If you are in a W-2 employed position, check your employment contract and be transparent with your boss or business administrator of your plans to start consulting. Some organizations have rules about side-gig work.

Roles to search for

You can also find part-time work by searching for Physician consultant, physician reviewer, physician advisor, industry advisor-healthcare, subject expert, management consultant.

Where to search

Career center run by your medical association.
Indeed.com
LinkedIn
Usajobs.gov (State, Federal, CDC, and FDA positions)

Compensation

The range varies from ~$80/hour to upwards of $50,000.00 for a 6-month retainer.

Summary

Healthcare consulting can be a great way to earn side income and contribute your knowledge and skills in a different way.

When you first sign up with expert network companies or insurers, your workload might be sporadic. If you enjoy the work, stay with it. You never know when one consult or project turns into a retainer engagement.


* Physician non-clinical careers podcast # 355