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Career and Money Strategies for Physicians

Expanding Job Market For Physicians

11/6/2018

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by Robert Priddy

Put another way, most markets have plenty of room for expansion and growth, and that includes you as a new entrant.
 
About half of my clients want to move into an entrepreneurial endeavor as their transition from clinical practice. That’s great because I have found that physicians can be very effective entrepreneurs, if they make the right business choices.
 
However, the first choice is, what business? Most clients aren’t buying foundries, some do consider franchises, but most focus on the intellectual capital they bring directly to the table. Whether in public health, disease specific advisory, organizational knowledge, etc, their focus is on what they know – a smart move. Once decided, the statement I almost always hear is this, “I know there are some people already doing this, maybe I need to think of something no-one else is doing.” Wrong. There is virtually no area of consulting or advising that is so crowded that one more practitioner cannot enter.
When I’m hit by this statement, my first move is to a spreadsheet. The simple questions, how much can you charge, how many clients can you work with…. followed by, look how small a market presence you need to be successful. Do the math yourself if you have these thoughts. Most physicians can comfortably charge in the $300-$600 per hour range for special knowledge and skills. Plug into the hourly rate reasonable annual work hours, or billable hours – say 25% of a regular FTE or 520 hours. At the hourly rate midpoint of $450, that translates to $234,000 billed. If you think about work in project terms versus hourly billing, you’re looking at one to two projects each month consuming between 20 and 40 work (billable) hours .
 
I won’t get into the nuance of consultative billing practices, but let’s just say, that’s not an unreasonable goal. I’ll leave further What-if’s to you. The bottom line, there is plenty of room in the market-place for you.
 
If you’d like to learn more, don’t hesitate to contact me for an initial, no charge, Hallway Consult…720-339-3585 Voice or Text or RFP@thirdevo.com.
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    Contents
    Starting a clothing business
    Disability insurance tips
    Tips for money management
    How to become a physician hospital executive
    Wound care specialty training
    Healthcare IT
    Salary of non-clinical jobs
    Medical malpractice insurance policy
    ​If you lost your medical license
    Demonstrating confidence
    Expanding non clinical job market for physicians
    Selling yourself as a physician
    Knowing your value as a physician
    Targeting your audience
    Defensive behavior
    US clinical experience for international medical graduates
    Physician review sites
    Retirement finances
    Contract negotiation
    Physician recruiter insight
    The alternative to multitasking
    Getting an MBA
    What is a Functional Resume?
    Trends in physician careers
    Spending and debt
    The personal side of medicine
    Student loan management

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  • Non-clinical jobs for doctors
    • How to Find a Non-Clinical Job
    • Medical career strategies
    • Transition Toolkit
    • Physician Success Stories
    • Wound Care Physician
  • Where to find non clinical jobs
    • Job Openings
    • Medical Writing and Strategy Agencies
    • Medical Review Companies
    • Medical Writing Job
    • Clinical Research Training
  • Useful Links
  • Careers for Physicians Without Residency
    • Licensing and Programs for International Physicians
  • Resources For Physicians With Disability
  • Re-Entry Into Medicine
  • Tips from your doctor
  • How to Become a Licensed Physician in the USA