5 Reasons to Consider Consulting as an MD

In my previous post “What is Consulting: The MD Perspective,” I gave a brief description of the consulting industry. In sum,

CONSULTING FIRMS PROVIDE PROCEDURAL OR TOPICAL EXPERTISE TO HELP COMPANIES SOLVE PROBLEMS.

Consulting has become a more common option for MDs and other professional degree holders. However, medical schools and residency programs rarely inform their trainees of this career path. And why would they? Because of the time and money that goes into training medical students and residents to become physicians, it would be a misappropriation of resources for a training program to recommend that their trainees pursue a career in consulting. I personally wish that I’d learned more about alternate career options as an MD earlier in my career. Thus, I’m taking the opportunity to share the five reasons I think medical students, residents, and attendings should consider consulting as MDs.

5 Reasons to Consider Consulting As an MD

Increased Impact

One of the most commonly cited reasons that medical students enter the field of medicine is to have an impact on patients’ lives. In consulting, the impact that MDs can have on patient care is multiplied. Through client projects that impact policy, operations, and strategy in the healthcare space, MDs have the chance to change thousands, if not millions of patients’ lives by changing how we deliver care.

Gain New Skills

Medical school and residency training provide MDs with a strong skillset of basic science and clinical judgment. But there is little formal training as to how to run a healthcare system. Physicians seldom know how or why important business decisions are made within a hospital or private practice. Physicians who become consultants learn new skills such as capital budgeting, operational strategy, and people management. These skills can be transferred back to the healthcare setting as MDs increasingly take on roles as hospital administrators and healthcare entrepreneurs.

Earn Extra Income

In the grand scheme of things, physicians make pretty good salaries. Pediatric endocrinologists make on average $157,394  per year and represent one of the lowest paid groups of physicians. This salary is still about 2.5 times the national income average. Nonetheless, consulting allows physicians the opportunity to supplement their salaries with consulting engagements that can add as much as six-figures to a physician’s base salary.

Diversify Your Work

Many attending physicians have told me that their work can become a little monotonous over time. Though many doctors continue to enjoy their patient interactions, the work becomes less of a challenge as they become more experienced in their fields. Independent healthcare consulting or consulting for a pharmaceuticals or biotech company can add a bit of variety to a physician's workflow.  (I further explain these types of consulting in a previous post). As my 10th-grade history teacher always said, "Variety is a spice of life!"

Pivot Your Career

I have a bit more training to go before I become an attending, but I’ve heard time and time again about the burnout that physicians experience.  I’ve seen medical students drop out of medical school, residents leave residency programs, and attendings hang up their stethoscopes. For MDs with a penchant for business, consulting serves as a great way to pivot into the business world. Think of consulting as residency for business. You’ll have the chance to be staffed on projects across multiple industries and functional roles. Consulting can be a launching pad to careers in healthcare management or entrepreneurship.

Summary

It’s becoming more and more common for MDs to find a side hustle or quit practicing altogether. Luckily, the options are endless for what an MD can pursue outside of clinical practice. Consulting stands out to me as a way for MDs to transition into a new career or add a new dimension to clinical practice. I hope that the five points I outlined above help you understand why you should consider consulting as an MD.

If you have any questions, feel free to leave a comment below or reach out to me by email!

Peace and blessings,

-Atasha Jordan, MD (to be)