Working for a consulting firm can be a highly lucrative alternative career for medical doctors. As healthcare represents more than 1/6 of the U.S. economy, there are numerous opportunities for physicians to work as consultants. Some of the biggest consulting firms who operate in the healthcare space includes:
- Bain & Co.
- Boston Consulting Group
- McKinsey & Co.
- The Advisory Board Company
There are in general two types of physician consultants. Subject matter physician consultants are thought leaders who are brought in (often part time) to use their niche knowledge to assist a client. Traditional physician consultants obtain and service clients.
Subject matter medical doctor consultant compensation is often per hour and can range from around $100/hour to $500/hour or more.
Traditional full-time physician consultant salaries vary by firm and experience, but a good ballpark of salary is $200,000/year to start. This doesn’t include bonuses/incentive compensation/fringe benefits and the like. Successful “rain maker” practice leader physician consultants can earn well over $1,000,000/year. The rule of thumb is that as a physician consultant you are paid $1 for every $10 of business you bring in and service. The bottom line with serving as a physician at a consulting firm is that successful physicians who can bring in large amounts of business have an enormous earning potential.