Hi all. I'm a recent U.S.-trained M.D. and I've started to seriously consider a career in the business of medicine, and I'm leaning toward the consulting field. I know that it's always better to complete a residency; however, I just don't feel that my future lies in clinical medicine per se. I'd like to gain experience, and I wondered if anyone had advice as to how I could start? I do have some (limited) business experience, having co-owned a subchapter-S corporation in college, and I'm planning on eventually applying to B school. For the immediate future, though, I'd like to obtain some real-world, hands-on knowledge. Does anyone have any leads or ideas?
Non-clinical opportunities for new MD?
- Thread starter SkiFreeMD
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depends a fair amount on your financial status and needs; if you were to start a company, you'd almost definitely need to go into a hardship deferral on student loans. This shouldn't be much problem, but you'd probably need some backup source of income or plans for a place to stay for maybe a year or so prior to beginning to earn any salary. (written as a person married to a entrepreneur who has started quite a few companies)
Another thought would be, as you'd mentioned, to go into consulting, or possibly look into a large health organization such as Kaiser Permanente -- consulting firms would have a formal training program and offer a liveable salary, at least the top ones. I've heard great things about some of the larger health ins. and health coverage type firms; salaries seem good at Blue Cross/Blue Shield, Kaiser, etc. I'm not sure how an MD would fit in here, but as a experienced business person, starting salary for a non-manager level person w/deep non-healthcare experience was in the mid 70's to mid 80's range.
It sounds like your interests are more on the business side; keep in mind the lack of certainty in that world as to job tenure -- my firm is laying off 20% (many thousands) now; two of the people laid off were among the hardest and most effective workers I knew who had 5+ years' seniority. It's a discomforting feeling knowing that something similar may well happen again in a year or two, and then again a few years later. Another thought would be to train as a physician and then do that part time, say enough to earn 100K per year, and use the rest of your time to start a consulting firm, lead a hospital group, etc. A friend who is an MD has done this for years.
Another thought would be, as you'd mentioned, to go into consulting, or possibly look into a large health organization such as Kaiser Permanente -- consulting firms would have a formal training program and offer a liveable salary, at least the top ones. I've heard great things about some of the larger health ins. and health coverage type firms; salaries seem good at Blue Cross/Blue Shield, Kaiser, etc. I'm not sure how an MD would fit in here, but as a experienced business person, starting salary for a non-manager level person w/deep non-healthcare experience was in the mid 70's to mid 80's range.
It sounds like your interests are more on the business side; keep in mind the lack of certainty in that world as to job tenure -- my firm is laying off 20% (many thousands) now; two of the people laid off were among the hardest and most effective workers I knew who had 5+ years' seniority. It's a discomforting feeling knowing that something similar may well happen again in a year or two, and then again a few years later. Another thought would be to train as a physician and then do that part time, say enough to earn 100K per year, and use the rest of your time to start a consulting firm, lead a hospital group, etc. A friend who is an MD has done this for years.
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I think it's very important to identify a focus area.Managed care? Health claims? Health IT? Electronic records? What are you passionate about? What types of clients do you have in mind? Then, you'll need to start growing your network so that people can help you get some opportunities. You may discover a few people doing something that you're already passionate about. Perhaps you can join them and grow a business together.
