What Can You do as a Healthcare Business Consultant?

Have you thought about developing a healthcare consultancy business "on the side" or as an alternative career path? There are many physicians who work as healthcare consultants who not only provide tremendous value for their clients, but also enjoy the flexibility and diversity of the consulting life. Some consultants work for small or large firms; other appreciate the autonomy of owning their own consulting company.

Being successful as an independent consultant depends on many factors, but two are paramount: 1) developing a good business plan for your consulting business, and 2) knowing how you are uniquely qualified to help solve business problems for your client. You can tackle the first challenge by learning more about business planning (check out my Mastermind Tele-class called "Be a Healthcare Consultant"). And here are some ideas that will help you tackle the second challenge, knowing how you add value. The nine categories and 41 ideas are as follows:

Nine categories and 41 activities where a Physician Consultant can bring Value

Adapted from What Color is Your Parachute? Robert N. Bolles (Ten Speed Press)

1. Research

    Identify suppliers

    Identify target markets or users for ideas or products

    Identify talent

    Identify experts

    Identify commercial possibilities for ideas or concepts

    Assess the public mood

    Examine political realities

    Trace problems, ideas to their source

2. Invent

    Create commercial possibilities for abstract ideas or concepts

    Design events

    Improve on others ideas

    Update others' ideas

    Adapt others' ideas

3. Communicate

    Arbitrate disputes

    Negotiate agreements

    Terminate people/projects/processes

    Translate jargon

    Help others express views

    Help others clarify goals and values

    Handle difficult people

    Interview

4. Motivate

    Sell an idea, program, or course of action to decision makers

    Raise capital for nonprofit institutions

    Raise capital for business ventures

    Recruit leadership

    Direct creative talent

5. Analyze

    Classify data

    Perceive and define cause-and-effect relationships

6. Synthesize

    Summarize

    Asses people's needs

    Extract the essence from large quantities of data

7. Evaluate

    Assess monetary value

    Judge people's effectiveness

    Identify and assess other's potential

    Analyze communication situations

8. Recommend

    Suggest experts

    Suggest suppliers

    Allocate scarce resources

9. Forecast

    Plan financial matters

    Predict obsolescence

After you have reviewed the list once, read through it again and picture yourself in different client scenarios. The scenario might be a healthcare system, a pharmaceutical firm, a physician group practice, a technology or device company, an insurance company, a medical publications company, a health venture firm, or any number of other healthcare or non-healthcare related organizations.

Going through the list is also helpful for physicians who are contemplating career change out of clinical practice. What resonates with you as you read through the list? If you can identify one or two categories that say "that's me!" then you have taken a giant step forward in making a transition. For more guidance on developing yourself as a consultant, look at my 3-month Mastermind Teleseminar series, "Be a Healthcare Consultant."

Francine R. Gaillour, MD, Business Consultant and Executive Coach for Healthcare Leaders francine@physicianleadership.com,

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Forty-one ideas for what you can do as a healthcare consultant [Read also: What is your value-add as a healthcare business consultant] Have you thought about developing a healthcare consultancy business "on the side" or as an alternative career path? There are many physicians who work as healthcare consultants who not only provide tremendous value for their clients, but also enjoy the flexibility and diversity of the consulting life. Some consultants work for small or large firms; other appreciate the autonomy of owning their own consulting company. Being successful as an independent consultant depends on many factors, but two are paramount: 1) developing a good business plan for your consulting business, and 2) knowing how you are uniquely qualified to help solve business problems for your client. You can tackle the first challenge by learning more about business planning (check out my Mastermind Tele-class called "Be a Healthcare Consultant"). And here are some ideas that will help you tackle the second challenge, knowing how you add value. The nine categories and 41 ideas are as follows: Nine categories and 41 activities where a Physician Consultant can bring Value Adapted from What Color is Your Parachute? Robert N. Bolles (Ten Speed Press) 1. Research Identify suppliers Identify target markets or users for ideas or products Identify talent Identify experts Identify commercial possibilities for ideas or concepts Assess the public mood Examine political realities Trace problems, ideas to their source 2. Invent Create commercial possibilities for abstract ideas or concepts Design events Improve on others ideas Update others' ideas Adapt others' ideas 3. Communicate Arbitrate disputes Negotiate agreements Terminate people/projects/processes Translate jargon Help others express views Help others clarify goals and values Handle difficult people Interview 4. Motivate Sell an idea, program, or course of action to decision makers Raise capital for nonprofit institutions Raise capital for business ventures Recruit leadership Direct creative talent 5. Analyze Classify data Perceive and define cause-and-effect relationships 6. Synthesize Summarize Asses people's needs Extract the essence from large quantities of data 7. Evaluate Assess monetary value Judge people's effectiveness Identify and assess other's potential Analyze communication situations 8. Recommend Suggest experts Suggest suppliers Allocate scarce resources 9. Forecast Plan financial matters Predict obsolescence After you have reviewed the list once, read through it again and picture yourself in different client scenarios. The scenario might be a healthcare system, a pharmaceutical firm, a physician group practice, a technology or device company, an insurance company, a medical publications company, a health venture firm, or any number of other healthcare or non-healthcare related organizations. Going through the list is also helpful for physicians who are contemplating career change out of clinical practice. What resonates with you as you read through the list? If you can identify one or two categories that say "that's me!" then you have taken a giant step forward in making a transition. For more guidance on developing yourself as a consultant, look at my 3-month Mastermind Teleseminar series, "Be a Healthcare Consultant." Francine R. Gaillour, MD, Business Consultant and Executive Coach for Healthcare Leaders francine@physicianleadership.com,
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Forty-one ideas for what you can do as a healthcare consultant