From global events to industry specific affairs, there is an ever expanding role for physicians to fill. Within the confines of medical related industries alone, there is a huge potential for a physician consultant. in medical device or product conception and development, written and verbal communication and information dissemination, even marketing and distribution. As such, the option of being an independent contractor is a viable option for any doctor.
Independent Physician Contractor
For the purposes of this discussion, we are going to broaden the definition of a physician independent contractor from someone who handles patients. A physician Independent contractor is someone beyond the clinical role. As an example, an independent physician contractor takes on various roles in medical writing to product development consulting. Alternatively, the physician consultant is contracted for research to quality assurance. Additionally, physician entrepreneurs will even become actively involved in product sales.
A physician consultant will take on an array of roles that suits his or her expertise. Being an independent contractor does not necessarily mean giving up you medical practice. In contrast, it simply provides the physician consultant with an avenue for expression and development of your current knowledge and skills. As an independent physician consultant, you are provided with an alternative environment. Therefore, providing you an option to better control your time and attain a certain degree of freedom.
Both established and startup companies value the independent physician consultant. Additionally, physician consultants are contracted throughout various life cycles of a medical device or pharmaceutical product. The Physician Consultant is contracted for various roles. As an example, one multinational giant and leader in the pharmaceutical industry publicly announced their intent to increase its pool of healthcare professionals by involving more clinicians.
With company based interest like driving up profits, this move was based on the fact that involving more doctors who played important roles in the company assured better quality testing and control of the products. Additionally, this will assure better concept communication from within the company to other healthcare providers and to the public. The involvement of physicians in the industry certainly offers the opportunity to bring about transparency and credibility in the company’s products and services. There are multiple contract and consulting opportunities for physician consultants.
The IRS defines the independent contractor. Briefly, an independent contractor physician is not an employee. Therefore, there are different terms for the independent contractor. The advantages of being an independent contractor in terms of financing include tax benefits. Tax benefits include deductible expenses of transportation costs, malpractice insurance, health insurance premiums. As well as, CME expenses and the likes. Also, financing benefits come as freedom to choose your own retirement and investment plans. Changing jobs does not limit or terminate your options. Finally, there is also more flexibility in terms of working schedule and geography.
Physicians Beyond Clinical Practice
There are many physicians who are world famous outside of their practice of medicine and even outside of medicine completely. Most people are aware that Michael Crichton, the author of Jurassic park is a doctor. However, little do they know that Che Guevara, the Argentine revolutionary leader, Marxist and military theorist was actually a physician. Neither do they know that Sun Yat Sen, founder of the Republic of China and its first president was a practicing doctor.
As you can see, these famous personalities went outside of their clinical settings and contributed greatly to society and the world. Physicians, as independent contractors, can also add great value by utilizing their clinical expertise within medicine.
Physician Entrepreneurs and physician inventors, remaining within medicine, have also made great contributions to improving healthcare. Most importantly, we are seeing a growth trend for the physician within the independent physician consultant role.
We are interested in hearing from you if you are a physician and seeking independent contractor or consultant roles or if you are a physician inventor / entrepreneur of a medical or healthcare related product (or service) and seeking sales partners, or development partners.
About MedCepts: THE Largest Network of Independent Consultants, Independent Contractors, Independent Sales Reps, Independent Distributors and Independent Healthcare providers, exclusive to the medical and healthcare industry. A network from the “new idea” to concept and distribution…. improving healthcare one phase at a time…
Written by a Medical Doctor in collaboration with a team member at MedCepts. Protected by Copyright of MedCepts.