Leverage Your Medical Expertise: 5 Ways to Become a Physician Entrepreneur
An increasing number of physicians are harnessing their training and clinical insights not just to treat patients but to drive innovation as entrepreneurs. Fed up with industry pain points or inspired to develop creative solutions, these medical professionals are diverging from traditional career paths to launch businesses that aim to improve care delivery and outcomes.
The COVID-19 pandemic was a powerful catalyst, accelerating the adoption of technologies like telemedicine and video visits, out of necessity. This disruption opened many doctors’ eyes to existing gaps and inefficiencies ripe for novel approaches.
According to a survey by Stanford University, the portion of physicians holding an equity stake in a private healthcare company doubled from 2020 to 2022.
Following are some of the key areas where physicians are embracing the entrepreneurial spirit. Along with these items are steps physicians can take to pursue these kinds of opportunities.
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Join a Digital Health Startup
Leveraging their clinical experience, doctors are founding companies creating patient-facing apps, telemedicine solutions, remote monitoring technologies, data analytics platforms, and other digital tools aimed at improving access, engagement, and outcomes.
What can you as a physician do to investigate these kinds of opportunities?
Ideas for job seekers:
- Take courses or get certified in areas like health informatics, digital health, or data analytics
- Develop skills in coding, app development, user experience design, or other technical competencies used in digital health roles
- Join online communities, social media groups, and forums where digital health startups connect
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Consider Getting into Private Medical Practice
Worn out by productivity pressures, long hours, and certain kinds of incentives in the employed physician model, some doctors are going into business for themselves.
They’re launching independent private practices designed around outstanding patient care and service models that put the doctor, not an administration, in charge.
Ideas to investigate:
- Utilize job boards (such as PhysEmp) and physician recruitment firms focused on private practice roles
- Consider doing a locum tenens stint at a private practice
- Attend local medical society meetings to network and learn about openings
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Seek Work in Medical Device & Drug Development
Physicians can play a vital role in helping biotech, medical device, and pharmaceutical companies identify unmet needs, enhance product designs, and ensure therapies and technologies work seamlessly in real-world care settings.
Ideas:
- Participate in clinical trials or research studies for new drugs, devices, or therapies
- Take courses in biomedical engineering, human factors design, or regulatory affairs
- Seek out opportunities to provide physician input on product prototypes or usability testing
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Pursue a Career in Healthcare Consulting
With specialized clinical knowledge that is in high demand, many doctors are capitalizing on consulting opportunities with investment funds, technology companies, hospital systems, and other organizations.
Physicians can provide expertise in areas like product vetting, regulatory issues, clinical program design, and evaluating investment prospects.
Ideas:
- Obtain an MBA or master’s degree in healthcare management, administration or related field
- Develop deep expertise in an area like clinical informatics, value-based care, digital health, etc.
- Make Connections at consulting firms and attend healthcare consulting industry events, conferences and meetups
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Investigate Jobs with Health & Wellness Brands
Medical and science backgrounds make physicians well-suited to launch consumer health brands. From nutritional product lines and wellness apps to fitness services and sleep solutions, entrepreneurial doctors are developing innovative offerings designed to help people live healthier lifestyles.
Ideas:
- Start a blog, podcast or a social media presence focused on health/wellness topics
- Consult for consumer health companies on product development or marketing
- Become certified in fields like nutrition, fitness, integrative medicine, mindfulness
Entrepreneurship isn’t without its challenges, though. Many physicians admit struggling with lack of business training, funding hurdles, liability risks, and difficulties with branding and marketing a new venture.
But an ecosystem of resources like entrepreneurship programs, investor networks, and incubators is emerging to help transition doctors from clinicians to CEOs.
In a fast-changing field driven by new technologies, you can reach out to seize opportunities to leverage your expertise in powerful new ways!
Written by Warren Goldie
