How can you start your own healthcare consulting business?

I started by thinking about what I could contribute to businesses and practices, and that included over 35 years of experience in managed care and analytics and working with vendors on achieving targets. I then reached out to my network contacts and met with them starting about 2 months before I started my practice. Our discussions were focused on what their targets might be and how I could help them achieve them. In addition, we explored how much time might be needed for this so I did not overextend myself. Within 30 days of starting my practice, I had 3 clients up and running. At the end of 60 days, I had 7 clients and was working full time again, but this time for myself and not a large employer.

Take your God given skill set and make a difference. From seeing patients, building an Orthopedic Dynasty with all the ancillaires, plus two ASC's. Utilization of NPP to increase productivity and maximize triple aim.

I’m contributing to my fellows businesses once they have the interest to establish , grow or turn around their private practice / physician offices. My 20 years experience in building up , developing and grow healthcare business in general is the right tool for them to use once they need it. Networking them , connecting them with the right strategic partners / investors is once of the main values that I add to them. I’m looking to my fellows as partners more than clients.

Healthcare is such a large industry, that even narrow niche can still attract sufficient number of clients. A good niche can also be personal, especially in healthcare where many successful organizations connect to a personal story. Ikigai is the Japanese concept of life purpose, at the intersection of 4 questions: What you love What are you good at What the world needs What you can be paid for Finding the answers involves digging deep inside and networking with others. Ikigai has been described as an essential component of the Blue Zones where people live longer, happier lives. In my experience, the closer we define our niche to our Ikigai, the more likely that we will be able to create a sustainable and enjoyable consulting business.

Being a part the health care industry here in India for the last 13 yrs , guiding and extending care as a Family Clinician and Immunologist , in my view , the basic requirements like allowing the patient to speak freely is of paramount importance .I agree most patient may have a furious itch to speak but are restrained only by disinclination( Due to time constraint , misreading patient cues , lack of cultural competence , inability to relay complex medical info etc) of the a lot healthcare providers to listen. The clinician should be discreet . It is his / her business to listen and no details are too intimate for their ears. The Consultation will always remain crucial as it is the only approach to learning and teaching.

Today, we look at healthcare through the following main lenses: accuracy, quality, efficiency, safety, risk and cost (AQESRC). Your business plan should focus on these lenses and the corresponding metrics your consulting will improve. Spend the time to identify the metrics that truly matter to your clients. Moving the needle in any of / all of (unrealistic) / a subset (more realistic) of these areas will set the conditions for success for your clients and ultimately your consulting business. Prioritize those metrics that are important to your clients. Develop a dashboard that will track the progress your clients are making in the target metrics. The dashboard is also a great way to routinely demonstrate the value of your consulting.

A business plan doesn't need to be "War and Peace" but equally don't expect to complete it in a day. A compelling plan will take some time to write as your research into the business unfolds. Follow a simple template and where necessary get expert input - for example, into your marketing strategy or your financial data. Once you've written the main document, add an executive summary to the first page - ensuring this outlines exactly what the business aims are and the financial headlines of investment and return. Remember to keep the document succinct and structured. You'll likely find it becomes an essential tool that helps to transform your thoughts into a tangible roadmap.

A Business plan does not have to be elaborate and complicated at all. I run a health care facility on the concepts of An Integrative Patient Centered Medical Home . Its Primary focus being - 1. Higher quality care delivered with lower cost and increased patient satisfaction. 2. Deals with chronic illnesses. 3. Evidently proactive approach than a reactive one leading to productive interaction between healthcare provider – and the patient. No new tests / No new Treatments / No new tech leading to cost effectiveness. Though slow and time taking in my opinion there is nothing than that can beat Word Of Mouth Publicity.

A detailed business plan is not only essential, can't really do without one. For example , if you are expanding a telehealth solutions - outlining strategies to tap into niche markets, and projecting financial growth tied to these initiatives like partnerships with local clinics or offering tailored services will help you stand out. This will also help make financing easier when you present to the bank or investors.

A business plan is just that, a plan. "If you fail to plan, then plan to fail" is a quote by Benjamin Franklin that I live by. However, a plan can change. There is nothing wrong with changing a plan when the needs arise to benefit from the best outcome.

Setting up your own business can seem daunting at the outset, but in reality it's not so complicated and shouldn't be expensive. Brain storm some company names and run them by friends and family to get feedback. Once you land on something suitable, check the possible names against website domains available for purchase and confirm that the title isn't already taken by another company in your location. Once you've got a website and incorporated your company, you can open a business bank account. Contract templates are easily available online and if start-up funds are limited, then invoicing systems work fine with excel until revenue increases. Most importantly ensure you gain any licences or permits to operate before trading.

This is where a consult with a lawyer in your state is very helpful. For example, you may think it's consulting, but if it's at all clinical in nature you may be running afoul of a state's corporate practice of medicine rules unless you set it up as a simple LLC. Make sure you know the purpose and clearly stay within that lane. Or set it up broadly so that you can dabble in various things. But be cautious about how you set it up.

Make sure if you are a physician and starting your own business that you set it up correctly. If it's not clinical at all, it's fine to use a regular LLC, but if you are in any way practicing medicine or giving medical advice through this entity, you need to check your state law for corporate practice of medicine restrictions and consider setting it up as a PLLC or PA.

Let lawyers do what they are paid for. Protect yourself and do your due diligence with what is required for your state. Once it is all set up, it becomes easy to maintain. You just have to set through the hard part of setting it all up.

A good office service is crucial to the success of the clinic, risk management and routine self criticism will enable a safer work environment.

Building your online presence establishes credibility, help engage and understand the audience, helps establish a patient doctor relationship and visibilty in your speciality.

This one is really simple. You can have the best product in the world, but if customers don't know about it or can't find you, then it doesn't matter.

Relationships are the key to success. Building those relationships takes time and effort. Your online presence is key to these relationships. Social media can be a great source as well as creating your own website that is maintained daily. The more you're on the more followers you will get.

In today's landscape, an online presence is indispensable for business growth. A professional website establishes credibility and legitimacy. Expanding across various social media platforms adds depth to this legitimacy. However, the true essence lies in constant availability and unwavering client support. Being ever-present to address client challenges should be the foremost priority. Live support and prompt email responses become the pillars of client satisfaction, ensuring a seamless experience that keeps them coming back for more.

One thing I have found very helpful when building an online presence is being very intentional with your branding and what you put out. Your website and social media should capture your brand and tell a story. When starting up this can be difficult and hiring help is not something you may have funds to do. However 2023 has brought about a wide range of AI tools that really help one produce a quality brand. Writing blogs can be made easy with AI but do the research and personalize so you don't just produce generic content. Use Image generators like Dalle-3 and Leonardo to bring your ideas to life. I can't emphasize enough the need to be resourceful and finding creative solutions to your digital needs.

It’s all about networking. Think of becoming a “serial networker”. Taking time to meet with people individually, sending them routine texts or notes checking in on them. Strive to understand their needs and interests. Become a resource, a mentor, and a friend.

In contracting, especially with the first few clients, don’t allow contract creep to occur. Stick to the services you’ve outlined that you know you can provide. This will allow for both fulfillment and satisfaction from clients. If you allow contract creep to occur, you could be jeopardizing your initial success and future potential.

This goes back to relationships. Once your network foundation is built, the rest will come by reference. Provide a good product and those references will come easily.

Find your first clients: Starting as a young doctor with minimal acceptable medical licensure, where will your patients come for your medical consultation. Since we have a max. of 750 characters for this contribution, I will keep this brief yet succinct. Your colleagues can play a large role in helping you build your clientele of patients by sending their overflow to you. Simple and non-complex cases for the referral system in medicine. If you became a doctor for all the best reasons, you will be satisfied with minimal symptomology to diagnose especially in your start-up business which practitioners have labeled euphemistically "practice." And we all have known since childhood that "practice" makes perfect, albeit medical care services.

Do a good job and be patient... The clients will come first because of availability and will continue because of expertise, the rumor will spread on its own... Parents share such information, they'll be your best messangers.

You have heard this before: over-deliver. Go the extra mile to deliver on time (or earlier) and stick to budget. The client will appreciate this and consider you for the next consulting gig or extend your current gig. Check in regularly to be sure you are meeting expectations and modify as needed.

Make sure you have a contract for services that clearly outlines the scope of work, the term, the pricing, and how the parties can get out of the agreement.

I Perform Endovascular Surgery in DSA Cathlab in following diseases- 1. Varicose veins in legs. 2. Pelvic Varicosity (Pelvic Congestion Syndrome). 3.Deep Venous Thrombosis in Legs (DVT). 4. Arterial Thrombosis & Acute Limb ischemia. 5. Deep Venous obstruction. 6. Diabetic foot & Arterial Gangrene. 7. Peripheral Arterial Occlusion Diseases (PAOD) 8.Arterio-Venous Malformations 9. Testicular Varicocele 10. Prostate Artery Embolization for BEP/BPH. 11. Uterine Fibroids Embolization. 12. Renal Hypertension & Stenting. 13. GIT Bleeding 14. Obesity & Metabolic disorders 15. Thyroid Nodules RF Ablation. 16. Carotid Artery Stenting to prevent Neuroparalytic Stroke. .Etc

Clearly define the Scope of Work, timelines, budget expectations and mutually agreed upon priorities before you finalize the Consulting Agreement. Agree to clear goals for both sides and for each member involved in the engagement as early as possible in the process. Help clarify or refine strategies, and even enhance your client’s value proposition if applicable. Lastly, always communicate collaboratively and pro-actively with frequent touch points to update all stakeholders. Your performance and professionalism will help drive future opportunities, growth and referrals.

In the healthcare consulting world, your reputation hinges on the quality of your work. A colleague's consulting firm skyrocketed after they helped a small clinic implement a patient-centered care model that significantly reduced readmission rates. Their secret? Meticulous attention to detail and a relentless commitment to client success. By consistently delivering high-quality work that yields tangible results, you'll cultivate trust and credibility. This becomes the bedrock for referrals and repeat business, essential for growth. Let your work speak for itself, and your consulting business will flourish through the powerful word-of-mouth that follows exceptional service.

I think “consulting” is a dated term and generally doesn’t reflect the true purpose between the client and your company. We use the terms “advisors”, “support” and when appropriate “partners.” Ideally your business will grow and thrive solely on word of mouth referrals, the best indicator of how strong your clients value you.

1. If you are doing it single handedly, you can define your scope of activities. 2. Identify your expertise in the healthcare domain 3. Market your expertise to your TG. Your TG can be small and medium size or Big size healthcare companies. It can also be defined geographically or in a market segment. You can also segment your TG based on your expertise to offer. 4. Price your services to pitch to your TG based on your expertise or market dynamics. What value add you can bring in adds strength to your pitch. 5. Finally stay true to your deliverables and promises. This leads to establishing your credibility.

Consider the current state. Many times we jump to action assuming a solution that no one thought of or a novel approach is what is missing. Most of the time this is not the case. In fact, nothing beats good hard work and research into a problem. There are no short cuts to prosperity. Consider taking action and being open to failing fast. In the long run, it will pay its dividends.

Watch out for overhead, or fixed costs. Make sure you can pay your business bills before trying to expand too much. Focus on sustained growth not risky leaps in size or function.

You started this business for a reason, to improve healthcare. This is quite the mission and it will not be easy. Use the excitement and innovation that led you to begin your business to help you sustain when times are tough.