Most people think of doctors as working in hospitals, medical practices or the military. While it is true that these institutions provide the vast majority of doctors with employment, many doctors also capitalize on their skills to create new and innovative businesses. Some of the best business ideas for doctors include research, medical engineering and consulting.
It is very common for doctors with specialist degrees to work for medical research companies. There are many organizations, private and public, that are willing to pay doctors to do medical research for special purposes such as research related to a particular disease. However, medical research is not limited to research for large organizations. Many doctors operate their own research firms, doing medical research on their topics of expertise. These doctors are paid by contract, such as from government agencies or pharmaceutical companies.
For doctors with an entrepreneurial streak, medical consulting may prove more rewarding than medical practice. One of the main advantages of healthcare consulting is that it is more interdisciplinary in character than medical practice. A healthcare consultant may advise organizations on how to deliver health services in Africa, or provide the military with advice on how to keep soldiers free from the risk of contracting foreign diseases when stationed in foreign countries. Healthcare consultants may also advise organizations on proper use of medical technology and software.
Doctors with technology skills can put their expertise to work to develop new medical technologies. Typically, doctors who go into business as medical technology purveyors have a background in engineering or computers, or have a partner with such a background. Examples of medical technology companies include medical software development firms, medical hardware development firms, medical technology sales companies and medical technology consulting firms.
A doctor with extensive experience in the profession may find lucrative business opportunities in medical recruiting. Organizations that hire doctors and other professionals include hospitals, the military, aid organizations such as Doctors Without Borders, and research firms. Medical recruiter works with both recruiters and doctors, matching the job seeker with the organization needing medical expertise. Medical recruiters may charge new doctors a fee to find them the best paying job possible, or may help organizations the best doctors in the field. Other medical recruiters may operate online job boards, where organizations post jobs that medical students can apply to electronically.