Registered nurse consultants provide specific professional services using their own tools, scheduling their own time, and
developing their own policies and procedures for performing the work. In tax terms, the consultant is an independent contractor,
with jobs that may include teaching, training, and coaching. Legal nurse consulting is yet another option, one that I'll address
in a future column.
An RN consultant looks for potential customers, such as healthcare facilities, other nurses, patients, or the general public,
who have problems they are unable to solve. The consultant identifies the problem, finds the cause by conducting what's known
as a root cause analysis, and develops a solution.
The market shows need
Here are some examples of the need for RN consultants:
- A healthcare facility's goal is to have all nurses certified in their specialties, but only 15% of the nurses have obtained
certification. There are no staff nurses who can teach the certification review classes. It's not financially feasible to
have a full-time employee for each certification review class, so the facility hires a consultant, who already has designed
the classes, to come in and teach the nurses.
- A facility has an upcoming inspection to ensure that it meets certain regulatory guidelines. An outside consultant with knowledge
of the inspection process is hired to inspect the facility, identify any problems, and provide remedies prior to the inspection.
- Specific continuing education is not available in an area and the local nurses want or need such education. A consultant
could schedule a seminar locally, or record audio CDs or DVDs, or write a book and sell copies to the local nurses. Another
option might be to offer the education online.
- A business needs someone to teach classes to comply with health department guidelines. In today's heavily regulated economy,
the list of individuals and businesses with problems meeting guidelines is endless, meaning there's demand for consulting
RNs.
Overhead is low
The startup cost for an RN consulting service is relatively low if you use a home office outfitted with your own equipment.
If you practice as a consultant under your RN license, you don't need to start a sole proprietorship, limited liability company
(LLC), or a corporation. You are already licensed to educate as of part your state's nurse practice act.
The Nurses Service Organization offers a rider to its malpractice insurance that covers educators and trainers. So when your
income increases and you need additional tax deductions, you can incorporate, get the same tax deductions as Bill Gates, and
eliminate your personal liability.
No educational or certification requirements exist for nurse consultants. The customer who hires the consultant, however,
may require a BSN, MSN, or other formal nursing credentials.
There is a downside
Earnings depend on the number of billable hours worked. Typical income is around $125,000 annually, with the hourly rate ranging
from $100 to $250. Actual take-home pay may be the same as a staff nurse's. The expense of operating a consulting service
(taxes, insurance, office space, supplies, equipment, etc.) reduces income significantly. Some nurses consider the additional
work involved—the non-billable hours—a definite disadvantage. For me, the benefit of planning my work to match my lifestyle
far outweighs any disadvantages.
The future for the nurse consultant looks good. Nurse consultants have proven their worth in the industry. Consider starting
part time and move to full time when it's right for you. Many nurses are not psychologically ready for retirement, or may
not have the finances to do so. For them, RN consulting may be a good destination.
Ask Pat
Q. I am a nursing student looking to work for myself when I graduate. How would I start? How do I advertise? Is this difficult?
Ruby Denise Carter
A. Start by looking over the NNBA Web site (
http://www.nnba.net/)
. Nurses offer lots of services you've never been exposed to. The first step is to decide what you're going to do.
As for advertising, as a business owner, you will build a network of people who buy your services. They will refer other
people to you. Depending on the nature of your business, advertising in newspapers and magazines can be effective.
Is it difficult? Starting a business involves more tasks than working for someone else. You have to do the work you'd
usually do as an employee, as well as all the tasks your employer usually performs. Lots of people are in business for themselves
or are small-business owners.
Do you have a question about entrepreneurship? Send it to jfraleigh@advanstar.com
.
