A medical consultant handles the business side of healthcare so physicians and the care team can focus on patient care. In the US, medical consultants earn more than $100,000 per year compared to in Australia where annual earnings can reach AU$134,000 ($102,691 USD). Those in New Zealand earn NZ$112,000 ($78,966 USD) per year, similar to the US dollar equivalency found in Canada at C$97,000 ($75,844 USD). Medical consultants working in the UK earn more than £51,000 ($60,518 USD) compared to South Africa at R588,000 ($44,189 USD) and India at about Rs591,000 ($9,241 USD). Earning potential varies worldwide by geographic region, professional experience, and work setting as further explained in this guide.
How Much Does a Medical Consultant Make per Year?
Annual salaries with US dollar conversions and hourly wages for medical consultants are outlined in the chart below.
|Medical Consultant Salary||US||Canada||UK||Australia||New Zealand||India||South Africa|
Factors that Influence the Medical Consultant Salary
Determining earning potential for medical consultants requires a review of salaries by geographic region, professional experience, and work setting. This guide provides information on salaries and working in this career field.
1. Geographic Area
Medical Consultant Salary in US
Medical consultants in the US earn more than $100,000 per year, and bonus pay can add another $5,000 to overall earnings. Entry level medical consultants with up to three years’ experience earn more than $70,000 per year compared to senior level professionals who see annual earnings top $124,000.
Medical Consultant Salary in Canada
In Canada, medical consultants receive roughly C$97,000 in annual base salary, plus nearly C$5,000 in additional bonus pay. Early career medical consultants receive an average entry level salary of nearly C$68,000 per year, increasing with experience to well over C$120,000 per year upon reaching a senior level position.
Medical Consultant Salary in UK
Medical consultants in the UK receive an average annual compensation of more than £51,000 in base salary and another £2,500 or more in bonus pay. Those early in their career earn an average entry level salary of about £36,000 per year compared to their senior level colleagues who see annual earnings reach £64,000.
Medical Consultant Salary in Australia
The average annual salary for medical consultants in Australia is about AU$134,000, plus AU$6,600 or more in bonus pay. Those entering this career field can expect an average entry level salary of about AU$94,000 during the first three years of employment while senior level medical consultants earn close to AU$167,000 annually.
Medical Consultant Salary in New Zealand
In New Zealand, medical consultants earn well over NZ$112,000 per year and bonus income adds another NZ$5,500 to overall earnings. On average, entry level pay can reach NZ$79,000 per year compared to senior level positions that offer annual earnings close to NZ$140,000.
Medical Consultant Salary in India
Annual earnings for medical consultants in India can reach Rs591,000 in base salary plus more than Rs29,000 in additional bonus income. Entry level medical consultants earn nearly Rs420,000 per year compared to senior level professionals who see annual earnings of more than Rs745,000 annually.
Medical Consultant Salary in South Africa
In South Africa, medical consultants receive R588,000 per year, and bonus incentive pay can add another R29,000 or more to overall earnings. Early career medical consultants earn more than R415,000 per year during their first three years of work experience while the most experienced in senior level positions receive close to R737,000 per year.
Earning potential increases in correlation with professional experience as senior level medical consultants earn about 77% to 78% more than their entry level counterparts. For example, in the US, the difference between senior level and entry level pay is about $54,000 more per year, or 77%. Senior level medical consultants in South Africa see their annual earnings expand by about R322,000 more per year, representing an increase of about 78%. This percentage of growth is similar in Australia where annual pay for the most experienced is about AU$73,000 more per year compared to those entering the career field.
Medical consultants work in hospitals and clinics, large private practice physician offices, and some are self-employed and work as contractors. Self-employment may offer higher income potential and responsibilities for a variety of clients. Those employed in for-profit, private sector organizations may see higher salaries and bonus income potential compared to employment in nonprofit or publicly funded organizations.
Medical consultants often work full-time during normal business hours, Monday through Friday. There may be times when additional hours are necessary to meet deadlines, requiring occasional extended hours during early mornings and evenings; however, work time on weekends and holidays is rare.
Bonuses and Benefit Packages
It is typical for medical consultants to receive a full benefits package that includes healthcare coverage, paid time off, and additional perks such as retirement plans and health savings accounts. These benefits are available most often to full-time employees, meaning self-employed medical consultants who contract their services are typically responsible for these expenses on their own.
The US Bureau of Labor Statistics anticipates an increase of 20% among medical and health service managers, including medical consultants, through 2026. This growth is due to the growing complexity of the healthcare system, a globally aging population needing medical care, and an increased access to healthcare services. A career as a medical consultant requires a bachelor’s degree, often in business, finance, or a health-related field. Those with a background in healthcare, such as a registered nurse, may be more competitive for some positions or see higher earning potential.
Medical consultants earn solid salaries that offer a positive return on educational investment. Their compensation packages often include benefits and bonus pay. While many are employed by large healthcare systems or organizations, there are opportunities for self-employment. This career field is expected to grow at a much faster than average rate, which should support income levels and provide sufficient opportunities for those choosing to enter this career field.