Many members of our communities of doctors are seeking or presented with opportunities to speak in front of audiences. Some of these speaking gigs may be paid, while others are not. While it’s important for physicians to know their worth and ask for it, the world of public speaking is much different than other side gig realms like consulting. Therefore, the price that you can and should charge to speak at any given opportunity can vary widely and be quite subjective depending on how attractive the opportunity is to you. There are many different reasons to take speaking gigs depending on your objectives, as well as many different ways to benefit from publicity generated by these appearances, and these should all be taken into consideration when asked what your speaking fees are. Below, we’ll cover the various factors that may go into setting your speaking fees, and how to answer the question, “How much is your speaking fee?”
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What to consider when asked for your speaking fees
While many professional keynote speakers have flat rates or minimum rates for appearances, most physicians exploring speaking opportunities aren’t doing so as their primary profession. Therefore, you may find yourself setting different fees on a case by case basis, depending on a multitude of factors. These may include:
How prestigious an opportunity is and if it’s an honor just to be invited
How much speaking at this event or venue will contribute to your brand or reputation
How much unique expertise you have in the subject (i.e. are you a key opinion leader or could they easily find others to cover this topic)
How much time you have to take away from work to attend this event
How much preparation it will require
How many people will be in the audience
How much time are you being asked to speak and/or engage with the audience
How much travel time it will require
How inconvenient it is for your personal life (busy time of year, childcare issues, etc)
Whether it gives you an opportunity to promote your side gig or brand, such as a startup that you founded, a book that you published, a coaching service that you run, or a course that you sell
Whether it’s a place you want to travel to regardless
Who else is attending the event
Who is hosting the event and what their budget is (hospital system may be different than CME may be different than industry)
Whether it gives you the opportunity to advocate for a cause that you’re passionate about
What the industry standard is in a particular field and if there are any regulations on fees, such as when speaking for pharmaceutical or medical device companies
How many meetings are required beforehand to prep with the hosting team
If there policies and procedures that are time consuming associated with the gig (CME approval, onboarding onto a client’s vendor system, etc.)
These are just some examples of things that are commonly considered, but each doctor may have their own additional factors. For example, some people add to fees if they have to take a connection when they travel or rent a car themselves, as these can be additional headaches or lead to X factors that they want to take into consideration when thinking about whether an opportunity is worth it.
What are general principles specific to common settings that physicians speak in to keep in mind when determining speaking fees?
While the following are not absolutes, these are some thoughts to consider when quoting speaking fees in situations that physicians tend to be asked to speak at:
Keynote speakers are generally paid, whereas panelists are not always paid.
Industry or commercial event hosts should generally pay you if you are an invited speaker that is a draw to their event
Grand Rounds invitations are generally considered an honor and are unpaid or paid very little (around $500-1000 is not atypical), unless you have a strong brand / are a key opinion leader or professional keynote and are able to come under a special budget
CME conferences tend not to pay very much (usually a few thousand dollars)
Society meetings may not pay unless you are a keynote speaker or an invited speaker from another specialty (and even then sometimes not)
When speaking for pharmaceutical companies or medical device companies, there may be fair market value considerations that set standards in regards to compensation
If you are asked to set your fees instead of being proposed compensation, how do you know how much you can charge?
If you are in the fortunate position of being an invited speaker for a keynote or other event where you are being specifically sought out, you may simply get asked what your rates are. This is where setting fees becomes particularly confusing. In this situation, you should think about a few things:
What is your normal hourly consulting rate or hourly clinical earning?
Here, you are determining what your opportunity cost is for taking on the engagement. If you are giving up an entire clinical day, how much revenue are you giving up? Ideally, the amount you make from engaging in the opportunity offsets this opportunity cost and then some (unless there’s other secondary gain or benefits from doing the speaking opportunity). Look here for some ideas about what doctors charge as consulting rates by physician specialty.
How much time is it going to take for you to prepare this content, arrange logistics for the speaking gig, and how much time will you be away from your normal life (i.e. what are the opportunity costs)?
If this is a talk that you could give when woken up from sleep because you give it every other week and you can reuse the content, you may be willing to do it for less than if you have to come up with an entire new 1 hour talk from scratch. Remember, your rates are not just for the time you are physically on stage speaking, but for the time that you spend researching and preparing the talks, go back and forth with the organizer, and spend time on travel arrangements, as well as all the time that you are at the event but not speaking.
How unique is your expertise or brand in this space?
We’ve all heard of people who can charge 10s of thousands of dollars to speak. The reason they are able to do this is because they are celebrities, have a strong brand, or are a key opinion leader (KOL) in a very niche market where they are one of a handful of people that can speak with authority on a subject. If you have a strong brand and are going to be the reason why people want to come to an event, you can likely charge a lot more.
What can the other party afford to pay you?
There is some business and negotiation skills and expertise that will go into what you can ask to be paid, and how you do it. A community hospital is not going to have the same budget as if you are asked to speak at a Fortune 500 company. If you know the event has a large budget, you can probably feel a little more comfortable going for a higher rate (and honestly, you’re probably going to put more time into preparing for these events, so you probably should charge more). Do your due diligence into what standard budgets are in different settings, and if you can avoid throwing out the first number, try not to. Feel them out for what they're offering and then counter from there.
What are other general principles to keep in mind when asking for compensation for your speaking engagements?
Your rates are not about just the length of time that you are physically speaking, but about the time that you spend preparing and traveling as well. If a conference organizer wants you to meet with 4 different people before deciding to use you or do practice runs before the event, factor that into your costs. Make sure any obligations that you agree to that are dedicated time are clearly spelled out in your speaker's contract so that if additional time is requested, you can either decline or charge accordingly.
Ask for travel related expenses and registration fees to be paid regardless of fees, whenever possible/applicable, so that it doesn’t end up costing you out of pocket to speak
Many physicians feel strongly about saying no to speaking at society meetings where they ask you to pay registration fees or travel costs if you were not planning to attend otherwise
If you speak often, assume that word will get out about your rates. Therefore, don’t sell yourself short or you may have another party ask you to honor that rate. Consider including a confidentiality clause in your speaker’s agreement contract to discourage others from disclosing your rates to others.
When might you consider speaking for free as a physician?
We generally believe that if someone is charging the audience to watch your speech, you should get paid, though there may be exceptions to this as well.
However, you should consider what your goals are from your speaking. Is it to raise awareness for a cause, to teach a population of clinicians or patients something that you think is needed, or to generate publicity for another monetized venture? In situations such as these, you may find yourself willing to speak for free. For example, many physicians speak at society meetings for free or for residency or fellowship programs for free as a service to the medical community. Another example of where you may want to speak for free is in the community, where your presence at the event may lead to referrals to your practice. You may also have the honor of speaking at a major event that has thousands of people that will elevate your brand power, which could in turn lead to consulting or business opportunities.
In all of these cases, you may be told that there is no speaking fee, or that they’ll only cover your travel and registration, etc. You will have to decide whether it’s worth it for you.
General negotiation tips for getting the best speaking rates
Do your research
Research the opportunity prior to getting on the phone with the organizer or proposing rates. See if you can find out what they paid past speakers, and the caliber of speakers that they normally have. Ask them over email what their budget is. Look up the venue, as it will give you a sense of how much they’re willing to spend on this event to make it special
Decide your opportunity costs, dealbreakers, and how badly you want to do the event so you know when to walk away
Determine what the opportunity cost is for you to attend the event, and how badly you want the speaking gig. If you think it’s a great opportunity for your brand and you want to do it regardless of the pay, you probably don’t want to start out with a pie in the sky number that could scare them away. Alternatively, if it doesn’t really matter much to you whether you do the event or not, you may want to aim high. Know before you join the call what your lowest rate that you’ll do the engagement for is based on all the factors above. Remember that once you commit to a date, you won’t be able to say no if a higher offer comes along for another event on that date, so ensure that you’re not compromising too much.
Come off as a professional, and have a CV and speaker’s agreement ready
The more you come off as someone who is experienced in the speaking world, the more likely you are to get a competitive speaking fee. Have an updated CV ready for their review that showcases your qualifications. Make sure you ask lots of questions that indicate that you know what you’re doing and what your worth is in this space, and present them with a professional speaker’s contract. Honestly, this is added insurance on their part as well that they are hiring somebody who is going to come off as polished to their audience, and most event organizers are happy to pay a premium for the peace of mind that their speaker is seasoned and will engage in a professional manner.
Don't throw out the first number
Generally speaking in all things negotiation, you can only hurt yourself by throwing out the first number (if you give a number lower than what they were thinking, they'll be quick to take you up on it, and if you overshoot, you could risk losing the gig). Ask them what they're thinking about paying you so you have a ballpark of what their budget may be, and then go from there. Read this for other tips for negotiating effectively.
Conclusion
Setting speaking fees is often very subjective, even for seasoned physician speakers. Your goal is to respect your worth, but also look at every speaking opportunity on a case by case basis and consider how it can help you meet your personal and professional goals. The benefits of speaking as a side gig aren’t always directly gained in speaking fees, but can also be by publicity, connections, or opening up other opportunities for consulting gigs, advisory or board positions, and more. Be open to being flexible, and know how to put your best foot forward to negotiate the best rate possible.
Additional resources for physician speakers
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