Wondering how to boost your income and add a little more financial cushion to your life? You might want to consider exploring side gigs for physicians. Essentially, side gigs are additional jobs or tasks you take on alongside your main profession. These side gigs can not only supplement your income but also allow you to leverage your existing abilities, gain new competencies, channel your creativity, and broaden your professional horizons.
This article will serve as your comprehensive manual to navigate the world of side gigs for physicians and augment your income. Ready to take a deep dive into the various side gig options that can help enhance your earnings? Let’s get started.
What You Need to Know About Clinical Side Gigs for Physicians
The medical profession is a rewarding one, but it can sometimes be financially challenging. If you’re a physician looking for opportunities to supplement your income, clinical side gigs could be the ideal solution. These opportunities involve providing patient care or medical services, and they leverage your existing clinical skills and credentials. Whether it’s working in different settings, offering remote medical services, or contributing expertise in legal cases, clinical side gigs open up a world of possibilities.
Locum Tenens: Filling in the Gaps
Locum tenens refers to a temporary role where you step in for other physicians who may be away for various reasons, such as vacation or maternity leave. This side gig can also involve working in underserved areas that need additional healthcare professionals. The beauty of locum tenens lies in its flexibility, variety, and often, higher pay rates than a regular position.
Agencies specializing in locum tenens can help you with credentialing, licensing, and even travel arrangements. In fact, in the United States alone, an estimated 50,000 physicians work in locum tenens roles each year, making this a popular and viable side gig for physicians.
|Choose when and where to work with the freedom to take breaks, travel, and explore different places and specialties||Responsibility for your own health insurance or retirement plan. You also don’t get paid sick days or PTO and may have to pay more taxes.|
|Work in various locations and environments, from rural to urban, from coast to coast, or even abroad||Your contract may be canceled with short notice by your temporary employer, leaving you without work or income.|
|High income from day one with additional opportunities for call coverage and overtime. You can also get reimbursed for your travel and lodging expenses.||Competition from other locum providers or permanent staff who have more experience or seniority.|
|You may also not be able to find the best jobs or rates if you rely on locum agencies that take a large cut of your pay.|
Expert Tip: Bypass the locum agencies and negotiate directly with the hospitals. This way, you can get paid as a W2 employee and avoid the self-employment tax. You can also get higher rates and better terms than what the agencies offer.
Telemedicine: Remote Care for the Digital Age
In an increasingly digital world, telemedicine has emerged as a viable and popular side gig for physicians. This involves offering medical consultations or services via phone or video calls. From diagnosing and treating to prescribing or referring patients, telemedicine enables you to provide medical attention to those who may not have direct access to healthcare.
The convenience and efficiency of telemedicine are unmatched. You can work from virtually anywhere and at any time that suits your schedule. With numerous telemedicine platforms available, you can connect with patients and have billing and documentation handled for you. The global telemedicine market is anticipated to reach USD 185.66 billion by 2026, signifying a huge potential for physicians to tap into.
|Work from the comfort of your own home or anywhere else with a good internet connection.||Problems with the telemedicine platforms, such as glitches, delays, or poor quality.|
|See more patients and provide more services in less time.||Different licensing and credentialing requirements for each state. This can be confusing and time-consuming to navigate and may limit your opportunities.|
|Work across different time zones and shifts, such as nights or weekends.||You may not be able to perform certain parts of the physical exam. This can affect your accuracy and confidence in your diagnosis and treatment.|
|You may also not get paid for any downtime or waiting time between consultations or video calls.|
Expert Tip: Think about three things: schedule, volume, and backup support. You should choose shifts that fit your availability and preferences, and avoid taking on more or less work than you can handle. You should also look for work that pays well and has enough demand, and stay away from areas with low income or too many facilities with high workloads. Finally, you should have a reliable technical support team and a referral network to help you with any issues or emergencies that may arise.
Medical Consultant: Lending Your Expertise to the Legal Field
The legal field often requires the input of medical professionals in cases that involve medical issues or malpractice claims. Here, as a medical consultant, you can provide your expert opinion on various aspects such as the standard of care, causation, or damages.
This side gig for physicians can offer not just high fees but also prestige and recognition in your field. You can work on a case-by-case basis and set your own rates and terms. Legal firms specializing in medical malpractice cases can provide opportunities for you to serve as a medical expert witness.
|Consult on complex cases and review current guidelines to enhance your expertise.||Your workload varies depending on your medical specialty and expertise.|
|Keep up with the latest research, technologies, and treatments in the healthcare industry.||Consulting on projects may demand extra work and research that may interfere with your clinical duties.|
|Work at your own pace, as medical consults involve chart reviews that you can do anytime.||Scheduling depositions and testimonies can be challenging if you have a busy clinical practice and have to choose between them.|
Expert Tip: The average salary for a medical consultant is $194,384 per year or $93 per hour. However, this can range from $137,000 to $374,000 per year depending on the level of expertise and demand. To increase your hourly rate, you need to build a track record in your field or a specific niche. Yet, keep in mind, that being too well-known can be a drawback as lawyers often prefer a balanced level of experience. If you are too famous, you may appear biased and opportunistic.
Broadening your Scope: A Comprehensive Look at Non-Clinical Side Gigs for Physicians
If you’re pondering over ways to increase your income without providing direct patient care, non-clinical side gigs might just be the ticket. These roles enable you to harness your medical knowledge and experience in other industries, offering a unique blend of diversity and challenge. Whether it’s creating content for the medical community, consulting for companies, or imparting knowledge to the future generation of doctors, non-clinical side gigs offer exciting opportunities.
Medical Writing: Channeling Your Expertise into Words
Medical writing offers a chance for physicians to leverage their knowledge in a creative way. It involves crafting content for medical journals, websites, books, and more. Whether you’re penning down the latest research findings, clinical guidelines, or case studies, this side gig provides a platform for creativity, visibility, and credibility.
You could freelance or associate with a medical writing agency that can connect you with clients and handle the editing and publishing process. In the US, freelance medical writers can earn up to $80,000 per year, making it a lucrative non-clinical side gig.
|A unique channel for creative expression that is not available in medicine.||Difficult to find a consistent job without networking.|
|Increased credibility, which will lead to compensated possibilities such as speaking gigs.||You will need a portfolio and body of work to establish your reputation.|
|Experienced technical grant writers can earn a good income.|
Expert Tip: To find medical writing opportunities, you can use online platforms, such as Upwork, Freelancer, or MedZilla, or reach out to your network of colleagues and contacts.
Medical Surveys: Utilize Your Expertise, Earn on the Go
Medical surveys offer physicians a unique opportunity to leverage their knowledge and insights while earning extra income. Various organizations, including legal firms, insurance companies, and pharmaceutical corporations, value your expertise and are willing to pay for your thoughts on various healthcare-related matters.
Medical surveys typically require your opinions on patient care, medical products, or healthcare services. These surveys can be completed conveniently on your smartphone, making them a perfect gig for the on-the-go physician. Though it might not generate as much income as more involved consulting projects, the simplicity and flexibility of this gig make it an attractive option.
The compensation and time required for these surveys can vary. Generally, longer, more detailed surveys offer better pay. The convenience of online access allows you the flexibility to complete surveys from virtually anywhere, be it during a quick coffee break or while unwinding after a busy day at the clinic.
|Advance medicine by providing real-world insights.||Surveys are not always available or suitable for your specialty or experience. You may not be able to rely on them for a steady income.|
|Income depends on the topic and length.||Surveys may vary in length and complexity. You may also have to go through screening questions that can disqualify you from the survey without compensation.|
|Complete the surveys at your own convenience, from anywhere and anytime.|
|Provide valuable feedback on prescribing habits, patient usage, and attitudes toward pharmaceutical products.|
Expert Tip: Sign up with multiple survey companies. This way, you can increase your chances of finding surveys that match your profile and interests. However, be aware that some survey companies may pay you in gift cards instead of cash.
Medical Education: Shaping the Future of Healthcare
Teaching or mentoring is an incredibly rewarding way to leverage your expertise. Through this side gig, you can impart knowledge and insights to medical students, residents, peers, or other healthcare professionals.
Whether you choose to serve as a faculty member at a medical school, a speaker at conferences, a tutor, or even an online instructor, medical education offers a way to make a meaningful impact while gaining recognition.
|Share your knowledge and insights with the next generation of healthcare professionals.||The level and type of education may require additional training or certification.|
|Make a meaningful impact on the quality and outcomes of healthcare.||Balancing teaching or mentoring with clinical practice may be demanding and time-consuming.|
|Gain recognition and respect as an authority in your field.||The pay may vary depending on the contract and the institution, and may be lower than other non-clinical side gigs.|
Expert Tip: Сontact local medical schools, hospitals, or associations that offer teaching or mentoring programs. You can also create your own online courses or webinars using platforms such as Udemy, Teachable, or Zoom.
Expanding your professional endeavors beyond the clinic can open up new avenues of income and personal fulfillment. These non-clinical side gigs for physicians allow you to make the most of your medical knowledge and experience, in ways you might not have considered before.
Supercharging Your Income: Exploring Active and Passive Side Gigs for Physicians
A physician’s profession doesn’t confine them solely to clinical practice. Numerous active and passive side gigs can augment your income, offering a more diversified and resilient financial portfolio. While active side gigs for physicians require regular involvement, passive ones can generate revenue with minimal ongoing effort. Let’s delve into these two categories and uncover some appealing options.
Passive Side Gigs: Revenue Generation with Minimal Effort
Passive side gigs for physicians can provide a steady income stream with a minimal time investment after initial setup. Let’s explore a few such options:
Investing is an excellent way to grow wealth over time. You can invest in stocks, bonds, ETFs, or REITs, among other options. Remember, that it’s crucial to research thoroughly and understand the risks involved.
- Real Estate
Real estate investing involves owning or renting out properties, providing a steady source of rental income or capital gains. It’s a classic investment strategy.
- Online Business
An online business could include selling e-books, courses, software, or any digital product. It could also involve earning from advertising, sponsorships, or affiliate marketing. While running an online business presents its challenges, the potential for scalability and flexibility is immense.
Active Side Gigs: Combine Passion and Profession
Active side gigs for physicians require your continuous involvement but can be immensely satisfying and financially rewarding. Here are a few worth considering:
Blogging allows you to express your thoughts, share experiences, and connect with a larger audience. Not only does it provide an outlet for expression, but it can also generate income through advertising, sponsorships, or affiliate marketing.
Podcasting offers a platform to share your insights and experiences and connect with audiences on a personal level. You can earn through advertising, sponsorships, or even crowdfunding. Podcasting in the medical field is on the rise, with shows like ‘The White Coat Investor‘ and ‘The Curbsiders‘ gaining significant popularity.
As a coach, you can help others reach their goals or overcome challenges. Whether it’s career development, personal finance, or wellness, your expertise can make a substantial difference.
Physicians possess a wealth of knowledge and experience that can be leveraged in multiple ways. By exploring these active and passive side gigs, you can enhance your income, diversify your revenue streams, and make the most of your unique skills and expertise.
A career in medicine is undeniably demanding, both in terms of time and energy. However, the wealth of knowledge and experience physicians amass throughout their journey opens up various avenues for supplemental income, without straying too far from their field of expertise. Whether it’s clinical or non-clinical, active or passive, there’s a side gig out there tailored to every physician’s unique skill set and interests.
The rise of digital platforms has further broadened the horizon of opportunities. Telemedicine, online coaching, blogging, podcasting, and conducting surveys are all feasible options to bolster income. Platforms like Credsy have played a pivotal role in this revolution, simplifying and automating the processes of licensing and credentialing, thus making side gigs for physicians more accessible than ever.
However, it’s important to remember that a side gig should not become a source of stress or a distraction from your primary role as a physician. It’s crucial to find a balance that works for you, ensuring that you’re not only financially stable but also professionally fulfilled and personally content. With the right approach, a side gig can not only boost your income but also offer opportunities for personal growth, professional diversification, and the chance to make a broader impact on healthcare.
So, whether you’re a resident looking for ways to pay off student loans, an established professional saving for retirement, or a physician seeking financial independence, there’s a side gig out there for you. It’s time to step out of the confines of traditional medicine and explore the wide array of opportunities waiting just around the corner. Your journey to a more diversified income stream starts here.
FAQs about Side Gig for Physicians
What are some examples of side gigs for physicians?Some common side gigs for physicians include telemedicine, medical writing, consulting, expert witnessing, medical education, and coaching.
How can I find side gigs that match my skills and interests?You can start by identifying your strengths, passions, and goals. Then, you can research online platforms, networks, and communities that offer opportunities for physicians to showcase their expertise and earn extra income. You can also reach out to your colleagues, mentors, and peers for referrals and recommendations.
What are the benefits of diversifying my income stream with side gigs?Diversifying your income stream with side gigs for physicians can help you achieve financial independence, reduce burnout, expand your network, learn new skills, and pursue your passions.
What are the challenges of balancing side gigs with clinical practice?Balancing side gigs with clinical practice can be challenging in terms of time management, legal issues, ethical dilemmas, and potential conflicts of interest. You need to set clear boundaries, prioritize your tasks, communicate effectively, and comply with the relevant regulations and policies.
How can I measure the success of my side gigs?You can measure the success of your side gigs by setting SMART (specific, measurable, achievable, relevant, and time-bound) goals and tracking your progress and outcomes. You can also solicit feedback from your clients, customers, or audience and use it to improve your performance and satisfaction.