Over the past few years, many in the medical industry have started to reach out online and within their inner circles, looking for side hustles. Many physicians wonder what side hustles they can engage in to make extra money.
Many side hustles in today's economy allow you to do freelance work on your terms. This will allow you endless possibilities and the flexibility of time that you need as a physician with an already demanding schedule. Throughout this article, we will talk about eight of the best doctor side hustles and income streams you can engage in as a physician to make a little bit of extra money without interfering with your growing practice and career.
This is the number one side hustle that doctors and physicians gravitate to because it has zero relation to their medical degree. In general, Americans have become conditioned to believe that real estate is a fantastic way to make extra money and, if done well, can provide an excellent source of passive income.
Real estate has pros and cons, and you can generate passive rental income from tenanted properties. The value of real estate appreciates over time. It can be used as asset collateral when financing other business ventures, like opening up your practice and passing it on to future generations. As with all investments, it doesn't come without risks; there are some upfront costs, and your money will be tied up until you sell the property if that's your plan.
As we learned over the Covid-19 pandemic, doctors can see patients outside their office walls. Several doctors do telehealth or telemedicine as their primary job or part-time job on the side. The most common specialties in this practice are psychiatrists and radiologists, although the pandemic greatly expanded the use of telemedicine across nearly every specialty.
Telemedicine is especially great for doctors with an off day as part of their regular schedule, allowing you to fill that day up with Telehealth patients and earn extra income. you can see patients from the comfort of your own home and be flexible with your hours. This passive income or side hustle is great for doctors who love what they do and want to continue practicing medicine as their secondary source of income.
Many research companies will pay physicians money to give their input on a survey. You can earn anywhere from $25 to $50 for a 5 to 10-minute online survey or several hundred dollars for a more extensive survey. Some of these surveys come from a phone interview, but many can be done from your phone, laptop, or desktop computer on your lunch break or your off days.
While this income stream won't replace your full-time salary, it's a good way to make extra money on the side we need otherwise be watching TV or having downtime between patients.
This is a very lucrative position and one of the best side hustles for doctors. When dealing with cases, attorneys might need to consult with Physicians when a case involves a medical issue. They may even call a doctor to the witness stand as an expert witness to provide their professional opinion to the jury during court.
One of the benefits of this side hustle is that you can set the rate. You could set a flat retainer or charge hourly with a minimum number of hours. Many attorneys won't bat an eye at what you could think is a high rate for a day or for an hour. Many doctors set rates at around $300 per hour; that's more than you can make seeing patients!
Reviewing Insurance Claims
In a similar line to an expert witness for a court case, many insurance companies have independent physicians review their insurance claims. This is common for cases that need pre-authorization, where a doctor will sometimes bill an insurance company for a procedure they claim is medically necessary. Then the company suspects the case to be an elective procedure rather than a medically necessary procedure.
When an insurance decision is appealed, they need an independent party to review it - that's where you come in! This is a perfect doctor side hustle for your freetime.
Physicians, just like you, can write and submit articles to medical journals for money! You could become contracted by a pharmaceutical company or another medical company to write a summary for a new drug or product that they're coming out with. If you're good at writing, this could be the perfect doctor side hustle that you've been looking for.
Medical conferences are always looking for doctors to present speeches on various topics. Many of these doctors are paid to speak at conferences by a pharmaceutical or medical equipment company. If you have expertise in a particular subject, you could travel from conference to conference, enlightening others on your knowledge and get paid to do so.
Becoming an Influencer or Starting a Social Media Channel
We live in the digital age, and many get their information, for better or worse, from social media. A fun and lucrative side hustle for doctors could be to become an influencer or start your own social media channel. An example of this would be Dr. Pimple Popper, the dermatologist in California who has gained millions of followers based on her strong social media presence on Instagram, YouTube, and TikTok.
The best thing about this side hustle for you as a physician is you can put as much or as little time and energy into it as you want. There are also zero startup fees; generally speaking, you need your personality and your cell phone to get this going. If you're interesting, funny, and knowledgeable about a certain subject, there's no limit to what you can accomplish on your social media channels. At the very least, you might even get sponsored by a scrub company or another medical supply company and get some free swag for all of your online efforts.
Conclusion: Which Side Hustle Is Best For Doctors?
While these are just a few of the many side hustles that doctors can utilize to make extra cash on the side, there are many, many more. Some of these income streams are more centered around a side hustle atmosphere, and others are passive income streams where you set it and forget it, like purchasing a real estate investment property or publishing a blog or ebook and generating online sales; there is something for everyone and every schedule.
No matter what you choose to do, know that your doctor side hustle or passive income stream will take off with the right amount of effort and determination. Although the odds are that you won't replace your physician salary right off the bat, as you continue to learn and grow, you never know what could become of your side hustle.
David Price MD is the Founder and CEO of getFREED, a business providing real estate education and vetting of individual deals to help physicians and other healthcare professionals build a passive stream of income, allowing them to work less and practice on their terms.
David lives with his wife and two daughters in Atlanta, GA, USA.
To find out more about David and getFREED, head to http://www.get-freed.com.