Although healthcare is often touted as one of the most well-paid, sometimes your financial goals are more significant than your income. Luckily, as an educated and talented doctor, you have plenty of options to increase your earnings.
The problem is that you’re already busy enough. We get it. Unless you can find a side hustle that fits your schedule, there’s no way to add more to your workload.
However, secondary income streams are everywhere today. The trick is finding those you’re qualified for, are legitimate, and fit into your schedule without too much of an adjustment — like these active and passive side jobs ideal for busy medical professionals.
1. Telemedicine
Talk about a flexible, well-paying side gig!
Telemedicine is the perfect second job for physicians. There are multiple telehealth companies on the lookout for licensed doctors willing to work for them. Originally, the industry was limited to major brands like Teledoc, but new names, such as GoodRX and Sesame, are popping up all the time.
Now, finding a company with the terms you are happy with is simply a matter of narrowing down your options and negotiating. According to statistics, telehealth doctors make close to the same rate that they’d charge for an office visit.
Considering the fact that many of your sessions will take 10-15 minutes, and you can see 3-4 people per hour, both you and the telehealth company will be bringing in a good wage.
But as a side gig, you set your availability. The rate patients will see depends on things like your location and specialty. For instance, you can expect to make more as a neurosurgeon than as a general practitioner. This article by Physicians Thrive includes up-to-date information on the average pay for neurosurgeons to help you determine whether what the telehealth company is offering would be comparable.
2. Witnessing
If you’re a physician treating automobile accidents or workers’ compensation patients, you’ve likely run into the part of your job where you’re called to testify in court. Some doctors dislike being subpoenaed as witnesses, while others enjoy the court side of their work.
However, expert witnesses aren’t just necessary for first-person testimonies of your patient. Many attorneys require the expertise of a healthcare specialist to disprove the other side’s claim or to inform the jury and explain their medical argument.
As an expert witness consultant, you can charge upwards of $100 per hour for your informed opinion. If the case reaches court, you can also get paid for your wait time if you are required to clear your schedule for the day. Again, how much you can expect to receive depends on the area and specialty, as well as the type of court case.
Making this a regular side gig can bring in a hefty paycheck, and if a particular attorney is impressed with your work, they may offer you a retainer to hold you exclusively.
3. Insurance Claims Expert
While doctors are usually on the opposite side of insurance claims, the fact is that health insurance companies need your input to ensure the claims they’re receiving are legitimate.
When an insurance company believes a doctor is billing for a procedure that wasn’t necessary, they will hire an outside independent specialist — you — to review the submitted notes and claim. It’s your job to determine whether the procedure billed was appropriate, elective, or unnecessary.
Disability insurance adjusters also hire physicians as consultants when a patient files for a disability claim that appears out of the ordinary for any reason. As an independent contractor, you’d receive copies of the claimant’s medical records, including imaging studies and physician’s notes.
Using all of the information at your disposal, it would be your job to determine whether the claimant should be approved for the disability claim they filed or if further information or investigation is necessary.
It’s not uncommon for a physician working as an independent contractor for multiple insurance companies to stay busy enough to make this side gig a full-time job. But since you only want a secondary source of income, you can let the insurers know what your availability is and add more companies or time to your schedule as you go.
Conclusion
Your busy schedule is a testament to your knowledge and skills as a physician. But reputation doesn’t always pay the bills with enough left over to handle the hefty financial goals you have.
These three secondary income streams are flexible, well-paying, and adapt well as your goals change. You may even enjoy the work enough to make it a full-time gig that lets you work on-demand.