In today’s economy, side hustles are a part of life for many people, including medical professionals. Although doctors tend to have a higher annual income, that doesn’t mean their salary meets all their financial needs and goals. If that sounds like you, a side gig could help you reach your bank account targets.
These “second jobs” are flexible and done on your schedule’s terms. With nearly 40% of people in the US taking up side gigs, there are plenty to be found. But as a doctor, you have options that aren’t open to the average worker. These may be passive (a revenue-generating activity that doesn’t require much labor or effort) or active (income that requires your time or effort).
Whether you want to pay off your student loans or credit cards or cushion your retirement plans, the first step is to speak with a physician-focused financial professional who can guide you as you create your action plans, like OJM Group. But when you’re ready to take on some extra work, here are some of the top side hustle ideas for medical professionals.
1. Telehealth
One of the most lucrative side gigs for doctors is in telehealth. Since the pandemic, this industry has skyrocketed, and many telehealth providers are always on the lookout for qualified doctors from various specialties.
Many doctors offer telemedicine services during their “off” hours, but some physicians work for telehealth providers full-time. You can make as much as you would in an office, if not more, and see more patients without leaving your home.
Today’s consumers often prefer a digital consultation over an in-person visit. Many patients say they get better service through telehealth than they do with traditional healthcare visits. And with the trend in telemedicine continuing to climb, 91% of major healthcare insurers include this type of coverage in their policies.
2. Sign Up As an Expert Witness
Another lucrative way to make money without spending a lot of time on side jobs is to sign up as a consultant for courtroom cases. In this role, you’ll testify as an expert witness for the prosecution or defense attorney who has requested your expertise.
To land this side job, your credentials must be top-notch. But if they are, you can charge a high fee to close your office and be on hand for the day while you wait for your testimonial to be requested. Some expert physicians with niche specialties receive thousands of dollars per day for their time while they’re only under oath for minutes.
3. Become a Health Insurance Claim Reviewer
If you’ve worked in the billing side of your practice, you know that insurance companies often deny procedures as unnecessary or irrelevant to the diagnosis. These denials aren’t arbitrary. They’re the result of the insurance company’s relationship with healthcare professionals like you, who tell them which procedural codes are related to which diagnoses.
You can land this job by developing a name as an independent doctor available to review appealed claims. If the insurer believes a doctor has billed for a procedure that isn’t covered or may be elective, you’ll receive the claim to review and report whether the insurer should cover the procedure or not.
Although this job may come in spurts, with periods where you have many time-consuming claims to review and lulls of little or none, it’s possible to make thousands of dollars a month in this job.
4. Write Medical Articles
Research articles are available online through open-source platforms, but the average reader doesn’t always understand what these scholarly journals say. On the other hand, you’ve written many of those types of research papers, and you know how to decipher the technical and medical jargon.
Some research, healthcare, or pharmaceutical companies pay physicians well to summarize the information they’ve obtained and make it easier for the average audience to comprehend. If writing is a strong suit of yours, this gig is perfect. You can set your own hours, work remotely, and make a solid income without impacting your normal working schedule.
Conclusion
Finding flexible side gigs to fit into your busy schedule can be a quick way to knock out debt and boost your portfolio. Yet, not all of those hustles are worth your time. As a physician, you can sign up for any or all of these four flex jobs and make as much money as you do in your office, if not more!
Also Read: Ideas On How Effectively Solve Financial Problems
