Doctors Fight Inflation With Side Gigs for Physicians
Fidelity Investments' 2024 New Year’s Financial Resolutions study reveals 54% of Americans are overwhelmed by their finances. More than two out of every five respondents (31%) depleted emergency savings due to financial setbacks.
40% of respondents worry their financial struggles may continue in 2024. The good news, however, is that 70% of Americans have plans to ensure a financially steady and secure 2024.
A detailed report from Medscape in October 2023 shows 39% of the nearly two thousand physicians from over 29 fields of specialization surveyed earned extra income from a side gig. Respondents were asked in detail why they need a side gig and what side gigs they prefer.
53% of respondents said that earning an extra income is their primary motivation. Others consider it an alternative career option, an opportunity to develop new skills or have fun. Some popular side hustles for physicians were medical consulting, real estate, being an expert witness, and business or other consulting. Those side gigs lined doctors pockets with an additional $34,000 each year.
Side Gigs Where Physicians Can Excel in 2024
Physicians looking to start a side hustle in 2024 have many options. As a result of their strong medical background, they have a clear edge over others in side gigs related to the field of medical science. However, they can also succeed in other side hustles unrelated to their background.
Some of the most rewarding side gigs for physicians include hustles connected to their background and a few beyond.
Medical consulting is an excellent side hustle for doctors looking to help healthcare organizations by leveraging their expertise. This could mean consulting for healthcare startups, medical equipment manufacturers, and pharmaceutical companies. Physicians can charge project-based fees or hourly for their service.
Telehealth and telemedicine are other exciting side income opportunities for physicians. This is a rapidly growing industry segment where physicians can offer consultations and treatments in their free time from the comfort of their homes. In addition to working for a telemedicine company, physicians can also start their own telemedicine business.
Physicians with good knowledge of medicine and law can consider medical-legal consulting as their side gig. This highly specialized job involves consulting with law firms on issues related to medical science, reviewing medical records for legal cases, and providing expert testimony in cases related to medical malpractice. Physicians get paid hourly or project-based fees for their service.
Real estate investing is one of the most popular side hustles among American physicians. This is an excellent option for those looking to build long-term wealth and diversify their income streams. Some forms of real estate investment for physicians include flipping houses, investing in rental properties, and investing in real estate investment trusts (REITs).
The demand for specialized content writing is increasing by leaps and bounds, making medical writing a highly rewarding side hustle for physicians. This side gig could include writing white papers, blog posts, or articles for healthcare websites, medical publications, or pharmaceutical companies. These jobs generally pay per project or word. This is also an excellent way for doctors to start building their portfolio as a writer.
Physicians who enjoy teaching and have expertise in a specific field can try out medical education and training as their side gig. They can teach courses at medical schools, universities, online tutorials, or continuing education programs. Fees are paid per course or student.
There is a growing demand for medical transcription and coding in the medical field. Doctors with expertise in this field are ideally suited for this side gig that may involve coding medical procedures, transcribing medical records, or reviewing medical claims for insurance providers. Besides working as freelancers, physicians may also consider starting their own business.
Physicians passionate about developing new treatment methodologies and products can opt for medical product development and testing as their side gig. These gigs often involve conducting clinical trials for research or testing new drugs or medical equipment for healthcare companies.
In addition to those mentioned above, many physicians prefer medical surveys as a side gig. It is possible to perform these jobs during free time without any commitments or spending a lot of time. Also, physicians don't need new skills or equipment to complete these surveys. This side gig creates an excellent opportunity for qualified physicians to provide valuable insights and opinions about medical devices, medications, and other important things related to this field.
Paid medical surveys play a critical role in the medical field, connecting researchers, medical professionals, and pharmaceutical companies to collect opinions and insights that enable medical enhancements and innovative treatments. Medical professionals can impact health care by participating in these surveys while earning a decent income. Also, given their years of specialized education and extensive training, physicians are ideally suited for this side gig compared to others.
The pay for participating in medical surveys can range from $60-$300 per hour. Therefore, with adequate effort, it is possible to make a monthly income of $1,000-$2,000 by taking medical surveys.
Why Do Physicians Need Side Gigs?
More and more physicians look to diversify their career paths, and they are more than willing to try out nontraditional pursuits. Becoming a doctor involves significant investment and a lot of hard work. While doctors are one of the world's highest-paid professionals. However, many physicians feel their current earnings don't match their true income potential. Additionally, paying off medical school debt is a serious financial concern for many new physicians.
The Association of American Medical Colleges published a report in 2020 warning the country will face a shortage of 54,100 to 139,000 physicians by 2033.
Physician burnout, lack of quality medical residency seats, and attrition are significant contributors. Many physicians believe attrition is rising because of generally poor work environments and a lack of administrative support.
During a national address in October 2023, American Medical Association (AMA) President Dr. Jesse M. Ehrenfeld, M.D., MPH, points out the nation faces an unprecedented crisis in the form of physician shortage.
Side hustles allow doctors to build additional income streams and create opportunities to gain new skills and enjoy the freedom of working on their terms.
According to the Medscape report, almost 50% of physicians participated in side gigs that were as rewarding as their primary job as a physician. 28% felt that their side gigs were more fulfilling than their career as physicians.
Approximately 50% of doctors involved in different side gigs had to develop new nonclinical skills to succeed. And some physicians claim they became more efficient as doctors by working in side gigs. This is particularly true for doctors writing articles related to their clinical specialty, medical podcasts, speaking engagements, and board exam questions.
This article was published by Media Decision and syndicated by Wealth of Geeks.