Is a Physician Side Gig Right for You?

I write a lot about physician side gigs. Like… a lot. Don’t believe me? Check out my previous article, The 10 Best Physician Side Gigs. It is not that I have an obsession; I think it can help physicians and others in healthcare professions expedite their financial goals simply by leveraging their medical expertise. However, I fully recognize that side gigs are not for everyone. Let’s be clear: they require extra work. This is an effort beyond that of your clinical professions. That is not for the faint of heart.

In an era of pandemics and physician burnout, taking on a side gig may not be the right choice. With this post, we seek to explore physician side gigs and answer the question: Is a physician side gig right for you?

What is a physician side gig?

As always, let’s start with the basics, shall we? What is a physician side gig? A physician side gig, often called a ‘side hustle,’ is a supplementary job or venture that doctors take on outside their regular practice. It is an opportunity to leverage your medical knowledge and skills in various ways, opening doors to additional income and personal development. Unlike full-time roles, side gigs offer flexibility, allowing physicians to manage their schedules and explore different facets of their profession.  

Why choose a physician side gig?

Extra income

A primary motivation for many physicians is the potential for increased earnings. Side gigs can help pay off student loans, boost savings, or provide additional financial security.

Skill development

Side gigs can offer opportunities for skill enhancement. Whether telemedicine, medical consulting, or medical writing, physicians can diversify their skill sets and stay up-to-date with industry trends.  

Diversification

Relying solely on one source of income can be risky. Side gigs provide financial diversification, reducing dependence on a single paycheck.

Work-life balance

Many side gigs offer more control over one’s schedule, which can help physicians strike a healthier work-life balance. 

As we will get to in the next section, there are many avenues with which physicians can supplement their income. From moonlighting to paid physician surveys (and more), physicians can boost their annual income without having to (necessarily) work more clinical time. As I always advocate, this is an opportunity to diversify your cash flow. Like investment portfolio diversification, one should consider generating multiple revenue streams to guard against the financially unexpected. 

What are common physician side gigs?

Physicians have a plethora of side gig options to choose from. Here are some to consider:

Telemedicine

First on our list is telemedicine. Telemedicine allows physicians to provide medical consultations remotely (i.e., from home). It is a flexible and in-demand option, particularly with the rise of virtual healthcare.  

Medical-legal consulting

Providing expert testimony in medical legal cases is another avenue to consider. It can be a very lucrative side gig for physicians with specific expertise. Wish to learn more? Check out Medical-Legal Consulting is a Great Physician Side Gig. 

Medical writing

Wishing to leverage your medical opinion through literature? Medical writing involves creating content for various platforms, such as medical journals, websites, or pharmaceutical companies. It is an excellent way to share knowledge and earn extra income.  

Medical consulting

Unlike medical-legal consulting, medical consulting is where you lend your medical expertise to healthcare organizations, pharmaceutical companies, or start-ups. This side gig often involves advising on clinical matters, research, or strategy.  

Moonlighting/Locum Tenens

Looking to keep it simple? Why not consider more clinical shifts for higher pay? Taking a short-term or temporary medical assignment can be rewarding to explore different practice environments while earning additional income.  

Paid medical surveys

Many companies will pay you directly for your medical opinion. Paid medical surveys exchange your medical knowledge and time for cash. Are you looking to supplement your income from the comfort of your couch? Sign up for some of the Best Paid Medical Surveys.  

Real estate investing

For the sake of derailing this post, real estate investing is an excellent physician-side gig. What’s more, this does not mean you have to ‘flip’ homes in your free time. There are many avenues you can begin investing in real estate without having to own the physical property directly. Want to learn more? Here is How Real Estate Investing Can Accelerate Physician FIRE Now.  

Non-clinical side gigs

Last but certainly not least, there are non-clinical ways to supplement income, from blogging to garnering a large social media following, and beyond. Many physicians are exploring their non-medical interests and how they can expedite financial freedom. However, for the sake of this article, I am strictly focusing on leveraging your hard-earned medical knowledge to boost your income.  

How much can one make with a physician side gig?

Now that we have worked through several physician side gigs for your consideration, how much can a physician make with a side gig? Well, as with many things, it depends. Earnings from physician side gigs vary widely based on factors like experience, niche, location, and the side gig itself. Telemedicine, for example, can offer hourly rates, while medical consulting and being an expert witness may provide substantial fees for your professional opinion. It is essential to factor in taxes, expenses, and liability insurance when evaluating your potential income. Remember that your earnings may take time to grow as you build your reputation in your chosen physician side gig.  

However, I wanted to pick a few articles that dive deep into how much money you can make with various side gigs. Here are a few examples:

Physician makes $30,000 using paid medical surveys – The White Coat Investor

Potentially $100,000 extra income from medical-legal consulting – Physician’s Weekly

How to Make Money Blogging as a Doctor – The Motivated M.D.

$93,896 average salary for medical writing – Indeed

A 2023 Update on My Passive Real Estate Investment Returns – Physician on FIRE

Is a physician side gig right for you?

So, now that we have explored physician side gig options. Let us briefly discuss all the factors that influence one’s decision to take up a side gig.  

Assess your time availability

The first and arguably most important factor to consider is your time. Time is a precious commodity for a physician. At baseline, physicians overwhelmingly make healthy incomes. As such, the hourly rate for our time is steep. Unfortunately, this often comes at the expense of other interests, like time with our loved ones or just time to unwind.  

As you decide if a physician side gig is right for you, consider how much time you have available for your selected side gig. Where is that time coming from if you begin to implement a side gig into your life? Is it pressuring other priorities in your life? For many physicians, time becomes a more valuable resource than money. As such, deciding to prioritize time for a side gig is not to be taken lightly.  

Evaluate your skillset

The next factor to consider is your current skill set. For many physicians, our medical knowledge makes us competitive for certain side gigs. However, many of us have specialties or subspecialties (both medically and surgically). This particular expertise can be used to leverage income further.  

For example, certain medical-legal consulting firms need orthopedic surgeons or cardiologists for some instances. This niche can be exploited because of your current skill set. Utilize this to better align your professional training with your considered side gig.  

Define your financial goals

Another important aspect of your decision should revolve around defining your goals. Why should you consider a physician side gig? Are you considering a side hustle because you wish to expedite FIRE? Is your plan to eliminate your debt more aggressively? Are you hoping to boost your savings or better invest in future goals? Will this side hustle help you achieve these goals? These questions help better define your reasonings for taking on a side gig. 

Analyse the risks

Like anything in life, there are often inherent risks. Every side gig has its ones. For example, telemedicine may require adherence to strict legal and ethical standards, while medical writing demands a firm grasp of scientific communication or literature. Do these risks deter you? Do you worry that the risks outweigh the potential benefits? Spend time factoring both the pros and the cons of your decision.  

Seek guidance

Mentorship has always been a significant influence on my life. Medical training often relies heavily on the idea of mentorship as well. This is the same when deciding if a physician side gig is right for you. Find other individuals in the same space. Be it in person or online, there are thousands of individuals pursuing similar goals utilizing similar side gigs. They can offer valuable insights and advice.  

Additional resources

Looking for a place to start? Look no further. Here is a small list I have compiled that can direct you to more information on physician side gigs:

Physican Side Gigs

Physician Side Gigs – Facebook Group

7 Physician Side Gigs (Pro’s and Con’s of Each) – The White Coat Investor

Take home points

A physician side gig can be great for individuals looking to supplement their income using nothing more than their medical expertise and time. However, it does not come without some sacrifice. Time will become more precious with each passing day. To those currently practicing medicine, we all know how all-consuming our careers can be. Make sure to weigh all the risks and benefits when deciding whether a physician side gig is right for you. 

Before embarking on a side gig, perform due diligence and seek advice. A side gig can be a fulfilling and lucrative addition to your medical career when done well and responsibly. A clear understanding of your objectives, strengths, and the opportunities available should guide the decision to pursue a physician side gig. By making an informed choice, you can unlock the potential of a physician side gig and expedite financial freedom! As always…

Stay motivated!

The Motivated M.D.

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Have you considered a physician side gig? What side gig did you choose? Let us know in the comments below regarding Is a Physician Side Gig Right for You! We love to hear from you!

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