The Top 5 Physician Side Gigs of 2024

Some fascinating data was released by Medscape recently toward the end of 2023. With physician side gigs garnering more and more attention, they decided to release a survey of physicians and their side gigs. Of the respondents included, 39% of physicians had a side gig. This statistic surprised me. With physicians already making high incomes, I figured discussions of lucrative physicians’ side gigs were largely a nuanced product of our personal finance community. However, some of Medscape’s data would suggest side gigs are more common than I thought. 

I spend a lot of time writing about physician side gigs. It is a no-brainer to leverage your medical expertise and even your excess capital, or better create supplemental income, be that in the medical field or outside of it. If you are still determining if a physician side gig is right for you, check out Is a Physician Side Gig Right for You? This week, we look at the top 5 physician side gigs of 2024. Here is a brief review of some of the more lucrative side gigs and how you can get started!  

The Top 5 Physician Side Gigs of 2024

1. Paid Medical Surveys

First on the list is an excellent gateway into the world of physician side gigs. The concept of paid physician surveys is not novel to most of our readership. However, I continue to include physicians’ surveys at the top of our list because of how lucrative they can be and how time-efficient they are.  

Put simply, your medical opinion matters. Depending on your specialty or subspecialty, it really matters. Many large companies (pharmaceuticals, devices, information technology) are innovating and need the opinion of providers. These companies commonly use third-party firms to facilitate these surveys. Companies like M3 Global Research, All Global Circle, Zoom Rx, InCrowd, Sermo, OpinionSite, and more all offer avenues for physicians and other healthcare providers to sign up. Of note, surveys are not exclusively for physicians only. There are opportunities for advanced practitioner providers, veterinarians, dentists, pharmacists, nurses, etc. Don’t miss out!

It is essential to understand that certain professions and specialties lend themselves to more surveys. Fields like oncology, rheumatology, cardiology, pulmonology, and surgical specialties often have more frequency with which they are offered surveys. This is mainly because their fields require novel interventions or medications regularly, and these discoveries are usually very lucrative for business. Thus, medical input impacts their progress. However, I encourage everyone to consider signing up. The more platforms you sign up for, the more frequently you will be sent surveys. 

Surveys can range from five-minute micro-surveys and 30-minute online surveys to telephone interviews that can pay hundreds of dollars or more. There are a lot of great opportunities for physicians to periodically use their free time to share their medical opinions, impact innovation, and make supplemental income in the process! Here are some more resources if you wish to have more information; check out Make Money with Medical Surveys, and follow the link below to see all the Paid Physician Survey Platforms we partner with!

2. Medical Legal Consulting

Next up on the list is another very lucrative way to leverage your medical knowledge to create additional income in your spare time. Medical-legal consulting is a specialized niche within the legal industry where physicians apply their medical knowledge and expertise to assist attorneys and legal professionals in cases involving medical issues. Medical-legal consultants serve as intermediaries, bridging the gap between medicine and the law.

Primary responsibilities include:

• Reviewing medical records
• Providing expert opinions on medical matters
• Assisting with case preparation
• Testifying in court as an expert witness when needed

A physician’s role in these matters, such as medical malpractice suits, personal injury claims, disability claims, and workers’ compensation cases, can prove critical, where a deep understanding of medical complexities is crucial. All types of physicians are needed, from general practitioners to specialists, subspecialists, radiologists, occupational medicine, and more!

Generally, a case goes like this:

1. Case evaluation – review the case details
2. Engagement agreement – decide if you wish to take on the case, negotiate fees
3. Medical records review – more in-depth review of records
4. Expert opinion – based on your review, provide your formal opinion
5. Deposition and testimony – in some cases, potential need for deposition may be needed in a trial setting
6. Billing – provide an invoice for services provided, usually an hourly rate
7. Confidentiality – maintaining confidentiality during and after case involvement

So, how much can you make? I, at best, can provide a range of hourly rate values as reimbursement is based on your specialty, case complexity, geographic location, and market demand in your area. However, for strict chart review, rates average at $150-500 an hour, and for larger cases, can go as high as $1,000-$2,000 per hour!  

Are you looking to get started? Check out our more in-depth article, Medical-Legal Consulting Is a Great Physician Side Gig. Following the button below to head to our affiliate’s website, tell them The Motivated M.D. sent you!

3. Real Estate Investing

Are you looking for a physician side gig outside the medical field itself? Look no further. Despite real estate being a significant means of supplementing income, we have seen a surge of physicians looking to build an extensive real estate portfolio over the past decade. I suspect this is largely because physicians have the means of excess capital and can use this income to purchase properties that create cash flow and passive income that is nearly guaranteed. 

Getting started with real estate investing can be daunting. For many physicians, doing anything outside of the medical field can be anxiety-provoking. What do we know about business management and real estate? Our lives have been decades of focused clinical education and practice; where does one begin? Please take a deep breath; no worries, I have some resources to help you get started.  

First, real estate investing does not mean you purchase a property and then manage it yourself; most physicians likely don’t have this kind of time. Here are just a few of the common avenues you can enter the real estate market:

• Residential real estate – purchasing single-family homes
• Commercial real estate – multi-family dwellings, triplexes, apartment complexes, office buildings, retail properties, shopping centers, strip malls, etc. 
• Real estate syndications – this involves capital that is pooled from multiple investors to purchase more significant income-producing properties. It’s an excellent avenue for physicians if you ask me. 
• Real estate investment trusts (REITs) – REITs are publicly traded companies that own and manage various income-generating real estate properties. Offers liquidity, diversification, and potential for passive income through dividends. 
• Real estate crowdfunding – Platforms that enable investors to contribute smaller amounts of money to fund real estate projects collectively. Examples include Fundrise and Crowdstreet.  
• Even more!

Are you looking to learn more about real estate investing and the promise of financial prosperity it can bring? Check out How Real Estate Investing Can Accelerate Physician FIRE Now. 

Are you looking to build your real estate education before diving in? We have partnered with Semi-Retired MD who have created a phenomenal course called Zero to Freedom. Kenji and Leti are physicians who have built a real estate empire and slowly dialed back the clinical burden as their passive income has grown. They are living proof of what is capable when you build your real estate portfolio. Their course will teach you everything you need to know to purchase properties that will generate cash flow and help you accelerate your path to financial freedom. Check it out!

4. Moonlighting and Locum Tenens

The fourth spot on our list is moonlighting, and locum tenens work. What better way to produce more income than working more? I am only being half sarcastic here. I understand that in the post-pandemic world, inundated with physician burnout, it can be a tough sell to work more. However, some great opportunities exist for physicians either willing to work difficult hours or to relocate themselves briefly as leverage for substantial reimbursement.  

Moonlighting and locum tenens work simply extends your current medical profession. For colleagues in my field unfamiliar with this concept, moonlighting is essentially ‘extra’ or ‘overtime’ work. For example, I am a board-certified pulmonologist, intensivist, and internist. While in fellowship training for pulmonary and critical care, I routinely worked as a nocturnist for supplemental income. Given that the hours of availability were nights and weekends, the hourly rate was high because these were often the shifts individuals did not wish to work. I was able to leverage this to pick up these less sought-after shifts to nearly double my fellowship salary each month. 

Locum Tenens work takes this concept to the next level. Given our current physician shortage, physicians are constantly needed nationwide. Often, these needs may only be for a few weeks or months until a permanent position can be filled. Because of this, physicians have many opportunities to relocate to another city or state to work, often for significantly higher pay rates. For those wishing to work more or break out of their comfort zone and work elsewhere for a short time, phenomenally lucrative opportunities exist. 

5. Create a Business

Last but certainly not least on this list is simply creating a business. After all my years of physician finance blogging, I have reached a relatively simple conclusion. Physicians make great income. If you are wise with your money, save, pay down your debts, and invest, you will likely live in the top 5% of household incomes nationwide. This is a great thing and still speaks volumes about the job security our profession offers.  

However, if you are genuinely looking to create a life-changing revenue stream, money that can allow you to retire from medicine early or work on your terms, one of the last remaining ways is to start your own business. Be it an online business that offers consulting, a masterclass, or creating a device or an application. There are so many ways you can create and innovate. Building a business provides ownership to you, allows you to gain experience in business management, and creates an avenue for growth.  

If you have an entrepreneurial spirit and have novel ideas, create a business around this idea and build a product that provides value to the world. People will happily hand over their money for a product or service that improves their day-to-day lives. These are the businesses that scale and can produce life-altering profit. Are you looking to build a physician-side gig empire? Build a business.

Are you looking for some inspiration? Check out the stories of Physician on FIRE, The White Coat Investor, Ali Abdaal, Semi-Retried MD, to name a few.  

Take Home Points

Well, there you have it. This is my list of the top 5 Physician Side Gigs of 2024. Each new year brings new challenges and, ultimately, new opportunities for victory. If you want to supplement your income for whatever reason, check out the side gigs provided above. Don’t stop at just one, either! Give some or all of them a try. Who knows which direction this journey will take you? Cheers! As always…

Stay motivated!

The Motivated M.D. 

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What side gigs are you pursuing this year? Any side gigs you think should or should not have made the list? In the comments below, let us know about The Top 5 Physician Side Gigs of 2024! We love to hear from you.

Standard Disclaimer: None of the information on this website is meant as individualized financial or medical advice.  These posts may contain affiliate links.