Alternative Income for Physicians: 24 Lucrative Options

Last updated Aug 1, 2021 | Published on Aug 2, 2021

Physicians have a lot of opportunities to make money outside of the clinic. However, many physicians don’t know how to find these opportunities or even if they exist in the first place. That said, it does always come down to investing additional time or money. 

We’ll explore 24 different ways to supplement your income!

10 Steps To Start An Online Store

  1. Decide on a name for your store
  2. Choose what you want to sell (Eg: Info products like a course, training videos or physical products )
  3. Find a domain and web hosting service (Eg: Godaddy)
  4. Create an online store with Shopify, Squarespace, or another site-building software
  5. Get a professional logo for your business at Fiverr 
  6. Set up payment options such as PayPal or Stripe 
  7. Set up Google Analytics so you can track where people are coming from when they visit your site and learn how they’re interacting with your content 
  8. Setup Google Search Console to learn about your search queries, backlinks and strategies to improve your site.
  9. Start advertising your business! (Eg: Google Ads, Social Media Ads)
  10. Get feedback from customers to improve the design of your website and make improvements to what you sell based on customer requests

Why should doctors consider investing in cryptocurrency, stocks, bonds and other securities?

It’s a long-term investment.

It seems like everyone is touting cryptocurrency as the next big thing, so it can be hard to resist investing. With people starting their own businesses around cryptocurrencies and blockchain technologies popping up everywhere, the temptation may be too strong to ignore. While this might seem like a viable option for some people, what should doctors know before investing in stocks and other securities?

How much time do you have to invest?

This is foremost on most investors’ minds: time. Is there enough time left in your career to devote the necessary energy into understanding investments? If not and you’re just looking for something to put extra money aside that helps you reach your retirement goals faster, an up-and-coming stock could be a good idea.

Investing in stocks, bonds, and other securities can give you a more diversified portfolio that better reflects your personal risk tolerances. Investors often see the long-term potential of cryptocurrencies such as Bitcoin or Ethereum. But investments in these markets are also highly volatile. Remember, you are betting on the macro trend of growth.

Planning for the Future:

If investing in stocks or other securities is not an option because of time constraints, then there are some alternatives that allow doctors to make money outside of the clinic. For instance, it may be possible to consult with other companies or universities, do research work, provide pharmaceutical consulting services to physicians and earn money from license agreements

A good idea is for doctors to start planning now in order to prepare themselves for a post-practice career by looking into alternative sources of income. The time spent doing this can be well worth it if you are able to create a new stream of revenue that will help you retire comfortably.

Paid physician surveys are not just a way to make extra income but also a way to be exposed to novel medical products and services. 

Your opinions and feedback will help healthcare companies know what is working in their industry and where they need changes.

To start getting paid doctor survey invitations, all you have to do is register online with one or all of the following sites:

MDforlives

M3

Incrowd

ZoomRx

How to sell your expertise to other companies as a doctor?

The first thing you will need to do is decide the type of consulting you want to offer. Most physicians are drawn into medical education consulting, but many are also interested in research, pharmaceutical consulting, and health care management. These fields all have their pros and cons, but a lot of it will depend on your individual strengths and interests.

Once you’ve decided the type of consulting job you’re looking for, find out if there are any particular groups or organizations that would be an ideal match for your credentials. If you’re looking for an organization that needs a doctor with experience in some specialized area, then search for them by keyword and see what comes up.

You can also use LinkedIn or other social media sites where potential clients will be searching for experts in your field and contact them directly to see if they have any jobs available.

Once you find a potential employer, it’s time to follow up with either an email or phone call (depending on how large the company is) introducing yourself and telling them about what type of consulting work you offer. You might want to include a short résumé with this introductory email to give them an idea of your previous experience.

The first place to look would likely be your local hospitals. You may find that many of these institutions have a new organization or department set up specifically for physician consulting, but even if they do not you will still most likely find some remote work with them. The second option is the pharmaceutical industry and although this means more competition there are also usually more opportunities.

The next step is to create a portfolio of your work, which can be as simple as posting it on the website you have made for yourself or setting up a page on LinkedIn. When trying to get new clients this will show them that you are serious about consulting and what type of skills you offer.

Once they like your page, they will contact you to ask for more information and set up a meeting.

Offer one-on-one coaching sessions with patients and family members

One of the other options is to offer one-on-one coaching sessions with patients and family members. You can do this by setting up an office in your home, like a virtual office, and using Skype or phone for meetings. This would be great for doctors who may live in rural areas or want more flexible hours.

For people looking for a part-time gig, where they don’t have to worry about a set schedule, this could be an ideal option.

You would also be able to offer emotional support to patients who need ongoing help without having to take on traditional tasks that a full-time physician would have to do.

Develop an app or tool for medical professional-

It is important to make sure that you have a thorough understanding of what the app will do and be able to explain this in detail without using jargon. It is also important to make sure that the app is well thought out before beginning the development process. You should also consider how you plan on marketing your product once it’s developed as this will need to be done relatively early on in the process.

Research and planning are key aspects of developing an app with much less risk involved. There are many different ways to build an app, which can make it seem overwhelming if you have never done so before. Researching those who have gone through the same process before can help reduce some of the confusion.

We are always looking to support great ideas and products. If you have a great idea or product, contact us to learn how we can help you develop your product, establish product-market fit, deploy necessary IT infrastructure, for a successful market entry, growth, and exit. 

Be an expert witness in medical malpractice cases

One option for physicians who need to make money outside of their clinic is to be an expert witness in medical malpractice cases. There are a number of websites you can join to become a medical malpractice expert.

All you have to do is provide information about your specialties, education and licensing. You also need to provide your CV or resume with your qualifications included (any awards, degrees, accolades etc.).

Most sites will let you know when there’s a potential case if you sign up on their website. Some sites even offer their members opportunities for referrals and compensation.

You may not want to be an expert witness if you are a surgeon since they have the highest liability rates. If this is your specialty, then it’s best to work in other businesses and consult on cases when needed.

For physicians who aren’t surgeons, there are many benefits to being an expert witness including: experience with clinical trial procedures, knowledge of new drugs, experience with procedures and more.

Join a physician network

A physician network is a membership-based association that connects physicians with resources and partners to help them improve their practices.

The physicians in a physician network can also provide high value care services for patients, share best practices, and find niche specialists as needed. This is all on top of receiving discounts from vendors and partners.

For those who are considering joining a physician network, they should take into consideration where they are located and what type of practitioner they are (e.g., family doctor or ER doctor). There are also different types of networks that specialize in certain areas such as cardiology, dermatology, orthopedics, and more.

Provide medical consulting services for attorneys and insurance companies

Another great way to make money as a physician is to provide medical consulting services for attorneys and insurance companies. You need to have some experience with medical malpractice cases, but it’s a good idea if you do anyways.

You can consult on cases in the following ways:

1) Request assignments from attorneys in your area (you can even charge them by the hour); or

2) Provide case evaluations online.

The latter is a good option for those who live in an area that poses less risk such as California. The more feedback and review you receive, the higher your credibility becomes and the more likely attorneys are going to hire you.

Become an authority: Offer to provide free medical advice via email or social media ( Don’t forget to add disclaimer)

Most people find that they are too busy to make an appointment with their physician, so they have time to go online and ask questions about their symptoms.

All you need to do is get yourself a business email account and set up a consultation area online. It’s always a good idea to include fees for your services, but sometimes it’s worth it when someone needs help right away and isn’t able to contact their doctor.

People who sign-up for your services can provide feedback for future customers if you offer this service.

You may not want to write on social media as many physicians have been reprimanded for giving out medical advice on Facebook. Empower your staff to use social media to connect with your audience.

Successful ‘Network effects’ have become the no.1 predictor of success in the 21st century.

Create a YouTube channel: With instructional videos on how to perform self-help procedures in the office or at home 

You could create a YouTube channel with instructional videos on how to do different procedures in the office or at home. For example, if you’re a pediatrician and someone has asked you for help with performing an ear tube placement at home, you can film yourself performing the procedure and upload it onto your YouTube channel. This way, people will be able to watch your videos when they need some guidance

Product Affiliation (Passive)

You can do this by affiliating yourself with a product or service, but it must be related to what you’re doing now. 

For example, if your specialty is as a podiatrist – you work with feet and ankles – then it’s best to work in other businesses and consult on cases when needed.

Disability Exams

A good way for a doctor who is not in the clinic to make money is by doing disability evaluations. These doctors need to know how a person’s disability affects their work or other activities.

Doctors who do these types of evaluations also know what type of medical documentation is needed when evaluating a patient. These doctors can also provide legal testimony in court cases that involve disability law. They are well versed in government regulations and case law. Examining physicians can also help people understand what benefits they may be entitled to and assist them with obtaining those benefits.

Physicians who perform disability exams can provide individuals with valuable insight into understanding their own condition as well as a roadmap towards their future.

A disability exam is an examination for individuals who need to show they are disabled in order to receive benefits. An individual may need to take a drug or alcohol test. The applicant’s ability to do their job can be evaluated by the examiner and a detailed report is filed with the employer that administers the benefit programs.

Doctors who work in the realm of disability exams need to evaluate people with specific disabilities and diagnose their disability. They are also responsible for providing information about how a person’s disability has impacted their work or other activities.

Teaching medical students or residents in a clinical setting

You can teach medical students or residents in a clinical setting helping them gain more experience. This is an easy way to earn a higher income because it’s just teaching and does not require extensive hours of work.

This also gives you the opportunity to connect, inspire and influence the doctors of the future.

Clinical Trail Participation

Doctors that work in clinical trials are responsible for many different tasks. For example, they may need to oversee the trial and recruit participants. They are also responsible for ensuring that treatment protocols are being followed as well as looking at data to make sure the study is going according to plan.

If you’re interested in finding out more about clinical trials, there are some quick steps to take. You need to find a trial and contact the sponsor or coordinator at the company that is running it.

You can also use clinicaltrials.gov which is an online database of clinical studies from around the world with information on what each trial is studying.

Clinical trials are important because they provide new treatments to patients and can also lead to better prevention or diagnosis methods for diseases.

Private practice-based research projects

Additionally, if you want to increase your earning potential, you could pursue private practice-based research projects. These are projects that you work on with a private practice or academic research faculty members.

(EG., the development of new devices) or academic research (EG., NIH funding) projects with faculty members at your institution or other institutions you are affiliated with.

Some physicians use grants to finance their research which also helps them earn a higher income. Grants often cover the cost of supplies and equipment, but not always. In order to qualify for most of these grant opportunities you need to be an established researcher with published works in your field.

Become a business coach: To help physician entrepreneurs find success in their own practice or in non clinical opportunities

You can provide out-of-the-box business coaching to physician entrepreneurs who want to find success in their own practices.

By being data driven and evidence based and using simple technology tools like google trends, you can quickly become an expert

This means that as an entrepreneur, you know what it takes to start a business – from ideation, research, pitching, and launching.

A good business coach will guide physicians through the hardest parts of starting their own business, such as establishing their products (or service) and attracting clients. This is where most owners fail.

Physician Practice Manager

You can also find alternative income sources for physicians by transitioning into a management role and becoming a practice manager. The physician practice manager is different from the administrator in that they focus on overseeing operations and day-to-day management of the business, as opposed to its financial aspects. For instance, this could include handling inventory, staff scheduling, hiring and interviewing employees, supervising practices’ billing and collections process, maintaining medical supplies, etc.

This position requires a higher level of medical expertise than most other administrative positions, which means that the physician practice manager would need to be at least an advisor or consultant.

By providing clinical oversight and handling some management responsibilities, this role can offer physicians more work-life balance as well as help them become better business managers in order to prevent burnout.

The physician practice manager is different from the administrator in that they focus on overseeing operations and day-to-day management of the business, as opposed to its financial aspects.”

“For instance, this could include handling inventory, staff scheduling, hiring and interviewing employees, supervising practices’ billing and collections process, maintaining medical supplies, etc.”

Teaching at a university or medical school

Teaching at a university or medical school is a good way to make money without spending time in your clinic. It doesn’t require any additional work outside of what you’re already doing.

Teaching can also be done for parts of the academic year only, which would allow you to spend more time with your patients during the other parts of the year while still supplementing your salary.

Speaking engagements

Speaking engagements are another way to make money without putting in any extra time. Some organizations will pay a fee and provide travel and expense reimbursement for a presenter.

This provides you with a regular stream of income that is not dependent on patients showing up in your clinic. You can learn all about how to get speaking engagements here.

Offer wellness services to individuals or groups of people

You can offer wellness services to employers, organizations, even individuals.

For eg: You can target a particular group of people, for instance, you may want to offer physical therapy to an older population.

This will increase the number of people that might be willing to pay for your services. Gain referrals from other physicians or partners in the clinic and also create a webpage with all the services that are offered.

How to make money blogging as a doctor?

The first step is to have a domain name and plan for a URL.

The second step is to set up your blog. You can use WordPress, Wix or SquareSpace.

Next, you will need a blogging schedule and set up an RSS feed for your blog so that people can subscribe to it.

You will also want to add a blog title and tagline (descriptive words or phrases that sum up what the blog is about).

Finally, be sure to post original content on your blog every day and update it at least once per week with new posts.

Every day, write a new blog post about something you do in your practice.

You can include tips on how to manage stress and stay healthy or articles related to the latest innovations in medicine. The topics are endless! You will want to share YouTube videos of patients’ success stories that relate to your content as well. Who knows? You may end up being the next medical guru of your specialty.

Podcasting: Starting a podcast

Start a podcast that focuses on the life of being a doctor, their thoughts and ideas to help others. This would be a great way to make money without sitting in your clinic all day.

A few tips:

-Set up a microphone, audio recorder and video camera to ensure quality. The equipment doesn’t have to be expensive as long as it will get the job done.

-Decide on your topic or niche so that you can stay focused on one thing. You may want to talk about what was just in the news related to your specialty or speak about a topic related to your profession.

-Create an outline of what you would like to talk about so that it is organized and easy for anyone else to follow along with the podcast as well.

-You will want to share YouTube videos of patients’ success stories, which relate back to the topics discussed on your podcast. This is a great way to show people that you are there for them and care about their health.

-Be sure to annotate your podcast with links so they can visit the website or see any video clips from YouTube.

Offer expert advice on medical issues:

You may want to offer your expertise in medicine by providing professional advice to people on the Internet or through a phone line. You can do this by making videos, writing articles and even providing medical advice via Skype.

Some physicians are able to charge $200 per hour for their services- but it all depends on your specialty and what you have to offer.

For instance, if you were an obstetrician, you could offer to answer women’s questions related to pregnancy and birth.

Offer your medical services as a consultant:

You can consult with people who have a specific need in their profession or personal life. For example, if someone wanted advice on how to manage diabetes for themselves they might hire a doctor that specializes in that area.

You could also offer consulting services if someone wanted advice on a particular procedure or treatment and you have the expertise to provide it.

You can charge anywhere from $200-$1000 per hour for your services, depending on what they are asking you for help with- this is an excellent way to make money outside of seeing patients.

Invest in Web Assets/Digital Properties-

You can invest in digital real estate and enjoy a passive income.

Every time you are on google or on the web, you are accessing web applications. For eg: you are currently on a web application accessing information.

Have you ever wondered what it would mean to you and your family to own a piece of digital real estate AKA web application? You can invest in web applications and enjoy a passive income.

Have you ever wondered what it would mean to you and your family to own a piece of digital real estate AKA web application? You can invest in web applications and enjoy a passive income.

Every time you are on google or on the web, you are accessing web applications. For eg: you are currently on a web application accessing information.To learn more about investing in digital real estate, contact us. Accredited investors only.

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