Additional Income Sources for Physicians

There are many different types of projects that physicians can pursue for additional income while maintaining patient care responsibilities. Some doctors take on these types of projects to augment their earnings, and some seek them to gain experience and exposure to other aspects of medicine. Side work can be a good way to gain experience that will eventually help you position yourself for a full time non clinical job. A number of these options can also provide a salary to replace full time clinical practice.

• Chart review– Also referred to as utilization review, this work is a common part time venture that can take from a few hours per month to several hours per day. Chart review work generally involves reviewing length of stay, prescription medications, diagnostic testing, or procedures. Physician reviewers make a recommendation for approval or denial and might discuss peer to peer details with ordering physicians. You can find chart review companies listed here.
  
• Medical legal work- This normally requires maintaining active clinical practice, and the hourly rate is often fairly generous. The work typically entails reviewing medical outcomes, creating a report, and sometimes testifying in court as well. You can work directly with a law firm or with a medical malpractice company, or you can sign up to be on an expert witness registry. Physicians can sign up to be on the registry of The Expert Institute and SEAK
  

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• Consulting- This seemingly vague term encompasses two main routes for physicians. 
  • Some doctors work for medical consulting companies that require a full time commitment and significant travel. This type of work may involve projects for larger pharmaceutical clients. A number of these companies are listed here.
  • Another option is becoming an independent consultant and providing seminars and advice for corporations within a specific niche. This physician is an example of that route. This type of work requires a substantial investment of time and networking to be able to get projects.
    
• Physician advisor- This role is not generally a full time position. Often, pharmaceutical and medical device companies need to interview physicians to better understand the role that their products play in the disease and therapeutic landscape. These positions are generally temporary, require modest time commitment, and pay generously. The best way to pursue this avenue is through involvement in clinical trials or by networking with colleagues who direct clinical trials.

• Writing- Many doctors consider writing to be fairly tedious, but for those to whom writing comes naturally, it is an appealing source of revenue. In general, breaking into non-medical writing jobs takes dedication and time. Here are tips about self-publishing for physicians. And medical writing, another interesting route, requires some planning, as discussed here. Medical writing jobs can involve writing for pharmaceutical or biomedical device companies, CME, or educational writing.
• Teaching- Medical education is a wide ranging field that includes many different roles. Working as an adjunct professor is among the most beloved part time pursuits for physicians because it offers a community of creative colleagues and a young, energetic university or medical school environment. Generally, finding a teaching job requires networking within your local education community. Find out more about how to use your medical qualifications to find a teaching job here. Additionally, physicians can work as clerkship directors, test prep writers, and can give lectures in medical school or other health professional schools.
  
• Concierge care- Concierge care is patient care, but with a somewhat different arrangement than usual. There are companies that help physicians with the logistical aspects of setting up a concierge practice and. A physician explains how he integrated concierge care into his practice here.
• Disability exams- While performing and documenting disability exams is patient-based, it does not require on call duties, and thus is an attractive option for doctors who want to add a generous extra income without incurring additional patient follow up commitments or medical malpractice exposure. You can potentially do this type of work along with clinical care or full time. More information here.
  

• Product affiliations- Doctors have varied degrees of involvement when it comes to product affiliations. Some physicians directly sell products in the office or on social media, and some endorse products or serve as a spokesperson. You can contact a leader who guides physicians through the process here and a physician who has built an expanded her team here.
• Investments- Investing in the stock market, in real estate or in start up companies can provide a revenue stream for doctors who already have a reasonable financial foundation and an interest in spending the time necessary to thoroughly vet potential growth opportunities.
• Franchise ownership- As with investing, franchise ownership is a route chosen by people of all backgrounds and professions. There are so many franchises in a variety of different areas, and some companies, such as this one, for example, help people sift through the options to select the best fit.