What is the best way for hospitalists to earn extra income?
In order to become financially independent and retire early, many doctors are looking for ways to earn extra money in their free time.
As hospitalists work 7 days ON and 7 days OFF, it is very easy to find some extra time to focus on other things that given more income.
Here are the top 5 ways hospitalists earn extra money.
- Extra Shits or Moon lighting-Clinical shifts-onsite or Telemedicine or Utilization Management/Physician Chart Reviews
- Rental Real Estate
- Administration or Leadership roles in their hospital
- Dividend Stocks
- Life Coaching
There are several ways one can invest in Real Estate.
- Invest in REITs.
- Buy a rental property – Single Family or Multifamily and rent it out.
- Invest in Crowdfunding Real Estate –Yieldstreet, CrowdStreet, EquityMultiple.
- Invest in Syndications.
- Invest in Private Equity Real Estate Funds-CityVest.
- Learn how to invest in Syndications & Funds.
- Rent out part of your own home if strategically located – Airbnb for people, neighbor.com for storage space.
- Invest in Tax Liens.
- Get your own real estate license and work like a realtor in your free time.
- Some take HELOC to buy rental properties, I know a guy who paid of 9 Class A rental properties in 10 yrs. He has HELOC ready for when a property deal comes through and buys with cash for a discount and then works a lot of extra shifts to pay off that HELOC money that he used. It gives him motivation to work extra shifts he said.
- House hack: Buy a duplex, live on one side and rent out the other side.
- Some Flip houses-They find distressed [in bad shape requiring repairs] properties with good margins and get it under contract at low cost. They then these wholesalers sell those contracts to investors who then buy, repair and sell or rent. Some use BRRRR method to accelerate wealth building through real estate. Go to BiggerPockets to learn more.
- If you buy vacation rental at exotic locations, you can rent out to other doctors via the Doc to Doc Rentals and Homes for Sale Facebook group.
A few other ways that Hospital Medicine Physicians earn extra income is Royalties from Intellectual properties, Online Education, Retail Arbitrage, Trading Options/calls/puts etc.
Surprisingly, not many are into YouTube channel where millions of people are earning millions consistently.
There are a few online conferences hospitalist physicians attend to learn the art of earning through nonclinical means. There are tons of ways to earn money via nonclinical physician side gigs or jobs.
Some of the other ways physicians can earn extra money or actually change into nonclinical career are the following.
Medical Surveys: Physicians can try to do a few surveys during time offs. Sometimes, it can be frustrating to be told that you do not qualify or survey closed after spending a few minutes to answer their initial questions. If you understand that and still want to try a few surveys here and there, you can try. I do not have any affiliation with any of them. Try them on your own will. Zoom Rx , Medscape, Curizon, Opinionsite, InCrowd, MDLinx, M3 Global Research, Alphadetail, Sermo, Syneos, InCrowd.
Wound care physicians: Though not a true non clinical work, it is much better than regular clinical work in terms of stress level. Vohra physicians: Vohra is the largest, most active physician wound management group in the US – delivering over a million patient encounters per year. Their comprehensive wound management solutions include:
- Standardized, best practice physician services
- Creation and certification of Wound Care Centers of Excellence
- Development of proprietary technologies like the first ever wound healing predictive algorithm
- Online education and certification programs
Pharma companies: Even though you dont have much prior pharma experience, you can learn on the job. There could be a steep learning curve initially but it could be rewarding. You can help in drug development in your field of experience especially. Translational and experimental medicine is for science geeks. Clinical development is to conduct clinical trials and having experience in P&T committee, IRB should help. One can start as a Medical Monitor in pharma companies. They look at data, charts, making PowerPoint presentations, helping write safety narratives, attending meetings and reviewing meeting minutes etc. Basically, you will be a Doctor who monitors patients virtually based on data provided by investigators. Different companies have different roles given to Medical Monitors. You should what you will need to do before taking the job. You can reach out to IndustryMDcoach for help with starting in Pharma or Biotech industries. One can work as MSL-Medical Scientific Liaison. They work with pharma companies and talk to prescribers and offer educational support about products. They also help with investigator initiated study protocols. Some work as Medical Director of Clinical Research Organizations. You can go to ClinicalTrials.gov and search for different trials going on in your state and apply in those pharma companies. Medical Director in Medical Affairs is an other option. Other option is to work on Pharmacovigilance/safety which is about safety surveillance and clinical trials data analysis. Work depends on the kind of company one works.
Blogging: Start a Blog. WordPress is the best platform. I made this site on my own with WordPress by looking at YouTube videos. You can earn money in many ways with blogging like Affiliate Marketing – Amazon Affiliates, ClickFunnel Affiliate program, by selling courses on your blog, finding sponsors for your blog posts if you have high traffic. If you gain good traffic, you can earn a lot of money with a blog.
Online courses: If you already have a non clinical job and want to share your experience with those who want to get into non clinical job, you can participate in virtual conferences and get paid. Lot of websites are doing this. Physicians Helping Physicians, Passive Income MD etc.
Medical Expert Witness: Either you can be defending a physician who is not liable or providing a testimony for a physician who is liable. It can be interesting to work with and solve capital cases, title 9 cases, human trafficking evaluations, date rape drug, sex assault, fitness for duty etc. Learn more Getting Started as an Expert Witness from SEAK. How to Start, Build and Run a Successful Expert Witness Practice? For example: American Medical Experts
Somethings to remember working as Expert witness: The opposing counsel could ask you your tax records going back several years. Keep all 1099s as they may ask those. They may ask your links to the area where the incident occurred. They can ask about your current job details. They may dig deep into details if you ever had a malpractice case. Be ready to defend every statement you make in your affidavit. Keep an accurate record of all cases you reviewed, how much you got paid, with dates. Have a copy of all the records you reviewed for this case. If you are sent a subpoena, be sure to bring with you what all Opposing Counsel asked you for as you are required by law to bring everything in that subpoena. You are allowed to say “I don’t recall” in a deposition as it can block a lot of unnecessary questions.
Medical Writing: A physician can..
- Write CME content
- Be a Medical Journal Editor
- Publish a book
- Get Paid as a blog writer
How to begin as a Medical Writer if you are totally new? You need to build a portfolio first to show your writing skills to them when contacting for a job. You can write one or two articles and send to different websites like KevinMD. Try first in your own specialty. If they accept, that will help you to reach out to other websites for paid opportunities. Usually, the websites ask for one or two samples and then start paying you if they like what you wrote based on responses from readers. Some universities offer medical editing certification programs. Google for such programs in your area. Consider joining the American Medical Writers Association. Join ABIM’s New Item Writing Task Force. How to make money as a physician writer?. You can also look into Help A Reporter Out [HARO]. HARO connects journalists seeking expertise to include in their content with sources who have that expertise. You can get consultation from Armitage Medical Writing who can help you guide you and move forward.
Not everyone needs a nonclinical physician side gig. But, if you are looking for one, the above ideas could help you.