Doctors have traditionally enjoyed a secure and respected profession with a stable income. However, the medical profession is changing rapidly, especially in 2023, and doctors face new challenges that are driving them to look for alternative sources of income, such as side hustles.
Besides the financial benefits, doctors can even use side gigs as an opportunity to explore new areas of interest, reduce stress, and improve their work-life balance. By understanding the challenges and opportunities, doctors can diversify their skills and income, stay ahead of the curve, and find greater fulfillment in their careers.
With this in mind, we will explore seven surprising reasons why doctors may need side gigs in 2023, and the five best side gig ideas for physicians.
1. Increased Student Loan Debt
Medical education is expensive, and many doctors graduate with significant student loan debt. According to the Association of American Medical Colleges, the average medical student graduates with over $200,000 in debt. This can make it challenging for doctors to maintain their standard of living while paying off their loans, leading them to look for additional sources of income.
2. Rising Healthcare Costs
The cost of healthcare continues to rise, and doctors may find that their salaries are not keeping pace with these increases. As a result, some doctors may need to take on additional work to make ends meet.
3. Changes in Reimbursement Rates
Insurance reimbursement rates can fluctuate, making it challenging for doctors to predict their income. If reimbursement rates decrease, doctors may need to find additional sources of income to make up for the shortfall.
4. Burnout and Stress
Burnout is a real problem in the medical profession, and many doctors are looking for ways to reduce their stress levels. One solution is to have a side gig that they enjoy, which can provide a creative outlet and a way to unwind.
5. Desire for Financial Independence
Doctors are highly skilled professionals, and many of them have the potential to earn significant incomes. Some doctors may want to achieve financial independence and choose to pursue side gigs that can help them achieve that goal. These side gigs may include starting a business, investing in real estate, or pursuing other entrepreneurial ventures.
6. Retirement savings are not enough
Doctors may have a high income, but they also have a high cost of living. Retirement savings may not be enough to maintain their standard of living, especially if they have expensive hobbies or want to travel extensively. Side gigs can help them save more for retirement.
7. Technology is disrupting the medical profession
Technology is affecting the medical profession and doctors need to adapt to stay competitive. Telemedicine is becoming more common, and doctors need to learn how to use it effectively. Side hustles that involve technology can help doctors stay ahead of the curve.
Now that we've established why physicians need side hustles, let's take a look at the five of the best physician side gigs.
5 Best Side Gig Ideas for Physicians In 2023
1. Medical writing
Medical writing is an excellent side gig for doctors who enjoy research and writing. There is a high demand for medical writers who can write for medical journals, pharmaceutical companies, and medical device manufacturers. Medical writers can earn anywhere from $50 to $150 per hour, depending on their experience and expertise.
2. Medical consulting
Medical consulting is another great side gig for doctors who have a specific area of expertise. Doctors can consult with pharmaceutical companies, medical device manufacturers, or healthcare startups. They can also provide consulting services to other doctors who need help with a specific patient case. Medical consultants can earn anywhere from $100 to $500 per hour, depending on their experience and expertise.
3. Medical coding and billing
Medical coding and billing is an in-demand side gig for doctors who have experience with medical billing and coding. Doctors can work with medical billing and coding companies to help process insurance claims and ensure that patients are billed correctly. Medical coders and billers can earn anywhere from $20 to $50 per hour, depending on their experience and the complexity of the work.
4. Teaching
Doctors can also earn extra income by teaching medical students or providing continuing education for other doctors. They can work with medical schools, hospitals, or other healthcare organizations to provide lectures, workshops, or online courses. Medical educators can earn anywhere from $50 to $200 per hour, depending on their experience and expertise.
5. Health Coaching
Doctors can consider becoming health coaches, helping clients improve their health and wellness. They can work one-on-one with clients or provide group coaching sessions. Health coaches can earn anywhere from $50 to $150 per hour.
Bottom Line
In conclusion, several challenges make it a necessity to explore side hustles for medical professionals in 2023. From increasing debt to decreasing insurance reimbursements, doctors need to explore new avenues for extra income.
By considering the five best side gig ideas discussed in this blog, doctors can diversify their skills, expand their networks, and open up new opportunities. Ultimately, side gigs can help doctors maintain financial stability and find greater fulfillment in their careers.
At PRIME Financial Services, we help healthcare providers discover side income sources that resonate with their financial goals. We even guide them at every step they take towards achieving their financial freedom, so that they can have a healthy and stress-free financial future. Click here to learn how we can help you.
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