What are Alternative Sources of Income for Doctors
Working as a doctor means that you have immense respect in society and earn significantly. Medical practice is considered one of the highest-paying jobs around the world. Often, doctors find themselves at a loss to manage their growing income. Or, a doctor may discover that they are not using their potential to the full extent and can earn more than they currently do. So, an alternative source of income for doctors is highly recommended.
If you are a doctor and want to get your financial system in order, then it is strongly advised that you look for additional sources of income. Making your money work for you is the smartest way to increase your wealth. What if you could do this without compromising or cutting back on your medical practice?
Yes, this is absolutely possible. In this article, we will highlight the top five alternative sources of income for doctors with expert recommendations.
Why should you choose to have a passive income as a doctor?
There are several different reasons as to why you should also have a source of passive income when working as a doctor. Some of the top benefits of this include:
- Making more money
- Secure yourself against changes in medicine or your existing job
- Increase your bottom line and achieve financial independence quicker
- Doing something besides practicing medicine, which you are passionate about
Overall, it is a personal decision whether you want to have an alternative source of income as a doctor. To make the right choices, first, ask yourself these questions:
- How much do I currently earn?
- What is my time worth?
- Should I work more at my current job?
- Will it help me live my ideal life?
- Is it something I’m interested or passionate about?
Essentially, it is important to start an alternative source of income as a doctor only with the right, positive attitude. Your personal commitment and drive will determine whether your alternative source of income as a doctor will be a success or a failure. You will definitely face numerous different challenges in the way. However, if you have sufficient determination then it becomes easier to overcome the initial obstacles and earn significant side income in a smooth, efficient way.
Passive sources of income for doctors
Let’s take a detailed look at the top five alternative sources of income for doctors.
1 – Medical Consulting
Medical consulting requires you to identify and evaluate a patient’s current medical status. They are responsible for providing a clinical risk profile that helps decide whether further tests are required before performing surgical treatments. They also work to optimize the patient’s disorder for reducing complications from surgery.
2 – Healthcare Consulting
As a healthcare consultant, you will be required to share your expertise, give advice and guide healthcare providers to make smart and compliant business decisions. Healthcare consultants need to be experts in their industry, which makes certified doctors ideal candidates for this job. It is an extremely lucrative alternative source of income because makeup manufacturers and cosmetic companies are eager to pay for experienced doctors to act as their healthcare consultants.
3 – Physician Advisor
When you choose to become a Physician Advisor, you act as the liaison between the administration and clinical staff of the hospital. You will be responsible for assisting in case management, such as determining the length of stay and patient’s status. Additionally, you will also have to assist healthcare providers with medical necessity, claim denials, Medicare regulations and documentation. You can become a Physician Advisor at a hospital or at a private company offering healthcare-based services.
4 – Telemedicine Consultant
Also called a “Telehealth consultant”, this job profile holds high potential for growth in the near future. As a Telemedicine Consultant, you will be responsible for determining the best telehealth software which can be used for specific practice and case use. You will have to evaluate the standards and services of the telemedicine vendor. You will also have to implement new services into the current business practice. Additionally, you may even have to train newbies on the new telemedicine technology. This is an extremely profitable job profile for doctors who wish to earn significant side income.
5 – Expert Witness
As a doctor, you can also start working as an expert medical witness. The testimony of a medical expert in any medical-legal case is extremely vital and essential. These are highly qualified individuals who have significant experience working as certified healthcare physicians/surgeons. Their invaluable testimony on specific medico-legal issues comes as a much-needed defensible and independent opinion.
These are only the top five most common alternative sources of income for doctors. Make sure to determine your passion and interest before deciding to start any of the above-mentioned side income sources as a doctor.