Being part of the high-income bracket, physicians might not normally set out to make extra money. That said, there are circumstances that could push a doctor to supplement their income in other ways.
You might want to put a little more into your savings or decide to live a more lavish lifestyle. Whatever the case, there are plenty of ways for medical professionals to make that happen. Here are a few of them.
Seven Ways To Make More Money as a Physician
You can boost your income as a physician through any of the following ways:
1. Take On a Side Hustle
Think of ways you can leverage your medical knowledge to earn some decent cash. While there are sure to be a lot, narrow your options down by choosing those that won’t interrupt your schedule. You can take on a few small-scale endeavors at a time or go big and start a business.
Whether you’re promoting a health fair, doing public healthcare speeches, or filling a niche, do your research so that you can offer something interesting. Remember, “unique and interesting” ideas are what will get the money flowing.
2. See More Patients
This is arguably the easiest path to extra income for a well-respected doctor. Set your clinic schedule to accommodate more patients daily. You can even open your clinic to treat patients on Saturdays and Sundays.
Unless it becomes a physical and mental burden, seeing more patients would be a great way to fatten up that bank account. You can also hire more administrative staff, if need be, as your income would more than compensate for the costs.
3. Shift Your Specialty
Perhaps you’re specializing in a field that isn’t too lucrative in your area. It’s not too late for you yet. You can still go back and shift to a different practice that’s more money-generating. We have to do what’s best for us, right?
Try doing a fellowship if doing a whole residency is too much. Those two years of fellowship could have you earning twice as much as you are making now. That said, changing specialties is an option usually available to general medicine practitioners, as more fields of expertise are open to them.
4. Learn To Perform New Procedures
One way to separate yourself from the pack is to learn new procedures. The fee-for-service system isn’t quite as prevalent in the industry, but this should still benefit those who have more skills under their belt.
Don’t hesitate to learn new procedures in your specific field as soon as they are available. Some of these can take anywhere from a week to a few months to learn and are well worth the cost.
5. Ask For a Contract Negotiation
Perhaps you’re no longer happy with your contract’s current terms and feel you deserve better. Your results and the experience you’ve garnered means you’re well within your rights to renegotiate your contract. Sometimes, even when you know you deserve something, you won’t be able to get it without clever negotiation.
Your contract is up soon and instead of being satisfied with the current terms, consider a renegotiation. Ask for a raise, aim for a full productivity-based contract, or ask for a fixed salary with incentives. There are so many ways to turn the tides in your favor when you’ve done your dues and performed above expectations.
Investments are key to boosting passive income. Let the money work for you instead of making yourself work for the money. Passive income investments ensure there is not a minute when you aren’t raking in cash.
In a nutshell, it’s a legal and acceptable way to get paid for doing nothing. Even high-income physicians can’t say no to that.
Do some research. Acquire new skills and knowledge on income-streaming ventures. These things don’t happen overnight and may require considerable time and effort on your part. However, if you’re persistent and dedicated, things should eventually pay off in the future.
7. Move On To Greener Pastures
This could mean many things, from moving to a more extensive practice to leaving academic medicine. There are times when money flows more freely when you’re part of a larger and more established practice.
Professionals with top-tier pay grades tend to be affiliated with larger companies, and this can also be true for doctors.
Also, as fulfilling as you might find academic medicine, it’s not a path for lucrative money-making. To take your income to the next level, you may have to give it up for a few years to work for a private practice. Of course, you can always go back when you feel more financially secure.
Choose a Money-making Venture That Fits Your Lifestyle
Not all income-boosting undertakings could work for you. Medicine is a demanding field, and certain factors may play a part in keeping you from seeing specific endeavors through to the end. Choose a path that’s achievable and aligns with the unique circumstances going on in your life.