Please note that this is a growing list as I come across new ideas and receive submissions as well. So check back often and feel free to submit your own ideas down below. If you’d like to talk about these topics in near real-time, feel free to join our newly formed private FB group.
With the ever-changing state of medicine, the increasing burden of student loan debt, and
the dissatisfaction and burnout that comes along with all of it, physicians seem to be searching for alternatives or other ways to make income. Perhaps it’s to supplement / replace their current incomes or perhaps it’s a way to transition out of medicine altogether. Either way, the notion of the “side hustle” seems to be growing in acceptance amongst the physician community.
To qualify as a side hustle, it must be something that you can initially start while continuing your day job as a physician.
Why even have a side hustle?
(Related: 5 Reasons Why Doctors Should Have a Side Hustle)
- Hedge against changes in medicine or your current job.
- Increases your bottom line to help you achieve financial independence quicker.
- Maybe it’s just something you’re passionate about and enjoy doing.
Is it worth it?
At the end of the day, that’s a personal decision. You have to figure out whether it’s worth it to you after answering the following questions amongst many others:
- How much can you make?
- What’s your time worth? Should you just work more at your current day job?
- Is it something that you’re interested in?
Ultimately I believe that side hustles start with having the right attitude. Your success will be predicated on your drive & determination, which, if you’ve made it this far in your medical career, you already have plenty of.
Without further ado, here’s my growing List of Physician Side Hustles (with some examples, ex, of doctors doing those very things):
Nonclinical, But Using Your Medical Degree
- Medical Consulting – McKinsey
- Retail Consulting – Advisor for retail/cosmetic company
- Physician Advisor – R1
- Telemedicine – American Telemedicine Association, MDlive, Doctor On Demand, HealthTap,
- Expert Witness – SEAK, American Medical Experts
- Chart/Utilization Review – SEAK, Dane Street, Advanced Medical Reviews
- Pharm / Clinical Trials
- Review and offer opinions on medical cases – Best Doctors
- Medical Surveys – Medical Advisory Board, MD for Lives, ZoomRX, Curizon
- Review Health Insurance Claims – NAIRO
- Disability Insurance Evaluation – ABIME, IAIME
- Locum Tenens – National Assoc. of Locum Tenens Org., Equal Access Health
- Pick up shifts at an urgent care center or start your own
- On Demand Doctor visits – Heal, Pager
- Concierge Doctor
- Physicals for the military – MEPS
- Medical Review Officer – Drug & Alcohol Testing – AAMRO
- Medical Director – home health/hospice, infusion centers, IV hydration clinics
- Clinical Lab director
- Write a book – You can take a course like this to get started. Some examples of books by doctors: The House of God, Complications, Drug Dealer, MD
- Write an eBook – Self-publish
- Create an online course – Udemy, Teachable
- Create guides to help students with exams – ex. First Aid for the USMLE
- Create online quiz banks
- Teach at a university or medical school
- Invest in direct ownership of rental property – Single Family, Multifamily (Apartments)
- Invest in Crowdfunding Real Estate – RealtyShares, EquityMultiple, PeerStreet
- Invest in Syndications
- Invest in Private Equity Real Estate Funds
- Rent out your own home – Airbnb like this blogger The Frugal Gene
- Invest in Tax Liens
- Get your real estate license
- Start a Blog – How to start a Blog. ex. White Coat Investor, Physician on Fire, Future Proof MD, Kevin MD, Passive Income MD
- Affiliate Marketing – Amazon Affiliates, CJ Affiliate
- Sell items on Etsy or eBay
- Direct to consumer products – ex. L3O Soaps
- Create online store / dropshipping – Like this blogger My Wife Quit Her Job
Patent / Invention
- Create invention & patent it, collect royalties, ex. BareEase
- Create an app – Can use BuildFire, iBuildApp. ex. CallSimplified
- Patent an idea for a Medical Device specifically
Investing in Companies
- Angel Investing – AngelList, Microventures
- Venture Capitalist – Work and consult for a venture capital firm that funds medical innovation – Artiman Ventures
- Invest in the stock market
- Day Trade
- Medical Writing – SEAK
- CME content writer
- Medical Journal Editor
Traditional Media / Online Media / Social Media
- Medical expert on air or radio – ex. Dr. Sanjay Gupta
- Social Media Influencer – ex. Dr. Mike
- Film/TV/Media consultant – ReelMD
- Podcasting – ex. Docs Outside the Box, Hippocratic Hustle, Dr Money Matters
- YouTube & Video Blogging – ex. ZDoggMD
- Pharmaceutical industry lecturer
- Paid guest lecturer at conferences – Dr. Nisha Mehta (physician wellness & burnout)
- Drive Uber or Lyft (Believe it or not, I’ve actually heard of some docs doing this.)
- Rent out ad space on car – Wrapify
- Rent out your car – Turo
- Athletes, Training, & Nutrition – ex. AthletesRX
- Weight Loss – ex. Dr. Katrina Ubell
- Health and Wellness
- Business / Career
- How to get into med school – Medical School Headquarters
- Just about anything and sites to get started on:
- Teach Yoga / Pilates
- Other online surveys – Swagbucks
Any that you’d like to add to the list – your own, your colleague’s, etc? Feel free to share below, message me, or join the discussion on our brand new Facebook group (Passive Income MD Community). Thanks!