#254 7 Side Hustles for Physicians to Boost Their Income ft. Peter Kim, MD

Telemedicine

Peter begins the podcast by sharing the first side hustle, Telemedicine, a great side hustle for doctors who want to earn extra money while working from home. Since COVID-19, virtual healthcare has grown fast, and many physicians now see patients online. You can do live video visits or review patient cases on your own schedule.

The flexibility is a huge perk. Some doctors earn $150-$250 per hour, and a few have even turned telemedicine into a full-time career. Some have gone further, becoming medical directors or launching their own telemedicine businesses.

The best part is that you choose when and how much you work. If you’re looking for an easy way to add income without commuting or long shifts, telemedicine is worth considering.

To get started, research telemedicine companies and connect with other doctors who are already doing it. There are many platforms available, and picking the right one can make a big difference in pay and work-life balance.

Expert Witness Work

Lawyers need doctors to help them understand medical issues in court cases. As an expert witness, you review medical records, give your opinion, and sometimes testify in court. You can get paid $250-$500 per hour for your time.

The work is flexible. You can take on cases whenever you want, and you don’t have to deal with patients. Many physicians enjoy the intellectual challenge and high pay that comes with this work.

If you’re interested, start by networking with lawyers and joining expert witness groups. Once you gain experience, you can make this a steady source of extra income.

Many doctors turn this into a long-term side hustle, and some even make it their full-time job. The key is positioning yourself as an expert in your field so attorneys will seek you out.

Consulting for Healthcare Startups

Many healthcare startups need doctors to improve their products, whether it’s an AI tool, a telehealth app, or a medical device. As a consultant, you help ensure these products follow medical guidelines and work well for real patients.

Doctors can get paid by the hour or even receive company shares (equity) if the startup is successful. This means that if the company grows, your earnings could skyrocket.

If you love healthcare innovation, this can be a fun and rewarding way to earn extra income. Many startups are eager to work with doctors, but they don’t always know where to find them.

To get started, reach out to startup founders, attend healthcare innovation events, and offer your expertise. Even just a few hours a month could turn into a valuable side hustle.

Public Speaking

Many doctors get paid to speak at conferences, corporate events, and medical panels. If you’re an expert in your field, people want to hear from you. Topics can range from medical trends to physician wellness and personal finance.

Speaking fees range from $1,000 to $10,000 per event, and your travel expenses are often covered. Some doctors even turn this into a full-time career.

The key to success is building a niche. If you specialize in a certain topic and have a strong personal brand, you can attract more speaking opportunities.

Start small by giving free talks at local events. Over time, you’ll gain experience, build credibility, and land bigger speaking gigs.

“Speaking isn’t just about money—it’s about impact. If you have knowledge that helps others, you can turn it into a great income stream.” — Dr. Peter Kim

Coaching and Mentorship

Many doctors coach medical students, residents, and even other physicians. Coaching topics can include career transitions, burnout prevention, leadership, and finance.

Doctors at every stage of their careers can benefit from a coach, just like athletes and business leaders do. If you enjoy teaching and supporting others, this can be a great way to make money while making a difference.

You can offer one-on-one coaching, group coaching, or even online courses. Many physicians find this work deeply fulfilling, and it can be done on a flexible schedule.

If you want to start coaching, define your niche, get certified (if needed), and start connecting with potential clients. Once you build a reputation, this can turn into a steady income source.

“Coaching is one of the most fulfilling ways to earn income. If you have experience that can help others, you can turn that into a side hustle.” — Dr. Peter Kim

Content Creation

Doctors can create blogs, podcasts, YouTube channels, and social media accounts to share their expertise. If you build an audience, you can make money through ads, sponsorships, and online courses.

Popular topics include medical education, career advice, personal finance, and wellness. Physicians who create engaging content can become thought leaders and attract exciting opportunities.

It takes time to build an audience, but once you do, content creation can provide passive income. Many doctors eventually replace their clinical income through online businesses.

Start by picking a topic you’re passionate about and consistently sharing content. The internet offers endless ways to turn knowledge into revenue.

Owning or Investing in a Medical Business

Doctors can start or invest in medical businesses such as concierge practices, urgent care centers, medical spas, or telemedicine companies. These businesses allow physicians to use their medical expertise while creating additional income.

Some doctors actively run these businesses, while others invest passively and let experienced operators handle the day-to-day work. The key is knowing where to invest and who to partner with.

Owning a medical business can provide long-term wealth and financial security. With the right strategy, it can eventually replace clinical income.

Peter encourages physicians to educate themselves on the business side of healthcare. Surrounding yourself with experienced entrepreneurs can help you make smart investment decisions.

Final Thoughts – Just Get Started!

Peter wraps up by encouraging doctors to take action. Even if you’re just curious about a side hustle, the best thing to do is take the first step—whether that’s researching, networking, or reaching out to someone already doing it.

He reminds listeners that financial freedom doesn’t happen overnight, but small steps lead to big results over time. Physicians have valuable skills that can be leveraged in many ways outside of traditional medicine.

No matter which side hustle interests you, the key is to start. With effort and persistence, you can create more financial security and personal freedom.

“Just get started! You never know where you’ll be in three to five years if you take action today.” — Dr. Peter Kim