Top 5 Alternate Income Ideas For Doctors

Alternate Income Ideas For Doctors

Every time we talk about doctors as a line of profession, ‘financially sound and safe’ gets associated with it instinctively. But, as inevitability strikes, we come to the realization that it’s not all in the pink for physicians. The mercurial state of medicine can be hard to keep up with. Besides, it’s pretty obvious that as doctors, we know what we have got ourselves into and we are happy with it. We worked for it, right? Right. BUT it does not hurt to have other modes of finances, especially when almost everyone today is down for multiple sources of income.

For anyone who appreciates financial security and ultimately financial freedom, having multiple sources of income is no more a luxury, but a sine qua non. Your additional streams of income could be either active or passive, or a combination of both. As a doctor, here are five ingenious ways of diversifying your earnings, while making good use of your profession:

Telemedicine: With the advent of technology, the global outreach of medical treatment has reached unprecedented heights. Diagnosis is now available to people in every nook and corner of the world. Subsequently, telemedicine has immensely helped patients keep in touch with doctors during and after their diagnosis and treatment. You can team up with a few telemedicine companies. In such a case, you will be an independent contractor and be online as and when you please. Besides, you can choose to apply either for part-time or full-time.  As a doctor, this is a brilliant side hustle, while making the most out of this futuristic technology. The best thing about telemedicine is you can work from anywhere.

Tutoring/Teaching: Doctors are considered to be life-savers. As if that was not enough, you can start another noble cause out of your career. Online tutoring. It can be really advantageous if you want to make an additional income. The hours are flexible and you can do it at your own convenience. Anywhere, anytime. While teaching by practising medics is considered a volunteering work by most colleges, you can find some who pay you for it. Additionally, you can also provide guest lectures at universities and/or medical schools. It will be a great opportunity for you to share your knowledge and experience. A lot of future medics need it.

In-Office Dispensing: Getting an in-office dispensing is an incredible business strategy. Your patients can have quick access to your prescribed medicines, earning you a direct commission. This is as easy as it gets. Besides, some of these provide you with customized services, which means they provide you wholesale medicines of the kinds which you would prefer for your patients. This also helps maintain a long-term rapport with your patients who would come back here every time they run out of supplies. What’s interesting is a lot of doctors have made hundreds and thousands as additional revenue from incorporating an in-office pharmacy. So if you had some doubts regarding this, you should be free of it by now.

Blogging: You might simply start this out as a way to realize your writing skills. No, you don’t necessarily need to be a professional writer to start a blog. Being relatively decent with your writing skills goes a long way. What’s more important is you can start a blog on your medical background. Writing educational posts regarding medicine, for instance. Or, if you love travelling and get a chance to sneak out for some backpacking adventure, or simply, a vacation, you can blog about it. The best thing about blogging is the freedom. You can blog just about anything. But if you want to associate it with your profession, you have the option of doing so. Further, this makes an awesome passive income for your pocket. You wouldn’t even realize when the dollar bills are flowing in.

Consultancy: If you are a great doctor and have a well-knit network, you can start with consultancy work. This pays great dividends if you are well-known in your field. Branding yourself is a good start. This not only provides a sense of credibility but also an assurance of quality. Once done, you can be a consultant for a variety of private organizations and companies. A multitude of private companies nowadays pays really well for providing them consultancy services by expert professionals in self-improvement strategies ranging from product development to marketing. It is similar to medicine to a great extent in a way that your daily work depends on which speciality you work in and in which hospital.

These are just a few but actionable ways to diversify your income source which is associated with this profession. There is a slew of non-medical ways to have an extra income as well, such as investing in real-estates, which is in itself a progressive industry. You can never go wrong with this one. Also writing a book is not a bad idea. If you’re thinking about it, go for it. There’s absolutely nothing to lose. Some unconventional ways might include investing in peer-to-peer lending, be a photographer, complete online surveys, provide coaching to athletes, be a nutritionist, or a weight-loss trainer, to speak of a few.

Author Bio

Jessica is an avid reader who enjoys getting lost in the world of books. Holding on to her passion for fitness, She Believes that a healthy diet is a key to healthy living.