Med spas are privately owned facilities that combine a day spa with non-surgical aesthetic treatments such as botulinum toxin injection, injectable dermal fillers, non-surgical fat reduction, laser hair removal, microdermabrasion, laser skin resurfacing, and tattoo removal.

Physicians are owners or medical directors that supervise the staff performing treatments (collaborating physician).

Estimated compensation:
Medical director: ~$69/hour (2024).

Owner: The average med spa in the US has an annual gross income of $269K (2023).

Resources:
American Med Spa Association

How to launch your own med spa business

WOUND CARE

Physicians occupy full or part-time positions at wound care centers. Part-time positions typically require a 2-3 weekday commitment.

Any specialty is eligible. Minimum 2 years residency is required.

Median annual income: $217K (2024)

Resource:
https://vohrawoundcare.com/physicians-careers/

MILITARY ENTRANCE PROCESSING EXAMINATIONS

Physicians working at a MEPS (military entrance processing station) perform histories, physicals, lab and other data review at a military recruit processing station.

They give medical opinions only. No treatment or prescribing. These positions are typically contract positions (referred to as “fee-basis” in the federal government)

Residency training and active license typically required.

Compensation: ~ USD 90/hour (2024)

To find positions:
Go HERE and search “PHYSICIAN.” Positions are available in cities across the USA.

INDEPENDENT MEDICAL EXAMINATIONS (IMEs)

An IME is a review of records, history, and physical examination conducted by a non-treating physician. Physicians who perform IMEs provide an independent evaluation of a patient when an impartial opinion is required for occupational (workman’s comp) or personal injury claims. They give an opinion about the cause of injury, duration, degree of disability, and special treatment needs.

Specialties in highest demand are PM&R, Neurology, Neurosurgery, Orthopedic surgery, Occupation Medicine, and Psychiatry.

Resources:
The American Board of Independent Medical Examiners provides training and certification.

More information about disability insurance medicine.

2. Remote clinical

PHYSICIAN COLLABORATOR (HYBRID OR REMOTE)

Physician collaborators oversee the clinical work performed by mid-level providers, such as Nurse Practitioners. The collaborating physician reviews a percentage of their charts for appropriateness of care. Frequency of review depends on the provider and setting.

A physician is typically required to be on site to see those patients whose conditions are outside the scope of practice of the mid-level provider. If there are multiple collaborative physicians, on-site requirements can be on a rotation basis. There’s potential for education and teaching.

Compensation:
Varies greatly! Compensation can be an hourly rate, or rate per practitioner supervised, or a flat monthly rate. Specialists command higher hourly rates. Compensation should mirror complexity of care.

Salary ranges:
$ 88- $114/hour (2024)
$ 400 – $2000/month

Before agreeing to a rate, consider the effort it will take for you to do this. Depending on the experience and competence of the provider, a higher level of supervision is required with potentially higher risk.

Resources:

Collaborating Docs, a company started by a FM physician, connects NP’s with collaborating physicians.

Collaborating physician fees.

MEDICAL REVIEW OFFICER (MRO)

An MRO reviews lab results for employer-generated drug testing programs. They work as many hours as they want.

A State medical license, MRO training and passing an exam is required. Board certification is typically not required.

Compensation:
Full-time annual salary range: ~$ 114K – 212K (2024)

Resources:
American Association of Medical Review Officers

Podcast interview with an MRO

3. On-site non-clinical

MEDICAL DIRECTOR OF INFUSION CENTERS/IV HYDRATION CLINICS

I.V hydration clinics have become a popular way for athletes (and others) to replete electrolytes, fluids, and receive vitamin infusions.

The medical director of an infusion center oversees the medical operations and ensures standard of care is practiced and regulatory requirements are met.

Compensation:
Annual income range: $122-$218K (Glassdoor 2024)

Resource:
Learn more about opening your own iv hydration business.

PRINCIPAL INVESTIGATOR AT CLINICAL TRIAL SITE (own practice)

Principal Investigator

4. Non-clinical remote

MEDICAL KNOWLEDGE CONSULTING

Physicians are subject matter experts! Someone or some company woke up this morning needing the expertise that’s in your brain!

There are a wide range of opportunities in medical knowledge consulting. From tech, to industry, to media companies and more.

2 suggestions to land medical knowledge consulting gigs:

1. Update your LinkedIn profile to reflect your area of expertise so that companies looking for your expertise can find you.

2. Sign up with network platforms to become an expert. These platforms match companies with subject matter experts.

Examples of expert network platforms that will connect you with the company requiring your expertise.

Important note: When you submit your expert profile to the companies, be honest and specific about your experience and skills. Read the terms and conditions thoroughly and make sure you don’t have any conflicts of interest.

Medical-legal consulting/expert witness is a subcategory of consulting and discussed in detail HERE.

MEDICAL-LEGAL CONSULTING AND EXPERT WITNESS

Read this article Medical-legal consulting and expert witness.

CHART/FILE REVIEW

Physician reviewers perform reviews of patient’s charts and make recommendations on patient care for insurers, third party entities or hospitals.

You can sign up to be a reviewer with one of several independent review companies. They connect reviewers with insurers and hospitals looking for independent reviews.

Examples of independent review companies:

Admere
A physician-founded independent review company that connects physician peer-reviewers with health insurers.

Danestreet
Connects independent experts (you!) with workers’ compensation, auto, and disability companies to review insurance claims.

The national association of independent review organizations (NAIRO)
You can sign up to be a physician reviewer at one of the many IRO’s that form part of NAIRO.

Resources:
Disability Insurance Medicine

Clinical Documentation Integrity

Utilization Management

PAID MEDICAL SURVEYS

Paid medical surveys can be a non-stressful way to make side-income while using your physician brain. Survey lengths range from 3 minutes to over an hour.

The payment could be in the form of prizes, cash, and gift cards. Payment amount varies. For higher paying surveys, you will be required to complete a screening questionnaire to assess your experience and suitability for the survey.

Resources:
The motivated MD is a great resource for practical tips and how to get started with paid medical surveys.

Best paid medical surveys.

Are paid medical surveys worth it in 2024?

COACHING (HEALTH AND WELLNESS, LIFE, LEADERSHIP)

Read this article Coaching

MEDICAL AND OTHER WRITING

Physicians have excellent written communication skills. If you enjoy writing, there are various avenues to explore and earn additional income.

This article covers the different types of medical writing and how to get started.

In addition,

There are opportunities to edit health and medical articles written by non-medical journalists. One example is VeryWellHealth. You can sign up to be a member of their editorial board HERE.

Blogging is a great way for physicians who enjoy writing to bring creativity into their lives. Check out these blogs for inspiration, xrayvsn and white coat investor.

REAL ESTATE INVESTING

There are two broad real estate investment strategies: Active and Passive.

In active real estate investing, you are involved in the operations of the real estate business. For example, buy and sell; buy and hold; buy, fix, and sell/rent etc.

In passive real estate investing, you give your money to a person or group to invest in real estate, usually in the form of syndications and funds.

Resources:
Real estate investing strategies is an overview written by Dr. Jordan Frey, a plastic surgeon who has experience with real estate investing.

In summary

These are a few of the side-gig options for physicians.

Are you interested in starting a side gig? If so, why?

Maybe you want additional income, to boost your creativity, or try something completely different?

Have fun exploring the different options. I hope you find an enjoyable side-gig!

[Please do your due diligence to vet companies and review contracts or terms and conditions when you sign up for side-gigs]

“Pay attention to how readily people talk themselves out of things—and be wary of adopting the same narrative. People will often try to convince you their limiting beliefs should become your own. They do not. Find your own ceiling.”

–James Clear

How To Negotiate Like A Boss