078 - Top 10 Physician Side Gigs to Generate Income After Medical Residency Training While Avoiding Burnout

Struggling to pay off medical school debt while balancing your demanding career as a physician? What if there were ways to boost your income without sacrificing your time with patients?

In this episode of The Independent Physician's Blueprint, Coach JPMD reveals 10 lucrative side gigs that can help younger physicians like you generate extra income, pay off debt faster, and reduce financial stress. With eight of these opportunities being ones he has personally pursued, you’ll get firsthand insights into how these gigs can fit seamlessly into your medical practice.

By tuning in, you’ll discover how to enhance your income through moonlighting, real estate, and consulting, learn about the benefits of becoming a medical director or serving on advisory boards, and explore the lesser-known but highly profitable world of chart reviews and expert witnessing.

Don’t miss out—subscribe now to The Independent Physician's Blueprint and take the first step toward financial freedom while maintaining your medical practice!

Chapters

00:00 Introduction and Overview
02:01 Insurance Physicals and Locum Tenens
04:14 Consulting and Chart Review
06:30 Advisory Boards and Expert Witness
09:15 Financial Security for Better Patient Care
09:37 Conclusion

Discover how medical graduates, junior doctors, and young physicians can navigate residency training programs, surgical residency, and locum tenens to increase income, enjoy independent practice, decrease stress, achieve financial freedom, and retire early, while maintaining patient satisfaction and exploring physician side gigs to tackle medical school loans.

Transcript

Coach JPMD (00:00.046)
By the end of this episode, you'll discover simple money -making side -hustles to help you pay off your medical school debt quickly. Welcome back to another episode where I help younger physicians decrease stress and increase income by transitioning from corporate to independent practices, even without any business experience. In this episode, you'll discover 10 simple things that you can do to generate income. The one thing that you should not do until you've paid off your student loans.

and my number one passive income generating side hustle. So welcome to another episode of the Independent Physicians Blueprint podcast with your host, Coach JPMD. That's me, also known as Judea Pierre MD. And today's episode is going to be about the 10 physician side gigs that you can do to generate income as younger physicians. And I'm going to say that eight of them actually I did, and I still am doing some of them.

So if you're looking to pay down debt, if you're looking to get rid of medical school and medical school and college student.

loans. Side gigs are a really neat way of generating income, generating wealth so that you can live powerfully and not have to depend on a particular income or a particular salary amount in order to live powerfully. So number one, first thing I did within probably a couple months of residency, I got my medical license in Florida.

and started moonlighting in the urgent care at Jackson Memorial Hospital. That was my side gig, my first side gig. And it was pretty cool because I was able to get the experience that I now have of working by myself and seeing different conditions and treating them. And we had the backup of attendings that were also in the urgent care in the emergency room. So that was my first side gig as a physician.

Coach JPMD (02:01.366)
My second side gig was actually an insurance physical side gig where I was able to contract with an insurance company or an interim. I'm not sure if it was an insurance company or the intermediary for the insurance company, but I was able to, for those that are applying for policies, I think over a million dollars, the insurance companies require labs as well as EKGs and a physical exam. And at the time they were in dire need for physicians or.

licensed medical professionals that can do the EKGs and do the basic physical exams. I was able to meet some race car drivers and some pretty powerful people in that are applying for insurance, life insurance. So that was a cool side gig that I did. Third one is locum tenens. Now I didn't actually perform any locum tenens work, but...

That for physicians can be a quick and lucrative way of gaining some extra income. And there are lots of companies that actually provide a list or a directory of

physicians who are solo physicians or hospital corporations or large medical practices that are looking for physicians that are part time that can fill in the space for physicians that are going on vacation that may be sick. So that is a great side gig. Now, this is a side gig that I would only recommend for those that are out of debt. And that's a real estate. That's a great way of creating passive income. We've had guests on the show that that have

demonstrated or shown how you can make a good passive income, purchasing commercial real estate. And I hope to have some other guests actually on the podcast that can help physicians understand how to navigate the real estate world to be able to generate some really good income using real estate. And that's something that I've done and I've fairly well with a good well, I've done well with real estate.

Coach JPMD (04:14.298)
In the recent past with commercial property that I currently own, that's where my practice is. I have made some mistakes in the past, but hopefully our guests can help steer you in the right direction. Another side gig is consulting. That's side gig number five. And that's a good way of generating income without doing much work. There are some companies that are actually looking for consultants, medical specialists.

that can help them in their business. And I think that's a great way of generating income. I actually sit on the board of the special needs committee where I help a local insurance company develop policies and plans and review things that are occurring in the health plans. And that is a good way of generating side income.

Chart review is another number six. I haven't done a lot of chart review, but that is a way to definitely generate some income. Some insurance companies look for chart review or physicians that can chart review and kind of help them understand

what the standard of, if the standard of practice was breached or if certain procedures should or should not be ordered. And so that is a good way to generating some income. Number seven is a nursing home medical director. And that's something I did when I first started in my local area where every nursing home has to have a medical director that oversees

the records and admits patients to their facilities. Should they not have a physician on staff or physicians that are able to accept patients that are being admitted in nursing homes, I was able to secure a pretty, pretty nice medical directorship. And they pay you on a monthly basis and you do a couple of chart reviews and it's a pretty easy way of generating some income.

Coach JPMD (06:30.858)
Number eight, the eighth way is advisory boards. currently actually sit on an advisory board of an EHR company and we meet a couple of times a year and that income can be in the form of recurring income on a monthly basis, quarterly basis. In my case, it was in the form of shares in the company.

And that's another way of generating some passive income. The eighth or ninth way is expert witness, which I've never done, but some lawyers require physicians to review cases that can be against our colleagues. That's something that I never really got into. really.

Want to help lawyers sue doctors. So I decided not to ever pursue that but that is a way of generating some side side income and Lastly is number 10. That's telemedicine moonlighting. I guess that could be similar to locum tenants, but Maybe not because telemedicine moonlighting could be a telemedicine company that is providing care for companies that subcontract out

their that particular business and they need medical doctors, need nurse practitioners to be able to answer calls 24 seven. So again, that is another great way of generating side income, which I haven't done yet, or haven't done at all. I'm not sure I should say yet, because I don't have any interest in doing it. But you might. So that's the top 10 side gigs that you can do to generate some income. And it's moonlighting.

Insurance physicals, drawing labs in those insurance physicals, locum tenums, locum tenum work. If you have no medical school debt or educational debt, I would recommend real estate. That's a really good way of generating passive income. Consulting is another. And then there's chart review for insurance companies or other medical companies. Nursing or medical directorship, great, great way.

Coach JPMD (08:46.11)
advisory boards for medical device companies or even EHR companies, expert witnesses and moonlighting for telemedicine. So I hope this helps you understand things that you can do after you graduate residency to generate some income to pay off your debts, your medical school loans quickly, or to generate some extra cash. Because I think if you're secure financially, I think you'll be able to take care of your patients.

better because you won't have the stress of finances. So do the side gigs early on in your career so that you can buy some property because I think that's that's the ultimate, in my opinion, way of generating some good passive income. And hope this helps. If you have not yet done so, don't forget to follow this podcast.

or subscribe so that you can get alerts when next new episodes are released. Thank you for listening and we'll see you next week. Thank you so much for listening to the podcast. If you'd like to hear more, subscribe, follow on your favorite podcast app so you'll never miss an episode.