We offer additional revenue streams!

Doctors who wants to make more Money

15 Ways For a Doctor to Earn More Money

We offer additional revenue streams!

15 Ways For a Doctor to Earn More Money

As a physician, you must be aware that you are already in a high-income profession. However, we understand that sometimes, you may need to improve or boost your income. There could be different reasons; maybe it’s because you want to pay off your house or the debt on your office building or your student loans. Perhaps you’re saving up for early retirement, a sabbatical year, a trip around the world, or your daughter’s college/wedding expenses. Whatever your need, there are quite a few options to increase your revenue. 

Let’s explore a few of them here:

See More Patients
Yes, this old-fashioned method still works. Ultimately medicine is a service profession. In the most basic terms, your job is to meet patient needs. You can still do that by seeing a whole lot more patients. Often the highest-income individuals are also the busiest. So you likely can boost your revenue by getting closer to 100 patients seen per week.

Increase Administrative Work
You may be able to get a stipend as a medical director and do some administrative work for your hospital network. Some providers still have a full clinical schedule and then do their administrative position in the early morning or after work, or during lunchtime meetings. This combination allows you to boost your income. Also, depending on your specialty, physician leaders may be compensated more than some clinicians.

Take on a Side Gig
There are a lot of ways to make money. Some of them involve using your clinical knowledge but in a different way from your standard practice. This side hustle can include consulting, disability evaluations, expert testimony, etc. If you have a hobby that you can monetize, such as a blog or handyman services, then be sure to explore those options as well. Sometimes it can be rejuvenating to do work other than medicine.

Change Your Specialty
Do you regret not choosing a higher-income field? It isn’t too late. Plenty of folks have gone back and switched from family practice to radiology, for example. If you are not up to a whole residency, could you do a fellowship? Often you can boost your income tremendously by a 1-2 year fellowship. This is primarily available to general internal medicine doctors who want to specialize (e.g., infectious disease or endocrinology) [but there are other possibilities as well (Peds EM fellowship for a pediatrician, EM fellowship for an FP, etc-ed.]  You may find you can have better hours, see fewer patients, and still make much more money.

Learn New Procedures
Although we are slowly getting away from a fee-for-service system, we are not there yet. You can often boost your income by performing more procedures. Are there procedures in your specialty that you are not doing? Could you learn how to do them? Some profitable operations can be learned in a weekend or a week-long course and then spent some time with a mentor. This investment can pay off huge dividends.

Specialize in a Niche
Some fields have subspecialties that do not meet their needs. They are subject to supply and demand. If you learn how to master that subspecialty and market your services, you can exploit this need and cash in.

Expand Your Team
Could you boost revenue by expanding your practice? Perhaps you are seeing as many people as you can safely see in a day. You could see more patients as a team if you collaborated with physician assistants and nurse practitioners. Dentists have learned how to use dental assistants efficiently. Similarly, with lawyers and paralegal services. However, physician practices still have a lot to learn.

Renegotiate Your Contract
You don’t get what you deserve; you get what you negotiate. Will your employment contract be up soon? Rather than automatically renewing it at its current terms, consider renegotiating. Incomes for physician specialists have steadily increased over the last six years; has your income kept up? Would you be better off on a fixed salary plus incentive or a 100% productivity-based contract? Have you reviewed recent MGMA data for your specialty compensation to know for sure that yours is competitive? If not, you have some work to do.

Generate some passive income for yourself. That way, your money works for you rather than the other way around. When you have passive income investments, you wake up in the morning richer than when you sleep. It is the closest thing to getting paid for doing nothing that we can reasonably and legally achieve in this lifetime. Ask around. See who is financially successful in your area. Take them out to lunch. Pick their brain. I make more from investing than I do from working my day job. That did not occur overnight. It took slowly gaining skills, knowledge, and streams of income. Look within your medical profession for buying opportunities outside your career, such as small business and real estate.

Move to a Larger Practice
Sometimes, you can make a lot more money just by being more extensive or more efficient. The highest-paid professionals throughout our nation tend to be associated with large groups that can feed them the high volume of their specialty niche. Are there such opportunities in your town that you have not taken advantage of? 

Leave Academic Medicine
I love academic work. There are few things more rewarding in life than writing, research, or teaching. Just know that there is a tremendous financial price that you’re paying for this. It may not be worth it if you need to boost your income. Perhaps you could work for a few years in private practice and then return to academia later?

Get a Degree
You have proven that you are good at learning and test-taking. Why not take that to the next level? Through online and evening programs, there is now a world of choices around advanced training and education. Consider some IT training and add medical informatics to your toolkit. Consider an MBA to learn more about leadership, practice building, and investing. You can even obtain a law degree part-time; You can then be a formidable medical defense attorney.

Establish a Cash Only or Concierge Service
Don’t assume you must treat Medicaid and Medicare patients and work the way everyone else does. Recently primary care doctors around the country have established cash-only or concierge services. They often work fewer hours, make more money, and have virtually no paperwork or insurance headaches. It is not for everyone but is worth considering.

Move to a High Income, Low Cost of Living Area
For many doctors, reimbursement is determined by large payers or by the federal government. As a result, there is little difference in the total revenue paid for a given CPT code in different regions. Nevertheless, doctors do make more money in some states or towns than in others. There are also tremendous variations in living costs such as housing or commuting costs [and taxes-ed]. Consider exploiting this “geographic arbitrage.”

15. Increase Ancillary Services
Could you add a revenue-generating service to your practice? Could you add a spa suite? Could you offer cosmetic services for cash only? Could you invest in the surgery center, medical office complex, imaging center, physical therapy suite, gym/health club, etc.? Physicians and other investors around the country have made small fortunes doing just that.

Physician Best Practices

4 Ways to Improve Efficiencies in Your Healthcare Practice

We offer additional revenue streams!

4 Ways to Improve Efficiencies in Your Healthcare Practice

The ongoing collaboration of your medical staff is critical to the successful operations of your facility and the delivery of quality treatment to your patients. Ongoing education can help improve a medical practitioner’s ability to collaborate with other staff members, partners, and consultants both on location and remotely. Collaboration and communication within your medical practice can increase office efficiencies as well as improve the patient experience.

Collaboration is vital to the health care system because it helps spur collaborative teamwork. Well-coordinated collaboration across medical professions at your practice has the potential to allow for more comprehensive, population-based, cost-effective patient care and a new emphasis on health promotion and disease prevention, which will be essential in meeting ongoing healthcare challenges.

An appropriately synched team when it comes to communicating their needs will be more effective at executing their role daily, especially when it comes to the ongoing improvement of the care delivered to your network of patients.

During a multiple-day hospital stay, a patient may interact with 50 different employees, including physicians, nurses, technicians, and others. Therefore, focusing on a high level of collaboration among teams at your facility is critical for the success of your patients during their stay.

This level of collaboration helps build trust among different professionals and educates them regarding each individual’s strengths and weaknesses that make up the organization and their team. This understanding can help medical staff perform their duties more efficiently and, therefore, continue to succeed.

  1. Define Your Collaborative Approach to Health Care

A collaborative team is best defined as a group of medical practitioners from different professions who share patients and patient care goals and have responsibilities for complementary tasks on an ongoing basis. Establish what these teams will look like at your organization to begin setting your staff and coworkers up for success.

This team should be actively interdependent with a convenient means of communicating with other team members, patients, and families to ensure that all the various aspects of patients’ health care needs are integrated and addressed for the future. Technology like mobile devices makes communication more robust, strengthening the bonds between internal and external team members.

Each staff member should recognize that this collaborative team approach is unique compared to other techniques where healthcare professionals work independently without input from other practitioners.

  1. Delegate the Roles of Each Team Member, Respect Job Roles

The education of a health professional is separated mainly by profession, limiting the knowledge one staff member has about the skill set of another and potentially causing future problems.

Medical students have few opportunities to learn about other medical professions since their time is already minimal with a full schedule of classes, internships, and everything else it takes to master their field.

Learning to understand the roles and responsibilities of other professionals is necessary to function effectively on any team, especially in health care, because the team’s success lies in providing quality treatment to patients.

While medical training and legal scopes of practice like HIPA largely determine a person’s role at a health care facility, the skills of various primary care practitioners overlap to some extent in many cases. Most health care professionals have expertise in patient interaction, developing care plans, and educating patients on future treatment and best practices for their continued health and well-being.

Therefore, it’s essential to define the roles of each member of your team, past what their actual job title is, but instead on how they will assist others in dealing with the existing problems plaguing patients. The smaller the practice, the more likely it is that each role will be further blurred, and there may need stricter clarifications of who handles what to ensure ongoing collaboration.

Each team member should clearly understand the role of the more common positions in health care like nurses, physicians, physical therapists, occupational therapists, pharmacists, social workers, dentists, dietitians, and psychologists. This is important to establish as a baseline to help each team member effectively communicate with one another.

  1. Assign Specific Responsibilities and Tasks

In a perfect world, medical students would learn about the essential components of collaboration concerning coordination, communication, and shared responsibility. Unfortunately, in some cases, this is taught before entering the workforce, and in others, it must be reinforced in the field on an ongoing basis.

E-Consult Coordination:

The first step in coordination is determining which team members will be responsible for a particular patient problem. Because the team’s focus should be on the patient’s needs, patient care goals determine the makeup of your team and the responsibilities each team member has to address these patient problems. Using referral management software from ReferralMD can help manage this process electronically.

It is crucial to coordinate with the patient family members as partners on this team to ensure they are educated on the patient’s help and best address ongoing care. Sharing the supervision of an individual patient will help give them a 360-degree approach to their treatment and overall health care experience.


Effective communication is needed to facilitate coordinated care at all times. An ideal communication system would include:

  • A well-designed digital filing system.
  • Regularly scheduled meetings to discuss patient care issues around the clock.
  • A mechanism for communicating with external systems.

As stated previously, technology today has helped dramatically impact and improve the ability to communicate today. With the continued expansion of the connected revolution, more devices are entering the healthcare industry to help create one ecosystem of devices that consistently communicate with one another to link facilities, patients, and staff members globally.

Shared Responsibility:

Sharing responsibility deals with issues related to leadership and decision-making for your collaborative unit. For example, physicians are historically the leaders and primary decision-makers in health care because of their many legal responsibilities for patient care decisions. Still, often it’s essential to understand the hierarchy of leadership and share the commitment to deliver world-class care.

Extensive education and training should be disseminated among staff members and not reserved solely for use by top physicians and administrators. The constantly evolving nature of patient care problems determines who will take on the leadership roles among your collaborative teams and how decision-making will be shared at different levels across the organization.


  1. Practice Collaborating, Handling Conflicts and Working Towards Improvement

Collaboration among team members who have different perspectives and areas of expertise often results in fresh insights and solutions to problems that rarely get achieved by one health professional working in a silo.

Each member of the staff should become aware that because of the professional diversity present on the team, differences of opinion and conflict are not only inevitable but are essential for the continued growth of your collaboration hence why it is so essential to practice and educate on how to deal with these types of issues.

At times conflict can encourage innovation and creative problem-solving if approached correctly. However, conflict needs to be constructive, build trust and understanding among team members over time, and turn issues into helpful solutions.

Failure to adequately address these conflicts can cause more issues to arise and affect the overall morale of your staff, turning one problem into many quite quickly.

To combat these issues, train team members about conflict resolution and continually improve the care and problem solving you’re delivering. Again, with your coordinated collaboration system in place, this should be easy to organize but more challenging to address and execute consistently.

It’s an ongoing process that’s never finished, which is often why learning how to resolve conflicts and improving the care you’re delivering daily can often be quite frustrating, even if the final results are gratifying.