Doctors, in general, tend to earn high salaries, but there are many reasons why they may seek to boost their numbers. Despite being a high-income position, many physicians are saddled with high student loan debt, excessive malpractice insurance fees, as well as other expenses.
For some, the desire to retire early or to save up for other expenses is the driving force behind the desire to increase revenues. Regardless of the reason, these 6 tips are extraordinary ways to increase earnings as a medical professional.
Open a Private Practice
Working for a larger hospital has its perks, but it can limit revenues. When a physician opens up a new practice, those limitations are lifted. There is no limit to how much you charge, what type of patients you wish to serve, or how many hours you choose to work. Consider offering concierge services or even cash-only services within a private practice to maximize revenues.
Add a Specialty
Specializations traditionally always represent a boost in income for a doctor. A generalist who has reached their pay cap can break through by choosing a specialty. Those who already have a specialty can add another, or even switch specialties to further increase their salaries as a physician.
Increasing Patient Load
Depending on the setup in a doctor’s practice or place of employment, increasing the patient load can also increase earnings. Adding more patients to a daily or weekly schedule can increase revenues and also help take the stress off of other doctors in the same department. Just make sure that adding more to the load won’t degrade existing patient care or trigger burnout.
Doctors can always hone their skills to augment their income, but there are other options as well. Investing in stocks, medical technology, or even in another practice is a great way to earn more without adding to one’s workload. Moreover, consider taking advantage of retirement account perks especially those matched by an employer.
Expand Into Telehealth
Seeing more patients in person may not be a realistic option for some physicians. However, telehealth and remote consultations are excellent alternatives. Many patients are unable or simply prefer not to make an in-person visit but still need expert medical care. Providing remote consultations for patients will help increase doctor earnings without increasing their expenses. In fact, they will be able to consult with more patients from the comfort of their home office as well as their practice.
Take on Administrative Work
Working with patients is the thrilling part of being a doctor that most people enjoy, however, there is paperwork that comes with it. One way to increase earnings as a doctor is by taking on some additional administrative work within the hospital network. This extra paperwork can be completed before or after clinical rounds and is a great way to add extra padding to a doctor’s paycheck.
Make The Most of Your Degree With These Income-Boosting Tips
Regardless of a doctor’s situation, there are always creative ways to go about earning more for their efforts. Consider the amount of time and energy needed for each option and then choose one that helps you to reach your financial goals. Just avoid adding too much to your plate, or you will risk burnout. Good Luck!
Angela Spearman is a journalist at EzineMark who enjoys writing about the latest trending technology and business news.