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How Much Does a Side Gig Have to Make to Be Worth It for Physicians? A Dive into the Earning Potential of Popular Side Hustles

There’s no doubt that side gigs are becoming increasingly popular amongst physicians, with surveys showing that up to 40% of doctors have a side gig. Not surprisingly given our name, side gig discussions are particularly popular in our online physician community. That said, what constitutes a desirable side gig can be quite different from physician to physician depending on their reasons for seeking one. There are many reasons to pursue side gigs outside of just the money, including hobbies or interests, the desire to learn something new or use a different part of your brain, tax benefits, or a desire to eventually pivot to another career. 


For physicians who are pursuing side gigs for an extra source of revenue, it’s important to know which side gigs will allow you to make the amount of money you’re looking to make. While we recognize that more is almost always preferable in this scenario, understanding which side gigs are likely to get you to your goal will prevent you from wasting time (and opportunity cost, which is so important for physicians) on ones that won’t. 


We polled over 900 physicians from Physician Side Gigs to see how much physicians thought they needed to earn annually from side gigs to make the lemon worth the squeeze. Below, we look at the findings of that poll, and assess what side gigs might be great options to consider, depending on where you fit within the spectrum.


Disclosure/Disclaimer: Our content is for generalized educational purposes.  While we try to ensure it is accurate and updated, we cannot guarantee it. We are not formal financial, legal, or tax professionals and do not provide individualized advice specific to your situation. You should consult these as appropriate and/or do your own due diligence before making decisions based on this page. To learn more, visit our disclaimers and disclosures.


How much a side gig has to make per year to be worth it from a financial perspective for doctors.


Physician side gigs that make up to $10,000 a year (but can scale to much more depending on volume)


The vast majority of physicians polled in our community reported wanting to make more than $10,000 a year for a side gig to be worth it financially, but there were doctors who also pointed out that it wasn’t necessarily about the annual amount they made rather than the hourly rate that they made, and others that just said as long as it was flexible, it was fun to get bonus money. 


Additionally, how much you can make will depend not only on the particular side gig, but how often you are willing and able to do it. Therefore, the side gigs we mention here are flexible side gigs without a huge commitment that may be of interest to some of our physicians, including:



  • One off consulting projects: While many consulting opportunities can be long-term, some companies, especially pharmaceutical and medical device companies, look to connect with physicians on a project-by-project basis. Pay can depend on the length of each opportunity, your specialty, your expertise, etc. Explore hourly consulting rates physicians request by specialty. If you’re interested in exploring consulting but don’t want to commit the time to build out a substantial side gig, this can be a great opportunity to leverage your medical expertise in an exciting new way. Sign up for our free consulting side gig matching database* for alerts of relevant opportunities.


  • Expert witness: We mention chart review above but it’s worth highlighting by itself, since it’s a popular side gig for doctors. Expert witness can be a great fit for physicians instead in med-legal work. Many physicians make over $500/hour with this side gig, so this has the potential to be quite lucrative, but you can also opt to only do a case or two a year, based on your interest and availability. Explore how much physician expert witnesses charge by specialty, and sign up for our free expert witness side gig matching database*


  • Moonlighting: If you love the clinical work you do and are looking for a little extra cash, consider picking up a few extra shifts. This can offer more time with patients as well as additional revenue, without a long-term commitment requirement to additional hours. Like many of the other side gigs featured above, this side gig is flexible and can often offer $10,000+ a year, depending on the amount of commitment you would like to make.


  • Art, crafts, photography, or other hobby based side gig: Sometimes the side gig is really more about a hobby you’re passionate about. We have many members who have created great side gigs on our communities, some of which have scaled to far beyond $10,000 in annual income, but started out with just hundreds to thousands of dollars in income annually.


* Our side gig matching databases are free resources we offer to all members of our Physician Side Gigs Facebook group. You must be a member of this group to access the databases, but it’s completely free for MD/DO physicians to join.


If you’re interested in multiple different side gig opportunities, make sure you sign up for our PSG weekly newsletter, where we share current and upcoming side gigs across the options covered above, and those below as well!



Side gigs for doctors that pay $10,000 - $50,000 annually


The majority of the doctors (66%) who responded to our poll expressed that a side gig needs to provide $10,000 - $50,000 of income annually to be considered worth it for them financially. If you fall into this category, the good news is that there are plenty of options to explore. This includes many of the side gigs we featured above, such as chart review, expert witness work, and moonlighting.


  • Chart review and QME work: This can be another flexible side gig that allows you to take on as much or as little work as you want, when you want. While there are full-time nonclinical career opportunities in chart review, there are plenty of companies looking for physicians who are interested in more flexible work. These opportunities can include utilization management, expert witness work, IMEs and QME work, disability exams, and more. Each of these can easily be a side gig where you make much more than 5 figures. Explore the different chart review opportunities available for physicians, and sign up for our free chart review side gig matching database* for alerts of opportunities that match your interests.

  • Long term consulting gigs or paid advisory positions: There are numerous consulting roles available for physicians, and many have long-term agreements with higher earnings potential as a side gig. As a bonus, being a physician startup advisor can come with an offer of equity as part of the compensation package, which can further increase the income potential if the company takes off. If you’re interested in this space, make sure to sign up for our weekly newsletter, as we have in-person and free educational events for physicians interested in getting involved in this space.


  • Locums / moonlighting / urgent care: If you love working in a clinical setting but would like to expand into a different practice environment or just want additional hours, there are several options to choose from that cumulatively, can add a lot to your annual income. Urgent care, moonlighting, and locums are all popular options for our members that offer flexibility and the ability to leverage your existing skill sets without the need for others. Locums is of course also a permanent career option. Learn more about types of locums opportunities available, and sign up for our locums jobs matching database*.


  • Telemedicine: Another option to expand your clinical practice is to build up a telemedicine side gig. DIY physicians can build their own practice on their own, or you can work with an established telemedicine site. Both can have pros and cons, but offer flexibility to practice on your own terms. And like locums, telemedicine has the opportunity to grow past $50,000 into a full-time, permanent practice, if that’s something you’re interested in. You can explore how to start a telemedicine practice and sign up for our telemedicine side gig matching database.*


  • Brand partnerships/influencer: It can take a while to build up a brand as a physician influencer to successfully monetize it, but this can have great potential beyond $50,000+. Some popular physician influencers have even found such a following that they’ve been able to turn this into almost a full time gig. While most brands are interested in working with physicians who have a built in following, this isn’t always the case. Some are interested in working with physicians, regardless of the size of their audience, which can be a great way to get started with this side gig and start monetizing it. Join our free brand partnerships side gig matching database for alerts.


  • Writing & content creation: There are a lot of options in this space, from writing guest articles for health websites to preparing board review content to even publishing your own book! These opportunities are often paid on a per word or per assignment basis that generally come in waves. Along with writing, there are several other options for content, such as starting and monetizing a podcast. We offer a free writing side gig matching database*.



Side hustles for doctors that can pay $50,000 - $100,000 a year


Generally, side gigs that offer higher annual income opportunities typically require a higher investment of time or money (or both), at least initially as you get your side gig up and running, after which they can become more passive. This can make these opportunities challenging for physicians who work full time, but they are a great option for physicians who are looking for leverage to cut back some clinically.


  • Coaching or course creation: Many physicians enjoy passing on knowledge from their lived experiences, and coaching has become an increasingly popular side hustle for physicians., as has course creation. While it may take a while to establish a reputation as an expert in the space, once your brand is built, the hourly rate for coaching or related course creation can add up to a lucrative side hustle. Adding more passive elements or group instruction can make this side gig more scalable as well.

  • Real estate investing: This is a popular side gig for physicians as it helps diversify not only your income streams but your investment portfolio. Real estate investments can offer long-term income streams, even into retirement. While owning and managing rental properties requires learning a new skill set, it has great potential to scale as you build your real estate portfolio. You can also hire management services to help run the day-to-day logistics, or invest in real estate through passive options. Explore our guide to real estate investing for resources (including special member discounts/perks) to learn more, and sign up for our free real estate educational series for alerts about free webinars on how to get started.




Side hustles for physicians that can pay over $100,000 a year


When discussing side gigs specifically, although we’re sure most would love for a side gig to generate over $100,000, most wouldn’t classify that as the minimum they’d need to make for a side gig to be worth it. As you may guess, ‘side gigs’ that make in this range likely are more of a second job or responsibility, at least at first while they’re scaled, though they may then become gradually more passive. It will likely require a much more intentional approach to building a business. If you’re looking to turbocharge your side gig, or if you’re hoping to pivot from practicing clinically, you can scale many of the side gigs we’ve covered above. Some additional options, including ones that you can incorporate into your clinical practice, include:


  • Establish a clinical research site at your practice: clinical research can be a great way to add an ancillary income stream, especially for physicians in private practice who want to establish a clinical research site at their practice. Though this takes an upfront initial investment and effort to get the site set up and staffing to help run trials, clinical research can be highly lucrative. Revenue from each enrolled patient can be a five figure amount, which can turn this into a 6-figure side gig once your site is established. Companies can help you set this up to remove some of the initial commitments required for logistics and to help you scale effectively. Sign up for our free clinical research matching database* for alerts about relevant matches.


  • Owning a franchise: While this likely feels like more of a main gig than a side gig, several of our physicians own franchises for things like study centers, gas stations, restaurants, and otherwise. If you have the manpower and the money to invest, this could be a lucrative secondary income stream that could even surpass your clinical income stream. Learn more about owning a franchise.


  • Larger scale real estate investing: As we mentioned above, real estate can scale as you build your portfolio of properties. Larger scale real estate can have more potential tax benefits, not only providing additional income but reducing the taxes paid on that income, through features such as Real Estate Professional Status (REPS) and the short term rental tax loophole. Some physicians even start syndicating their own deals for maximal profit, or investing in medical office buildings through their practices or independently.


  • Angel investing, venture capital, or other investing. One of the great things about being a physician is that you have a solid primary income stream which can then be leveraged to make even more money. Whether that’s via angel investing or venture capital, investing in Bitcoin, or options trading, there are lots of ‘side gigs’ in the investing realm that have the potential to make great money. Be careful though, as the risk-reward profile is at play here, and you could lose money as well.


  • Founding your own company or creating your own product.  While advising a startup can be a great consulting side gig, launching your own startup can have far higher earnings potential. Similarly, creating your own product, such as a medical device, has the potential to scale into a huge amount of revenue. Of course, this increases the risk as well, as not all startups find their footing and take off (in fact, the majority fail). There’s no guaranteed income here, and it can take a while for a company to become profitable, but if you see a need in the marketplace relating to something you’re passionate about, there is huge potential here.



Are there opportunities for passive income?


Some physicians are interested in adding additional income streams, but don’t have the bandwidth to commit to an active side gig. We get a lot of questions about passive income options in our physician community.


In full disclosure, many side gigs touted as passive aren’t really, but there are some options.


Additional income streams that are often seen as passive income, and which are more passive than others

Syndications are a form of passive real estate investing that can be favorable for busy physicians over active real estate options we’ve covered above. REITs are another popular option our members explore for passively getting involved in real estate.


Explore:


Something all physicians shouldn’t overlook is investing in the stock market. This can be a great way to generate income and build wealth through every stage of your career, whether your goal is solely to build your wealth and retirement savings to have more flexibility in how and when you practice medicine or if you’re saving up for future long-term goals, such as real estate or starting a business venture. We even have options for “lazy” investing for physicians who are busy and are looking for passive ways to invest to earn passive income.


Explore:



Conclusion: Are Side Gigs Worth it for Physicians?


What counts as worth it when it comes to side gig opportunities isn’t just about making a certain dollar amount. As we highlighted above, different side gigs have different opportunity costs. The right side gig balances income, time, and lifestyle. Choose a side gig that aligns with your medical expertise, personal interests, and long-term career and life goals. Whether it’s clinical research, telemedicine, real estate, or launching your own practice, the right side gig can provide more than just money–it can create leverage, reduce burnout, and open doors to new career paths and opportunities.



Additional side gig resources for physicians


Explore other related topics on PSG:


Dive deeper into side gigs mentioned:



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