In general, physicians from every field earn handsome salaries, but there is always room to increase those earnings. With the cost of living rising, insurance premiums going up every year, and more, earning more money is the best way to stay on top. We have put together a list of the top 7 ways to earn more money as a physician.
Table of Contents
Strategies and Opportunities to Earn More Money as a Physician
Participate in Claim Reviews
Physicians in the surgical field are some of the top earners in the medical industry. However, even with a plush surgeon’s salary, there is room for improvement. One way to maximize your income is by performing medical claim reviews. Checking claims is a great way to pad your bank account while also performing an essential service.
Add More Patients to Your Roster
Working in medicine is considered a service profession. Increasing the number of patients you see is the most straightforward way to increase your earnings. Most high-income doctors are also the ones that are doing the most work. If you can increase your patient counts by at least 10 each week, then you can easily reap the finical benefits.
Switch Specialties
Too often physicians will get stuck in an unfulfilling career track or one that simply won’t pay the bills. Instead of grinding away at a job that you don’t like, change specialties and boost your bottom line. If the specialty is adjacent to a physician’s current field, the switch will be even easier. Just be prepared to do a new fellowship or residency when implementing the change.
Take on More Administrative Work
When a person goes into medicine, doing administrative work is rarely the goal. However, as a physician, taking on administrative work can actually boost your income. Doctors are able to receive a stipend by working as medical directors within their current hospital network. Many physicians carry out this work by adding an extra hour to their day in the morning or during lunch to manage their assigned administrative tasks.
Grow an Online Presence
Virtually everyone is on social media and the number of healthcare professionals making a profit from it is growing. Consider creating a social media presence that connects with your specialty. This can be used to attract more patients to your practice, or it can be used to teach the public about your field of work. Depending on the platform used, this can generate a handsome revenue stream with little effort.
Hire More People
For physicians that maintain their own practice, generating more income is invariably a goal. Doctors only possess two hands and limited work hours, so hiring help is critical. Adding more people to your practice is an expansive way to increase your bottom line and reduce professional strain at the same time. If you are part of a smaller practice that you don’t own, consider moving to a more substantial one to increase your salary.
Learn New Procedures
Most physicians still operate on a fee-for-service system, but not all. Regardless, learning new skills is a skillful way to pad your professional profile and augment your income. If there are effective procedures being used in your field, but not at your practice, add them to your knowledge bank. Sometimes the smallest time investments can turn into the most lucrative rewards. With these seven tips, you can start earning more money as a physician in no time!
