People often think of doctors not needing to make more than they already are. What they don’t realize is that doctors have a lot of expenses. They pay a huge amount in medical malpractice insurance, payroll for staff, and the cost of medical equipment.
There are always going to be cash flow problems, especially for a doctor with a private practice. Any extra income will always be welcome to help.
Though doctors often work very long hours, there are ways to squeeze more income out of the time they are working and even opportunities for a side income.
Let’s check out some ways a doctor can make more money for themselves and their practice.
Negotiate better rates
There is always a way to go to their providers and negotiate better rates for their wRVU. Asking for more for certain procedures won’t always result in an increase in their rate, but it never hurts to try to negotiate.
One of the criteria for how the wRVU is calculated is how much it costs to use equipment for certain procedures. As expenses go up, like electricity rates or higher wages for technicians, it can cost more to do some procedures. This is a good opportunity to let the provider know that they should be keeping up with costs.
There are only so many hours in the day and so many patients that can be seen. It is time to outsource some of your work to increase the work without increasing your actual workload.
There are many opportunities for outsourcing from IT to operations management. Laboratory work is probably the lowest hanging fruit to outsource.
As hospitals and private practices struggle to keep up with the latest technology, outside laboratories often have it. This means that there is no need to invest in new equipment which saves a considerable amount of money.
In addition, when these services are being done by third parties, there is more time to see more patients.
Seeing the words side income often makes it seem like you will need to work a second job. Not exactly. It simply means having a source of money that comes from outside your usual practice.
Real estate is a popular way to earn extra income. It can be quite passive, too. Buying rental properties and then having a management company will bring in some income and you won’t need to be the one going and plunging a toilet.
Another area where there are some possibilities is in teaching. You can tutor medical students if you have the time to do that. If you don’t have time, you can create a course online and make money passively through a membership site.
Time is really the only thing holding a doctor back when it comes to making more money. But, with a little creativity, there are ways to make money even while you sleep. With enough extra income maybe you can then cut back on your hours and not take a financial hit for doing so.