Written By Kevin Payne
Being a physician is one of the highest-paying healthcare professions on average. According to the Bureau of Labor Statistics, the average salary for physicians and surgeons was at least $208,00 in May 2021.
However, in Medscape’s 2021 physician salary report, physicians who reported an income drop attributed it to fewer hours and fewer patients as a result of the pandemic. This dropped income for many doctors has held steady for many physicians.
Regardless of your current status, you might be due for a salary increase. Whether you're paying off an expensive student loan debt from medical school or pursuing other goals, like buying a home, starting a family, or saving for early retirement, an income boost can help.
You can make more money as a doctor, from increasing your services and workload to negotiating your current salary. With each option comes certain benefits, risks, and commitments. Keep reading to learn about seven ways to earn more money as a doctor.
1. Renegotiate your existing contract
If you like your current job, you can also renegotiate your existing contract for a higher salary. Like many money conversations, renegotiating your salary with your boss can be awkward. However, if you want or deserve a bump in your pay, you can't always wait for your employer to give it to you.
Do your homework and track physician salaries paying attention to location, specialty, and years of service to find comparable data. If you fall below current trends, it's time to set up a meeting with your superior. Come prepared with a salary range in mind and reasons why you deserve a pay increase. Be sure to back it up with evidence and statistics, if possible.
The best policy is to be direct with your employer when discussing salary. Let them know your expectations instead of beating around the bush. Be prepared for a counteroffer or other accommodations they might seek in return for increasing your salary.
2. Move to a new practice
Sometimes the easiest way to quickly increase your salary is to move to a new practice. Whether it's a larger private practice or a provider with more opportunities in your specialty, you can often receive a nice raise (and potentially a signing bonus) by moving to a new employer.
Another option is looking for opportunities in other parts of the country, especially cities known for a low cost of living and higher incomes.
You can find opportunities through medical-specific job search sites like PracticeMatch, PracticeLink, and MDSearch.
Get Started With Our New IDR Calculator
3. Take on a specialty
You can also add a specialty to access higher income. Look at specializations that earn higher salaries than you make now.
However, this could require you to endure another fellowship or residency. Research what it would take to switch your specialty and whether you qualify. Weigh whether the commitment is worth the bump in pay.
Switching to a specialty is especially beneficial for generalists who have capped their salary ceiling. But this could be an option for you regardless of your current status or specialization, especially if you are looking for a change in scenery, schedule or workload.
Related: Guide to Buying Disability Insurance for Nephrologists + Costs
4. Take on additional tasks
Sometimes you can earn more money by taking on extra tasks. This could be administrative tasks, leadership opportunities, or other areas of need for your employer. Whether you work full-time or part-time, you can usually find ways to earn more money at your current job by adding extra duties to your schedule.
Extra tasks usually require extra hours. You might be able to perform additional tasks before or after your scheduled shifts or during lunchtime. Ask your boss if any ancillary opportunities are available that provide a stipend. Determine how much extra work you can handle so you don't experience burnout.
5. See more patients
Perhaps the solution to earning more money as a doctor is to take on more patients. It seems obvious, but bumping up the number of patients you see on any day or week can also bump into pay.
Look at your current patient load and determine how much more time and effort you can put into patient care without sacrificing your quality and attentiveness. Decide if it's worth the additional hours and go from there.
6. Learn new procedures
Expanding your services can lead to an increased income, too. Are there procedures or services you could add that would generate more revenue? If so, what would you need to do to learn how to do them?
Learning new procedures typically requires extra training, but the time commitment could be a lucrative venture. Think about procedures within your specialty that you could add to your skillset.
7. Invest
If you've exhausted other salary-increasing options on this list, perhaps it's time to look at how you can maximize your current salary instead. Investing can help you earn passive income on top of your doctor's salary.
Start by maximizing your retirement accounts, taking advantage of employer matches since this is free money. Unfortunately, you can't touch retirement funds until later in life. Look into investing through a free or low-cost broker for more liquidity.
Investment options include:
- Stocks
- Bonds
- Mutual Funds
- Index Funds
- Cryptocurrency
Robo advisors like Betterment provide not only educational resources to help you strategize but also offer ready-made investment portfolios for hands-off investing. You can often open an account and start investing through a robo advisor for as little as $100. Playing the stock market does carry some risk, but many stock market investment options have offered considerable returns historically.
You can also earn a lot of money by investing in real estate. There are several ways to invest in real estate:
- House flipping.
- Rental properties (long-term).
- Short-term rentals (Airbnb, VRBO, etc.).
- Real estate crowdfunding.
- Real estate investment trusts (REITs).
Each real estate investment opportunity presents its own unique benefits, challenges, and upfront costs. Some real estate investments require a greater time commitment than others before you generate additional income than others. Determine how much time and money you can commit to real estate investing before diving in.
The bottom line
No matter your situation, there's a way to generate more income as a doctor. Determine your goals and how much more time and energy you can commit to your profession before choosing a new path. Although earning extra money is might be your goal, adding to your existing workload could lead to burnout.
If you have other skills or interests, starting a side hustle could also increase your overall income. Some side hustles are more passive than others, so determine how much time you can commit to a new venture before launching a side business.
