Nirav Shah, Wealth of Geeks
The Center for Healthcare Quality and Payment Reform reports that as many as 631 rural hospitals currently face the risk of closure out of 5,000 in the country. In six American states, more than 50% of rural hospitals are likely to close in the near future.
The US healthcare system is currently going through a severe crisis and the magnitude of the problem is intensifying by the day. An unprecedented number of healthcare facilities have gone through closures, and many more are destined to face the same fate in the near future.
This has led to mass layoffs and salary cuts amongst physicians, nurses, and other healthcare workers across the US. It has now become essential for all healthcare workers to consider side gigs and alternative revenue streams for a financially safe future.
—————
Increasing layoffs in U.S. healthcare in 2023
According to a published report earlier this year from Challenger, Gray & Christmas, there were 9,749 healthcare job cuts just in February 2023. This was the second-highest figure, after Tech, amongst 30 different industries. In the first two months of the year, this figure stood at 16,482, representing a staggering 85% increase from healthcare job cuts during the first two months of 2022.
Another report published by Becker’s Hospital Review highlights a large number of job elimination efforts that have been announced or already implemented across 66 hospitals, including the following:
As an organizational redesign measure, Oklahoma University (OU) Health has eliminated around 100 positions.200 healthcare jobs were cut by Oklahoma City-based Integris Health to curb expenses.ProMedica in Toledo, Ohio, announced plans to lay off 262 employees in March.337 employees of New York City-based Memorial Sloan Kettering Cancer Center are likely to be laid off shortly.112 employees of Pikeville Medical Center in Kentucky were laid-off at the end of 2022.Desert Springs Hospital Medical Center in Las Vegas has already notified its workers that 970 jobs will be lost as it transitions to an emergency department. California-based Kaweah Health in Visalia is likely to eliminate 94 positions.These healthcare worker layoffs only reveal a part of the crisis because the complete closure of numerous hospitals is also on the horizon.
While the closure rate is faster for rural hospitals, urban hospitals are not safe either. In November 2022, Atlanta Medical Center (AMC) announced its closure, leaving hundreds of workers jobless. This closure also had a severe adverse impact on the availability of trauma care in Atlanta. In 2019, the city council in Washington D.C. voted in favor of closing United Medical Center prior to COVID, leaving a healthcare gap during the pandemic.
It is important to note that the current trend of hospital closures and healthcare job cuts not only affects the healthcare workers and their families but also poses serious questions about the quality of healthcare in the country. Last year, McKinsey & Company predicted that by the end of 2025, the US healthcare system may face a shortage of up to 450,000 registered nurses.
—————
Physicians turning to extra income opportunities
There is no denying the fact that these numbers can be unsettling for any physician or nurse working in a hospital. This is the reason why there has been an increasing interest among doctors to get involved in side hustles.
These side gigs not only generate some additional income but can also help develop new skills, improve work-life balance, and achieve financial stability. There are hundreds of things healthcare workers can do beyond their regular work. Discussed below are some of the most rewarding physician side gigs.
• Medical surveys
Physicians are excellent candidates for medical surveys because of their extensive knowledge and experience in healthcare services, medical products, and patient care. These surveys can be completed in quick time over the phone.
The hourly rate for these side gigs for physicians generally varies between $60 and $300. Therefore, if sufficient time is put into it, a decent earning is possible. Given the flexible nature of the job, physicians can perform them during downtime or in between patients.
Most importantly, by providing valuable professional insights, physicians can play a crucial role in advancing medical research and development.
• Telemedicine
The advent of modern technology now allows doctors to consult certain types of patients remotely. The use of telemedicine and video consultations increased significantly during the Covid-19 pandemic.
However, even after the pandemic, many physicians are practicing telemedicine during their off days to make extra earnings. The earning potential is dependent on many different factors, including the specialty of the physician, location, and the amount of work done.
• Med-Legal / Expert
This is another exciting side hustle suitable for physicians. When a legal case involves medical aspects, consulting with physicians is necessary for attorneys. They may also need doctors as expert witnesses to share their opinion in front of a jury. The best part about this gig is that the physicians can set their rates. However, the time commitment for this type of work can be extensive.
• Real Estate Crowdfunding
Interestingly, all side income avenues for healthcare professions aren’t related to their field of work. Real estate Crowdfunding is a high-return passive income stream for physicians. It involves investing a small amount along with several other investors to get a stake in a property.
There are several real estate crowdfunding platforms online with different ways to invest. In some of these platforms, the investors become part-owners of the property and can earn rental income from it. However, before investing in real estate crowdfunding, adequate research is essential.
• Peer-to-peer lending
This is another popular option for physicians to earn some extra income. Through different peer-to-peer lending sites, investors can lend short-term money to borrowers and earn a nice interest payment.
Rather than lending directly to borrowers, most sites allow investing in a pool. Investors can put their money in tranches between high-risk and low-risk borrowers, and the rate of interest may vary accordingly. This can be a decent source of passive income that is more liquid and flexible compared to real estate crowdfunding. However, there is also the risk of borrowers failing to pay their debt. Therefore, it makes sense to diversify across numerous borrowers.
—————
Balancing income and duty to care with health system fragility
These were just a few of many side income opportunities that can be quite rewarding for healthcare workers. It is important to remember that the most suitable option for any individual depends on the person’s appetite for risk, time availability, etc.
Also, transitioning to a new type of work has its own challenges. However, in spite of these initial difficulties, motivated individuals can quickly start enjoying the benefits of a side hustle.
