A new article in Medscape covers eight ways physicians can earn extra income from their medical activities.
1. Review insurance claims part time that are sent to physicians online by independent review organization.
2. Physicians can serve as an expert witness part-time and make a few thousand dollars per case. The average hourly fee for file review and preparation for expert witnesses is $350.
3. Perform independent medical exams for workers compensation, auto insurance, health insurance or Social Security.
4. Become involved in medical device invention or development. Physician investors can develop their ideas in addition to their regular practice.
5. Visit nursing home patients part-time; you could even serve as a medical director.
6. Partner with pharmaceutical or device companies to give presentations or advice on new projects.
7. Provide healthcare for prisoners. Healthcare spending per inmate grew 10 percent from 2007 to 2011 in 39 states and the ACA put $7.7 billion in Medicaid spending into the prison systems.
8. Practice telehealth from home — visits can be around $30 per visit and take around eight to 12 minutes.