Prior to the COVID-19 pandemic, the majority of physicians adhered to a conventional work routine, typically linked to a sole employer or practice. Yet, the worldwide lockdown in March 2020 introduced extraordinary transformations. The swift embrace of telehealth, driven by essential adjustments in non-urgent care, enabled numerous physicians to operate remotely. Legislative actions, including CMS and additional payer waivers, supported this shift by simplifying state licensing and credentialing procedures.
With newfound adaptability and diminished travel times, many doctors began investigating various pursuits, both clinical and non-clinical. The surge of telehealth platforms provided part-time remote opportunities in different specialties, offering a financial buffer amidst uncertainties in conventional practices. Beyond clinical duties, physicians explored hobbies that might could yield income, paralleling global trends of individuals embarking on new endeavors, such as baking or crafting for sale.
The rise of side gigs among physicians is propelled by factors including financial strains like student debts and the escalating cost of living, coupled with a quest for improved work-life balance and professional variety. These endeavors not only act as potential revenue streams but also deliver intellectual engagement and greater flexibility. The “FIRE” (Financially Independent Retire Early) movement has additionally inspired physicians to pursue enhanced earnings and wise investments, with aspirations for financial autonomy.
Legal considerations play a vital role when engaging in side gigs, especially for physicians in W-2 positions. Employment agreements frequently include clauses regarding acceptable external activities, necessitating prior approval from employers to avert possible conflicts. Physicians must also weigh elements such as malpractice insurance coverage, the suitable legal framework for protection, and tax ramifications. Intellectual property and confidentiality stipulations are also essential, particularly if social media or content creation is involved.
Employers typically require that side activities do not interfere with the physician’s primary duties or utilize company resources. Adhering to these stipulations is crucial to avoid breaching contractual obligations. Some employers may demand that all earnings from side gigs be processed through payroll, while others might impose a percentage share of revenues, highlighting the importance of a clear contractual framework.
Above all, preserving the medical license is critical, as any limitations can significantly affect a physician’s career. Consulting with legal and financial professionals can assist in navigating these intricacies, facilitating a balanced pursuit of diverse income sources without jeopardizing primary employment responsibilities. Approaching these paths thoughtfully can enhance professional experience and strengthen financial security.