Physician and Gig Economy
⚡️Fascinating study published in Medscape regarding 40% of physicians in pursuit of additional income via side income streams.
⚡️Family Medicine and Internal Medicine physicians were amongst those most likely to have side gigs. In Medscape’s 2022 Physician Burnout & Depression Report, 48% of Internal Medicine and 51% of Family Medicine physicians reported burnout.
⚡️Real estate and investment advice are the most common nonmedical side gigs.
⚡️48% of physicians with side gigs are looking for additional income. Pursuing a hobby, having fun and preparing for retirement are other reasons for side gigs.
⚡️49% reported that their side gig was as equally fulfilling as their clinical job.
💥 I interpret this trend as a general reflection of the state of Medicine today: decreased insurance reimbursements, increased administrative metrics, increased bureaucracy, private equity meddling in healthcare, EMR, customer satisfaction surveys, the erosion of the sacred physician-patient relationship. Most of us physicians just want to take care of people without all the other nuisances. Yes, they are nuisances: the metrics have not been proven to be linked with improved quality of care.
Physicians are wisening up in the finance department and it will have implications in this broken system.
As one of the 40% with a side gig, I am now in a position where I no longer need my clinical job to pay my bills. I’m also one of those fortunate physicians who still finds fulfillment in my clinical work, which I 100% attribute to being a partner in a physician-owned group. My side gig has been a creative outlet and a source of joy, which has helped with burnout. My side gig has also taught me the practical skill of running a business.
What questions do you have about starting a side gig? Please ask below ⬇️ I’ll answer each question!
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