By Jamie Johnson, WCI ContributorMedical residency comes with a number of unique financial challenges. According to the AMA, the average first-year resident makes $60,000 annually, which is a far cry from what most post-training physicians make. Plus, most doctors graduate with around $200,000 in student loan debt.
And most medical residency programs are located in teaching hospitals and clinics, which tend to be in large cities with a high cost of living. This is also the point when many people are just starting families and living on a very tight budget.
Fortunately, there are many opportunities for medical residents to earn extra money. Beyond just giving you more wiggle room in your budget, working a side job can help you pay off your student loans faster or give you the ability to start a solo 401(k).
6 Side Jobs for Medical Residents
Let’s look at six different side jobs medical residents can consider.
Moonlighting
Medical moonlighting involves picking up extra shifts outside of your residency program, either at the hospital where you’re currently training or at another facility. This is fairly common in specialties where there’s a higher demand for services than there are physicians. The pay ranges between $100-$200 per hour, so it can be a great way to improve your financial situation.
However, you’ll need to check with your supervisor and review your contract before you begin medical moonlighting. You also need to make sure that your new employer will cover the cost of malpractice insurance.
Medical Surveys
Completing paid medical surveys from healthcare and market research companies can be a good way to earn some extra money during residency. If you choose the right survey provider, you could earn a decent income and contribute to advancing medical research.
These surveys are questionnaires that cover a wide range of topics, like emerging treatments or product feedback. There are two different types of surveys you’ll complete—qualitative or quantitative surveys. Qualitative surveys focus on open-ended questions and attempt to gain more nuanced or detailed insights into your experience as a physician. Quantitative surveys are more structured and often have numeric or multiple-choice responses.
The rates you receive will depend on your specialty and the complexity of the survey. If you decide to pursue this option, look for a quality medical survey provider that’s transparent and engages in ethical practices. The White Coat Investor has a comprehensive list of vetted survey companies.
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Tutoring
Tutoring is an excellent way to put your medical knowledge to good use and help other people. You can tutor high school students who need help with science, pre-med college students, or students preparing to take the MCAT or USMLE.
Tutoring has become incredibly flexible in recent years. You can tutor students online or in person, and online tutoring platforms can help you connect with students looking for your services. In-demand tutors can earn anywhere from $75-$150 per hour.
However, tutoring is an ongoing commitment, and most students will want to work with you for at least a semester. You should make sure your workload can accommodate this kind of commitment.
Medical Writing or Editing
You can also consider working as a medical writer or editor for health insurance companies, pharmaceutical companies, universities, or other organizations. There’s a huge need for writers with medical expertise, and if you enjoy writing, you may find the work rewarding.
Medical writing or editing is another side job that can be completed from anywhere, and the pay can be pretty lucrative. However, writing does take quite a bit of work, and some people may not want to invest this kind of energy in a side gig.
Medical Transcription
A medical transcriptionist listens to audio from healthcare providers and transcribes these notes into detailed reports. You’ll also edit and format the reports to ensure they adhere to medical standards.
Anyone with healthcare experience can apply to be a transcriptionist, so the fact that you’re a resident will give you an advantage over other candidates. The work is fairly flexible, and if you get hired as a freelancer, you can complete the work from anywhere.
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Gig Work
Leveraging your medical skills in your side job is probably the fastest and easiest way to make money on the side. But if this doesn’t interest you, you can always explore traditional gig work. For instance, you could consider becoming a rideshare driver, dog walking or pet sitting, or delivering groceries through sites like Instacart.
Each of these gigs is flexible, allowing you to work when you’re able, and they might provide you with a much-needed break from medical work. However, these jobs most likely won’t be as lucrative as the other ideas listed.
The Bottom Line
If you’re a medical resident looking for ways to get ahead financially, there are tons of opportunities for you to earn extra money. Just make sure any opportunity you choose is flexible enough that your residency and improving your skills as a clinician can remain the top priority.
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