The most effective way for you to attract and engage doctors is to serve them. You identify their challenges or problems and help solve them.
Doesn’t it make sense to identify emerging trends among your prospects and clients?
Here’s one.
Increasing numbers of physicians are involved with side gigs as a way to create an additional income stream or pursue a passion project.
Here’s what we know about doctors and side gigs.
Medscape surveyed more than 2500 physicians, and here are some of the highlights.
In 2022, about 40% of physicians have a side gig.
Here are the 5 most popular clinical side gigs:
- Medical consulting (27% men; 17% women)
- Expert witness (25% men; 11% women)
- Chart review (20% men; 12% women)
- Medical moonlighting (18% men; 17% women)
- Speaking (16% men; 13% women)
Here are the 5 most popular nonclinical side gigs:
- Real estate (21%)
- Investing (19%)
- Consulting (12%)
- Teaching (11%)
- Writing (8%)
The goals of the side gigs include:
- Making money (48%)
- Having fun (12%)
- Beginning a second career for retirement (11%)
- Using or building skills (10%)
- Pursuing e a hobby (5%)
Here are the top five barriers to business growth that physicians identified:
- Not enough time (48%)
- Want a reasonable work-life balance (40%)
- Lack money to invest in growth (16%)
- Too much competition (13%)
- Wouldn’t enjoy it as much if they invested more time. (12%)
Physicians earned on average $25K from their side gig in the past 12 months. Most physicians with side gigs expect their earnings to grow, but believe it’s unlikely they will replace their clinical income.
When physicians were asked if they would benefit from learning business skills, here’s what they said:
- A lot (33%)
- Some (38%)
- Not that much (20%)
- Not at all (9%)
Here’s the number that surprised me the most:
Only 30% of physicians said that they harvested tax savings from their side gig! About 60% said they did not, and 10% did not know.
What does all of this mean for you?
This survey offers evidence that physicians want to put more money in their pockets.
Can you help physicians by offering ways of taking home an additional $30 K without working more? You have simple and powerful ways of doing this, including:
- Harvesting tax saving
- Following up on rejected insurance claims
- Negotiating a raise.
Could you help physicians develop business skills?
Could you create a podcast in which you interview physicians with successful side gigs?
Challenges and problems your clients face are opportunities for you to deliver more value and grow your own practice!