Nearly 1 in 4 physicians in the United States take side gigs, according to Medscape's 2023 "Physician Side Gigs Report" published Oct. 12.
The majority of physicians (53%) pursue these side gigs as an opportunity to earn extra income. However, physicians also reported they use side gigs as an opportunity to pursue hobbies, develop their skills or build a second career following their retirement from medicine.
Physicians also pick up side gigs both in and out of medicine. Medical consulting and serving as an expert witness were the most popular within medicine, while real estate and business or other consulting work were the most popular outside of medicine.
"I want to keep and use computer skills as a possible job when I am no longer doing clinical work — which is different from no longer doing medicine," one physician said anonymously in the report.
"I need to ensure sufficient retirement savings, which is unattainable in independent practice, where I turn no one away for their financial reasons," another physician said on why they picked up a side gig.
Meanwhile, 2% of physicians with side gigs said they sought extra income in order to pay off student loans. Over 2 in 10 physicians said in an earlier Medscape report that they were still paying off their loans, while another 8% said they were contributing to the student loans of their significant other.
Around 3 in 4 said that their primary job as a physician allowed for flexibility with their side gigs, with 37% saying it allowed for a lot of flexibility. Physicians also reported that they logged 21 hours on average for their side gigs and 131 hours as a physician per month.
Physicians reported earning $34,000 on average annually from their side gigs, a significant increase from $25,300 from the 2022 report. Male physicians reported earning more in additional income than their female counterparts, earning $40,000 and $26,000, respectively.