What We’re Reading – Three Additional Income Opportunities for Physicians

Today’s economy and low reimbursement rates are forcing physicians to put on their “entrepreneur hats” since they cannot solely rely on shrinking insurance payments.  This article provides some good suggestions for revenue generation that will help your bottom line and lower your stress level.

First, if you don’t have one already, consider establishing an in-house lab.  Creating a “one-stop shopping experience” will benefit your patients with greater convenience for lab tests and clinicians will have faster access to test results. Another revenue source is doing speaking engagements for a pharmaceutical company.  Many physicians may shy away from public speaking opportunities, but if you really believe in the drug and would prescribe it without being a paid spokesperson, this can benefit your colleagues, their patients and your checkbook. Another great option is conducting independent medical examinations for legal cases.  Attorneys contract physicians to examine the plaintiff, conduct a physical exam and review medical records.  The physician gets paid regardless of the outcome of the case.  Lastly, clinical research studies benefit science as a whole and your patients, and are conducted by pharmaceutical and other companies.  Although research involves time, expertise and perhaps hiring additional personnel, such as a research coordinator, it can be a win-win for everyone.

Greater creativity and an entrepreneurial mindset will more needed than ever to sustain a vibrant practice that benefits medical science as well as individual patients.

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