The world of medicine is changing, and more physicians are turning to side hustles as an outlet and safety net, Peter Kim, MD, an anesthesiologist who started a blog to help other physicians start side businesses, wrote March 9.
With high rates of burnout and physician pay cuts, many physicians find working their day job is not enough, said Dr. Kim, who founded Passive Income MD.
“High student loan debt, a decrease in autonomy, the corporatization of medicine, the influence of private equity and hospitals, and changes in reimbursements and insurance have affected the field of medicine,” the article stated. “The truth is, physicians can no longer practice and thrive in the same way previous generations did.”
Not only are side hustles able to provide extra income without sacrificing physicians’ primary medical practice, they can allow physicians a creative outlet, the article argued. In some cases, physicians also use side hustles as a way to leave medicine by diversifying their portfolio and creating small businesses that allow them the work-life balance they desire, according to Dr. Kim.