25 Best Business Ideas for Doctors to Make Money

If you are a medical doctor and want to know some of the really awesome business ideas you can make money with, this is the right article to read!

It reveals 25 best business ideas for doctors to make money.

 

Importance

Many professionals and their related occupations, over time, get well established as part of an overall organization or within their own particular segment of their expertise.

Often these, professions choose to branch out and start an affiliate business or set up their own company.

For example, a lawyer may be part of a law firm and choose to open up their own practice. Another example would be an accountant who may be part of an accounting firm but chooses to open up their own certified public accountant business and venture out on their own.

Additionally, if an accountant decided that they no longer wanted to be in the certified public accountant arena, they could become a financial advisor and still utilize their experience and agree in helping others with their finances.

Another major career in which the individual could remain in the field of practicing medicine but branch out in affiliate opportunities or businesses would be a doctor.

Let us, therefore, take off the white coat and remove the stethoscope and take a look at business ideas for doctors to make money.

 

25 Best Business Ideas for Medical Doctors

 

1. Medical App

The continued wave of the future is interacting remotely through technology.

This is true in all service areas including the medical field.

During the recent pandemic, patients were isolated and had difficulty interacting with their primary care physicians,

Often a medical app would be used in order to seek advice from their doctor about their medical condition or questions that they had in regards to their health.

This interaction will only continue and therefore, a possibility of a side business for a physician is the development of a medical app.

The doctor could do this on their own or in concert with a programmer who can develop the app and incorporate features based on your medical experience and input.

You may wish to look at adding a distinctive feature that sets your app apart from the others or adds a feature that is needed to interact with patients that are not being provided by other apps.

 

2. Podcast

A practical and powerful business opportunity for a doctor would be the creation of a medical podcast.

The structure of the podcast could be the discussion of various medical topics such as heart health, mental health, current medical events, etc.

As a doctor and business owner, you could discuss the use of various subjects on your own or use a combination of inviting medical specialists that you professionally interact with.

Also, the platform could include taking questions offered by text messages or email and answering those questions.

This could be a subscription-based podcast but certainly would resonate with a number of individuals wishing to learn more about the particular medical topics that would be discussed.

 

3. Medical Product

Based on your experience as a practicing medical practitioner or your interaction with your patients, the thought might have struck you how that if certain things were available how beneficial it might be to both medical professionals as well as patients?

For example, based on your experience, perhaps a better stethoscope could be developed or a surgical instrument that would be more conducive to a particular procedure, etc.

A prototype could be easily created and tested and if proven to be effective, could be patented and would provide a revenue source for you.

 

4. House Calls

The resurrection of an old interaction that was once practiced by doctors was the option of making house calls.

An idea of a profitable business that may resonate with patients is to experience this personalized care and medical interaction once again from physicians by scheduling house calls.

A website that you might interact with and develop this business idea would be found at www.aahcm.org.

 

5. Pharmaceutical

An opportunity that would provide business income would be partnering with big pharmaceutical companies.

This would not violate any medical oaths or the integrity of your practice but would be more from the perspective of working with the company and assisting the company during clinical trials.

Also, your interaction might be in helping to devise marketing campaigns for the release of new medicines.

Also See: Online Money Earning Jobs for Medical Students to Working from Home.

 

6. Stop Smoking

As a medical professional, you fully understand the negative impact that cigarette and tobacco smoking has on the health of an individual.

Perhaps, a possible business and service that you could render as a doctor and earn an income are to provide a clinic or program that deals with smoking cessation.

Through your business, you could provide a number of resources and aids to help an individual wishing to quit this habit.

Examples could include an accountability component, where the smoker can interact with a mentor or accountability partner to keep them on track with the program, group settings that can be done in person or through communication, a possible reward system, etc.

Related: Best Companies That Pay You to Stop Smoking.

 

7. Medical Equipment

An option for a doctor to be involved in a business moneymaking venture is through the medical equipment industry.

As a medical professional and well acquainted with the various equipment used to treat and diagnose patients, you could be a sales representative for some of the medical equipment major suppliers.

Another aspect or option of this possibility would be to become a go-between in supplying contracts for smaller hospitals in your geographic area.

 

8. Tutor

As a licensed medical practitioner, you have gone through the entire process as it relates to your education and learned experience through a variety of residential residency programs.

You can offer your experience and insight as a tutor to medical students that are going through the process.

Your tutoring can help in aiding the student who may be challenged with certain subjects that they are taking as part of the curriculum within the medical school.

You could also help the med student with their study to take the MCAT (Medical College Admissions Test).

Another option is to set up your own tutoring business through your webpage and social media platforms or you can utilize an established website such as www.medschooltutors.com.

 

9. Legal Witness

Many court cases depend upon expert witnesses to make their case either for or against the defendant.

As an expert in the medical field, you can register to be an expert witness and be utilized by both prosecuting and the defense attorneys to provide your expert witness testimony as it relates to any medical procedures, medical conditions, etc.

One such website that you can go to register as an expert in the medical field is www.newa.expert.com.

Another possibility as it relates to being a legal witness is to start your own service of providing medical experts in response to litigation.

 

10. Losing Weight

Another strong possibility of a business idea for doctors to make money is to create a weight loss clinic.

The weight loss clinic could be a standalone clinic where individuals come to seek the counsel of medical professionals in order to lose weight.

Also, the possibility of combining an actual clinic through technology is a possibility.

You could provide individualized assessments on the individual, do complete physicals, evaluate their weight, and BMI, and based on their health prescribe a weight loss program.

The weight loss program could be a combination of eating nutritional foods, coupled with an exercise program that is conducive to their health and situation.

Perhaps on staff, a nutritionist can be employed.

Related: Medical Weight Loss Programs That Really Work for Losing Weight.

 

11. Spa

An opportunity that might present itself as a business idea is the starting of a medical spa.

In order to move in this direction, a specific specialty would most likely need to be focused on.

For example, it could be a dermatology spa or alternative medicine spa.

Another idea would be the loving and intensive care of women who perhaps has been diagnosed with cancer and underwent a mastectomy.

The spa could concern itself with her recovery, helping with any potential issues regarding her womanhood, a spa experience facilitating her beauty, etc.

 

12. Drug Rehabilitation

Another potential business idea for doctors to earn added income while still maintaining their oath to help individuals would be a drug recovery facility.

Under your care and along with other professionals, a rehabilitation process can be administered in a loving, comforting, and supportive environment that facilitates the meeting of a challenge that an individual is experiencing through addiction.

 

13. Create a Course

As an experienced medical professional with a medical degree, most likely your experience has involved the use of different techniques or processes in the treatment of a patient.

Based on the successful treatment program, you could write a course as it relates to the processes involved.

The course based on your experience and procedures involved could be offered as part of the curriculum for medical classrooms, workshops within a hospital setting, or offered to a variety of medical associations.

You could offer this class or course on your own or can be offered through a website such as www.teachable.com.

 

14. Insurance Claims

As a part of saving money, many insurance companies outsource the process of reviewing claims submitted by medical organizations and patients.

You could be part of that outsourcing process and review claims and provide your expert medical opinion back to the insurance company.

A good starting place to be involved with this process can be found by logging onto www.nairo.org.

 

15. Headhunter

A headhunter is in reference to a company or a process in which a company or business is looking for a particular qualified professional to fulfill the role of a particular employment position.

With the staffing shortages experienced in various parts of the country, the importance of this process is critical as it relates to looking for qualified individuals to fill needed medical positions.

These organizations depend upon peers within the medical field to help locate those that would be a good and competent match for the needed position.

You could be part of this business or create your own business in locating medical professionals that have certain specialties and would qualify for certain hospitals needing to have those positions filled.

You can learn more about the possible involvement in this process by accessing The National Association Of Physician Recruiters.

 

16. Home Healthcare

When an individual is discharged from the hospital, they are often sent home but still require some type of involved healthcare or personal care needed to facilitate their recovery.

A doctor investing in a home healthcare business would be a natural extension of the continuum of care for a discharged patient who no longer needs the service that the hospital provides but still medical oversight while being home.

Home healthcare would involve visiting nurses, nurse’s assistants, and other medical-related fields to help the individual fully recover.

 

17. Healthcare Finance Planner

Those in the healthcare industry, regardless of their advanced training and salaries that they make, still require some type of financial help as it relates to their financial future.

Therefore, a great business to be involved with and help your fellow medical professionals with their finances is to provide a healthcare financial planning service.

It would seem that having a financial planning service owned and operated by a medical doctor would generate a level of confidence.

 

18. Pharmacy

A medical-related field that would be a good business opportunity for a doctor would be the starting of a pharmacy.

There would be needed capital in order to start operations and permission would need to be granted from the state in which the medical doctor would inaugurate the providing of prescription medication to its customers.

A pharmacy owned and operated under the medical care of a doctor may resonate well with customers and patients wanting to have their prescriptions filled.

 

19. Fitness Center

Another possibility of a medical doctor’s expertise as it relates to health care could be the start-up business of a fitness center.

The fitness center would have all of the typical pieces of equipment that you would find in a fitness center but with the possible added caveats of having on-site or the ability for members to make appointments to consult with physical therapists, sports trainers, etc.

It could be a combination physical fitness center/sports training center.

 

20. Medical Waste

Associated with the various procedures, exams and use of medical equipment requires the proper disposal of those items.

Often these items are classified as biohazardous due to the fact that they contain toxins and pollutants.

Consequently, a medical waste company could be started by a doctor as a business opportunity.

In addition to collecting the waste from medical facilities, some states require that collection sites are available in public places for used needles.

One of those states is the state of California.

The customer base of the collection of medical waste could extend beyond the potential customers of clinics, hospitals, and other medical facilities.

Also See: How To Get Paid and Earn Extra Money While in Medical School.

 

21. Medical Transcription Service

An integral part of the patient’s care is their chart, medical record, and all of the written reports reflecting the results of the lab tests and other medical procedures accomplished.

Therefore, an important part of providing all of this documentation is the service of transcription.

A transcriptionist will take an audio dictation from a radiologist, pathologist, oncologist, etc., and transcribe the report to a written narrative.

A good business that stays within the medical field, that a doctor can be part of and start a business is transcription service.

Related: How to Get Paid and Make Money Doing Online Medical Transcription Jobs.

 

22. Teaching

Your medical degree and experience would certainly qualify you as fulfilling the role of a teacher.

You could offer to a variety of schools, hospitals, and medical schools, your services of teaching the students and or your peers.

Also, you can teach through telecommunication methods by using a website such as www.udemy.com.

 

23. Write a Book

An idea for a creative business venture would be to combine your experience and knowledge as a doctor and couple this perspective with the writing of a fictional book.

Many writers have combined their professional occupation with their flair for writing and have had bestsellers in creating a novel that is engaging and showcases their professional expertise.

As a doctor, you could write a murder mystery novel about mysterious deaths that were occurring throughout the hospital.

Perhaps the plot that could be developed is that certain patients on certain wards are being systematically killed and how this is occurring is baffling not only to the members of law enforcement but medical staff as well.

To help with this possibility of a business venture you could access www.kdp.amazon.com to discover how to publish your book.

 

24. Real Estate

A more passive way of going into business and earning income is through the investment of purchasing real estate.

This opportunity could be a sole action taken on your part or perhaps a number of medical investors combining their resources to earn money off of this investment opportunity.

Potential real estate investment actions could include investing in an apartment complex, rental home, medical offices, etc.

 

25. Blog

You more than likely have a vast rich well of experience to draw from.

As a medical professional you can create a blog with the purpose of interacting with your peers or individuals who may find the writings of a doctor completely intriguing and insightful.

As a doctor, you have an oath to uphold and cannot divulge the care and attention given to your patients.

However, you can speak in generalities, or you can comment on specific strides taken in the medical field as published in the New England Journal of Medicine or other such medical periodicals.

Or, as part of your blogging focus, you can utilize the writings to educate patients and also demystify the medical profession.

A way that you can set up your blog is through Bluehost.com

Other Interesting Articles To Consider:

• Money Earning Business Ideas for Software Engineers
• Money Earning Business Ideas for Lawyers
• Money Business Ideas for Uneducated Housewives

 

Personal Story

As a pastor, I had an opportunity to serve in a rural community in which life was fairly laid-back and comfortable.

The city would be classified as a small town USA and had the basics that any community would need.

There was a good school system for children, a major discount retailer a few miles away, a good city government, and a qualified healthcare provider in our one and only moderate-size hospital.

In fact, one of our parishioners was an employee and had been for over 20 years.

One day, she announced to me and my wife that she was looking for other employment and of course, we questioned why.

Come to find out, the hospital was being bought and was taking on an HMO type of provider system and was no longer going to be independent.

Our congregational member saw the writing on the wall in that it was no longer about patient care, but it was about business and making a profit.

She couldn’t reconcile the two models and therefore decided to look elsewhere for employment.

All that to say is that often in our lives, for a variety of reasons, both practical and philosophical, we decide to move on and change careers.

 

Money Earning Business Ideas for Doctors FAQs

 

How Pervasive is the Reality That Doctors Have Side Businesses or Hustles?

According to Becker’s Hospital Review the survey indicates that nearly 4 out of every 10 physicians in America have side gigs or are working in addition to their hospital or medical practice duties.

 

Are There Any Ethical Questions as It Relates to a Physician Starting Another Business?

Possibly.

The ethical grey area could include:

• Self-referral actions
• Product sales that could reflect a conflict of interest
• Any retail interaction between a physician’s business and sales where a physician practices.

These may or may not be ethical issues and it is always best to provide full disclosure.

 

You Can Do It

As a medical professional you have worked hard studied long hours, and invested a considerable amount of time in becoming a medical practitioner.

In order to fully maximize your investment, perhaps an additional business idea can be implemented into reality to help you make more money while still maintaining your professional medical integrity and oaths taken as a physician.

 

Conclusion

Perhaps, you are finding that being a medical doctor does not quite meet your original intent of becoming a physician.

Or, perhaps, it’s just a simple economic decision in which you have decided to look at additional or different or further business opportunities.

In addition, due to the recent pandemic, there has been a decline in all professions being able to maintain their level of income.

This is true as well for doctors and other medical staff personnel.

For these reasons and others, doctors are exploring other business opportunities.