Although most anesthesiologists earn an excellent salary, the average medical school graduate owes $250,990 in student loan debt. With large student loans to pay off, many anesthesiologists, especially recent grads, seek ways to make extra money.
Starting a side hustle is one of the best ways to pay down that debt quickly. Although there are virtually endless side hustle ideas, not all are an option for everyone. Anesthesiologists have some advantages due to their medical education and experience.
This article covers the best side hustles for anesthesiologists looking for creative ways to boost their income.
Best Side Hustles for Anesthesiologists
1. Pick Up Extra Shifts
Working extra shifts in the hospital is one of the easiest ways for anesthesiologists to make more money. If you’re paid hourly or eligible for overtime pay, this is probably the best way to maximize your income.
If you have a salaried job and you’re not paid for overtime, you might be able to find a part-time job at another hospital or clinic. For example, if you typically work weekdays, you might find a part-time job with evening and weekend hours. Or, if you have a rotating schedule with your full-time job, you might find a flexible part-time job that allows you to pick up shifts whenever you’re available.
Although people often look to opportunities outside of their job when seeking a side hustle, it makes sense to pursue extra shifts first because you can earn an excellent hourly rate.
2. Become a Locum Tenens Anesthesiologist
As a locum tenens anesthesiologist, you work as a contract employee at hospitals and other facilities to cover short-term staffing needs. This is a great way to make extra money in addition to your full-time job because it allows you the freedom to choose assignments that work for you.
You can even take assignments for two or three weeks at a time if you want to get away or explore new places without taking too much vacation from your full-time job.
This is another opportunity that takes full advantage of your qualifications and experience, allowing you to earn a significant amount on the side.
3. Clinical Trials
Participating in clinical trials can be an effective way for the average person to make extra money, but risks are involved. However, as an anesthesiologist, you can get paid to conduct or oversee trials. You may be responsible for monitoring people participating in the study or trial.
This work is a little more sporadic than some of the other ideas covered in this article. You may have work now and then with some gaps in between. It can be an excellent way to earn a lot of money for your time, but it’s unlikely to provide consistent hours or a steady stream of extra income.
4. Start a Blog
Blogging is one of the most popular side hustles, and for good reasons. It’s a legit online business model that offers flexibility and unlimited income potential. Successful bloggers can make money from ad revenue, affiliate programs, sponsored content, and selling physical or digital products.
You can start a blog on any subject, but covering medical topics or writing for other medical professionals would allow you to use your experience and education.
The downside of blogging is that you’re unlikely to start making money immediately. It takes time to build your audience and grow your blog. Most bloggers make very little for the first six months or more.
If you need to start making money now, you may be better off working as a freelance writer producing content for other blogs and websites. Your medical experience can lead to opportunities that aren’t available to most freelancers, and you can earn an excellent income.
5. Start a YouTube Channel
YouTube is a great platform to share your knowledge and experience. You can create videos on medical topics and related issues.
You can monetize your channel through ads, sponsorships, affiliate programs, or creating and selling your own products. You may also be able to attract consulting jobs or gain speaking engagements if you can grow your audience and increase the viewership of your videos.
Like blogging, building an audience on YouTube takes time and patience. You’ll need to put in the work before you see the payoff. However, the long-term income potential is unlimited.
6. Start a Podcast
A podcast is another excellent platform for sharing your knowledge and expertise. You may need to invest in some equipment, but starting with a basic laptop and microphone is possible. You can use free software like Audacity to edit the audio files or outsource that work to a freelancer.
Your podcast can be monetized with ads, sponsorships, or affiliate programs. Like blogging and YouTube, developing a podcast audience and earning money takes time. But once you’ve established yourself as an expert in the field, you can easily make extra money while doing something you enjoy.
Investing in the stock market has become a popular side hustle over the past few years. Of course, investing involves risk, and it’s possible you could lose money. But if you’re interested in financial matters, becoming more active as an investor can help you to learn valuable principles that have a big payoff over your lifetime.
Day trading involves a high degree of risk, but other strategies are more appropriate for many people. Investing in dividend stocks is a common approach that doesn’t require much time and allows you to build a passive income stream. You can see our Dividend Aristocrats list for some ideas and possibilities.
8. Real Estate
If you like the idea of investing but aren’t comfortable with the stock market, investing in real estate is another option. Of course, you could buy rental properties and build wealth over time. However, if you’re focusing on paying off student loans, the idea of more debt for a rental property may not appeal to you.
Thankfully, there are other (more convenient) ways to invest in real estate. Crowdfunding platforms allow you to invest without many of the drawbacks that come with property ownership. You can start with a small amount of money, and you won’t have the responsibilities of a landlord.
Fundrise is the most popular real estate crowdfunding platform, and you can start with as little as $10. By investing through Fundrise, you’ll own a share of an extensive, diversified portfolio of income-generating properties.
Arrived is another option. With Arrived, you can purchase shares of specific rental properties for as little as $100. You’ll earn a share of the rental income and have no responsibility for the property or tenants. It’s a passive way to invest in rental properties.
9. Medical Consulting
Your experience and expertise as an anesthesiologist can be leveraged to make extra money. You may be able to find consulting work that pays you for your advice and insight. Many organizations are willing to pay for the advice of a qualified medical professional, so this could be a great way to make some extra income without taking on additional shifts at the hospital or clinic.
Consulting is an excellent option because most consultants charge very high hourly rates. You can make a considerable amount of money without working ridiculous hours.
10. Become an Expert Witness
Another way to make money as an anesthesiologist is by testifying as an expert witness in court cases. Your experience, knowledge, and credentials qualify you to testify in medical-related cases.
The pay can be very good, but it’s essential to understand that this is not a steady source of income. You may only have one or two opportunities each year, so it’s wise to supplement your income with other side hustles.
Being an expert witness is also something that requires careful consideration. It may involve rigorous preparation before the trial, and taking the stand for questioning may not be the most fun way to spend your time. However, aside from making money, you can also help people by providing expertise that assists in their case.
11. Take Medical Surveys
Taking medical surveys is a great option if you’d like to make some extra money without taking on a lot of responsibility. We mentioned this in our list of best side hustles for doctors, and it’s relevant here too.
Companies are always looking for feedback from qualified medical professionals when developing new products or services. And the pay can be very good for the relatively small amount of time needed.
Passive Income MD has an extensive list of companies that conduct paid surveys for medical professionals.
12. Medical Record Reviews
Medical record reviews are another great way to make some extra money on the side. You can review medical records from patients and provide feedback or recommendations for care plans.
The pay is often good for this type of work, and you don’t need any additional training or certification. However, you need a keen eye for detail and excellent communication skills to succeed at this side hustle.
Like most other side hustles available only for medical professionals, the pay can be very good.
13. Write a Book or E-Book
If you’d like to share your knowledge and experience, writing a book or e-book is a great way to do it. Thanks to self-publishing platforms like Amazon’s Kindle Direct Publishing (KDP), anyone can become an author. You can publish your book without needing a publisher.
Amazon KDP makes it easy to publish your work quickly, and you’ll earn royalties every time someone purchases your book or e-book. There’s no need to invest in inventory since Amazon will print and ship the paperbacks as they’re ordered.
Creating the content will take some time upfront, but writing and publishing books can be an excellent source of passive income over the long term. Plus, it can be excellent for your career. Becoming an author is an effective way to grow your profile within the industry.
14. Become an Adjunct Professor
Becoming an adjunct professor at a local college or university is another great way to make some extra money. Most adjunct professors teach only one course per semester, so it’s a manageable time commitment. We mentioned it in our list of side jobs for nurses, and it’s relevant here too.
Adjunct professors typically teach courses related to their expertise and are paid on a per-course basis. There’s no need for a long-term commitment, so this side hustle is perfect for busy professionals who want to make some extra cash while also helping the next generation of medical professionals.
Plus, teaching college classes can help you stay up-to-date with the latest developments in the medical field, networking opportunities, and more.
Becoming a tutor is another great option if you’d like to share your knowledge with others. You can offer tutoring services for undergraduate and medical students studying topics related to medicine and healthcare.
Tutoring can be done in person or online. Many platforms help to connect you with students (see our list of online tutoring jobs), or you can work independently and find your own clients. Start by advertising on bulletin boards at local colleges, or reach out to the medical faculty to build your network and get referrals.
Final Thoughts on Side Hustles for Anesthesiologists
Anesthesiologists have unique skills and experience, so there are plenty of ways to make extra money. Whether you’re interested in consulting, medical record reviews, or writing books, there’s an option for you.