But frequent trips can get expensive. Handing out prescription medicines to consumers is a higher calling. Your email address will not be published. Whatever your hobby may be, you have the potential to either teach others how to do it or serve others with your talent. Thus, if you can manage to survive six years of college training and the accompanying student-loan debt that brings to the table, and pass the necessary exams and get fully licensed, you too can enter the pharmacy sector in fine fashion earning six-figures after only a few years of labor.
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The following post contains affiliate links through which YFP or its team members may receive compensation. Within the past year, many pharmacists have unfortunately experienced pay cuts as multiple community pharmacy chains have reduced weekly hours to be considered full-time such as 32 hours. Make more money pharmacist there are a plethora of different ways to make extra money and many side jobs for pharmacistssome are not practical. Your time is important, right? Other ideas such as starting a blog pharmafist podcast with the goal of eventually monetizing can work but they can take years to reach that point and take up a ton of time.
Pharmacist Skills that will Boost Your Pay
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The following post contains affiliate links through which YFP or its team members may receive compensation. Within the past year, many pharmacists have unfortunately experienced pay cuts as multiple community pharmacy chains have reduced weekly hours to be considered full-time such as 32 hours. While there are a plethora of different ways to make extra money and many side jobs for pharmacistssome are not practical.
Your time is important, right? Other ideas such as starting a blog or podcast with the goal of eventually monetizing can work but they can take years to reach that point and take up a ton of time. One of my friends who recently switched from a community chain to a mail order specialty pharmacy was really concerned about the pay cut he was going to initially experience.
Throughout my pharmacist careerthere have been several times when special projects required pharmacist intervention. Typically, these have been large volume medication changes that needed patient education either due to manufacturer backorders or formulary changes secondary to pricing changes. Because of the potential cost savings for these projects, employers can often justify overtime pay.
While these type of opportunities may not be blatantly advertised, I would encourage you to reach out to your supervisor or manager to see if there is anything available. Each time we were able to get a lower interest rate through a different company and each time we were able to get a cash bonus.
Refinance companies will make money from you by the interest you pay each month. Because pharmacists typically carry high debt loads in the six figures, refinance companies will make more money over the course of the loan versus those with much lower student loan balances.
Therefore, as an incentive for you to use a particular company, they will offer a cash bonus or welcome bonus. Now, some big student loan review sites offer nothing to very little to their audience when they refinance in order to take larger commissions.
Yes, we receive a commission on each refinanced loan, but we have shifted most of the benefit to you. A few years ago when I was gung-ho about getting rid of my student loans ASAP I was on a mission to figure out how to bring in extra income. At that time, I was limited to 40 hours per week with my full-time job without any overtime opportunities so I had to look for something. While they may not need a ton of help, even a couple days a month could bring in a decent side income.
In the world of medicine and particularly pharmacy, there are credentials and certifications for everything. They can be a great way to promote your additional qualifications and training and could even be required for specific academic and clinical positions.
Some employers may actually incentivize you to get these as well either in the form of a one time bonus or even a permanent raise. For example, federal employees who work for the VA are paid based on their grade and step and will have a GS or General Schedule status. The grade usually pertains to the position and the step is typically determined by initial qualifications at the time employment starts and also the years of service. Therefore the most common way to get to the next level is often just to keep your job.
Depending on the facility, one can also add a step or two by earning a board certification or special credential like a Certified Diabetes Educator CDE. This is definitely something you make more money pharmacist to ask prospective employers about if you are planning to start your pharmacist career or switching jobs. Since getting his BCOP, my friend and colleague Brandon Dyson, PharmD is semi-regularly called by a consulting firm doing research on a new product to figure out the market and to see if this product would integrate into existing oncology practices.
My friend and colleague Alex Barker, PharmD, and the founder of the HappyPharmD, created an entire business around helping pharmacists create inspiring work and lives by primarily assisting them in transitioning to pharmacy and non-pharmacy jobs that they are passionate. He does this through 1-on-1 coaching and also through his free training. Brittany Hoffman-Eubanks is a community pharmacist who started her medical writing career about four years ago. Initially, this was a side hustle that brought in a couple thousand dollars per year.
It supported her obsession with traveling and need to see everything in the world. Now she is working on making the move to make this her full-time gig. Medical writing can come in the form of continuing medical education, needs assessments, and research and grant proposals just to name a.
Although the income from medical writing varies so does the method of compensation. If you have stellar writing mechanics and grammar use, and you want to get started with medical writing, Brittany has a few recommendations for you. First, there are several social media groups where you can network and find opportunities and encouragement from other writers.
Joining applicable associations such as the American Medical Writers Association is another good idea. Think about how many national, state, and local pharmacy organizations there are.
But even beyond pharmacy, many other healthcare providers such as physicians, nurses, physician assistants are also required to maintain their license with ongoing education. Why not reach out and inquire about delivering medication-related programs? The other great thing is that if you are an expert on a particular topic and have already done the work, you can essentially deliver the same content multiple times across multiple channels enabling you to minimize the time for any prep work.
Beyond continuing education, if you have a great story or possess knowledge on a topic outside of medicine that is needed, people will pay for this as.
Have ever thought about starting your own business by providing clinical services? Contrary to what you may have heard, you can get paid for doing MTM and other consulting work. You just have to know the keys to implementing services along with the mechanics of billing and reimbursement.
It can be a great opportunity to work make more money pharmacist closely with patients and directly impact their health and well-being.
Blair Thielemier, PharmD has set up an entire academy to help pharmacists get their consulting business off the ground. With the expansion of ebooks and audiobooks and the tools for self-publishing, it has never been easier to write and publish your own book.
When I wrote my first book that educates patients about medications for type 2 diabetes, I was able to get the whole project done within 6 months. It was a very short book but this was intentional in order to keep the reader engaged and not overwhelmed with too many details. While the process for writing and publishing a book is relatively simple, making a meaningful income that not only covers your costs to create but also ongoing is not.
Because everyone is doing this now and there are millions of books on Amazon and other marketplaces, the competition is high. Marketing and the positioning of your book is really the key to actually make it a profitable endeavor. Yes, you need to have great content that people want to read, but you have to have a strategy on how you will get the message. If you have a big audience through a blog, podcast, social media channel, or another outlet, that really helps and can be a great starting point.
If not, you can partner with other influencers and people with large followings. If the idea of writing a book sounds intriguing but you have no idea what to write about, here are a couple suggestions.
For nonfiction, consider medical topics that are important or widespread that would be of value to patients or other medical professionals. Test prep or study materials for exams and courses are another option. Outside of pharmacy and medicine, consider writing about a very profound story that involved you or someone you know. If you have a very creative and imaginative side, perhaps writing a fictional book could be up your alley.
There are many possibilities out there! People DO judge books by their covers and many people are turned off if they can immediately determine your book is self-published solely based on the cover. Spend good money on a quality cover! If you are interested in doing an audiobook, I would recommend reaching out to Tony Guerra, PharmD who has published and helped other pharmacists publish many books.
Not bad for a side hustleright? If you enjoy teaching and are able to deliver great content in an engaging and professional way, there may be some great opportunities for you. Besides checking out the major pharmacy and non-pharmacy job sites, you could consider reaching out to a local pharmacy school.
Offering to do a free lecture or learning session can be a great way to show off your skills and could result in future paid opportunities. Like Brandon, you should also consider other healthcare professionals like nurses, physicians, and physician assistants who are required to learn pharmacy topics.
What skill or knowledge outside of pharmacy do you have? Some ideas include photography and video editing, graphic design, IT, translation, voice production, social media management, and marketing. These last two have nothing to do with being a pharmacist but wanted to share as many professionals are bringing in some serious cash and they can be great additional streams of income. But frequent trips can get expensive. In just 1. As an Airbnb hostyou list a property you own or rent on their platform for guests to book and stay.
Some people host their primary residence when they are out of town or have additional rental property or space that they list. Sure there are some potential issues that could occur such as theft or vandalism but you have control over who is able to stay based on reviews and other factors on the Airbnb platform. If you want to find out how much you could earn by listing your space, you can check out the Airbnb estimator.
Many people have built entire businesses around managing rental property. On one of our most popular podcast episodes, Carrie Calton, PharmD discussed how she achieved financial freedom by acquiring 18 rental properties!
However, that amount will be dependent on your risk tolerance and the equity you want to start. It may seem enticing to simply look at the potential mortgage payments vs. However, when you are doing an analysis to determine if the property would be cash flow positive and provide another stream of income, you have to consider ALL of the costs and maintenance involved such as insurance, HOA, taxes, repairs, capital expenditures.
Bigger Pockets is a great resource to get started and learn more about real estate and rental properties. There are many practical ways to make extra money as a pharmacist.
Some are directly related to the profession while other opportunities exist by capitalizing on other skills and interests you.
Some need relatively little time and effort i. With the pharmacist salary being relatively fixed, having a side hustle and earning additional streams of income, you can reach your financial goals faster and help pay back pharmacy school loans.
If you want some additional inspiration I would recommend checking out the side hustle series where I interview pharmacists who have businesses and gigs that bring in additional monthly income.
Advertising Disclosure. Let us know how we can work together! By Tim Church. In Maximizing Income. Take a Moonlighting Position A few years ago when I was gung-ho about getting rid of my student loans ASAP I was on a mission to figure out how to bring in extra income.
Start Doing Medical Writing Brittany Hoffman-Eubanks is a community pharmacist who started her medical writing career about four years ago. Start a Consulting Practice Have ever thought about starting your own business by providing clinical services?
Ep 163 Making Extra Money as a Pharmacist and Pharmacy News
Medicine and Management
Also, you may have to spend some time learning the process before you get your first client. A net worth is what you own of value, including omre in savings, retirement, home value and so forth minus what you owe in debt. Cough and Cold. Whether the business uses Facebook, Pinterest, LinkedIn or Twitter, the business will usually have someone who manages their social media by posting, Tweeting, communicating with make more money pharmacist and creating content for blogs and contests online. Pros: What could be easier than sitting there looking good? Saving is big piece of the equation because, until you can control your spending you will likely fall into the lifestyle inflation trap. Action Step: Reach out to local recreational leagues and see what steps you would need to take to get started. Employee Benefits. Whether you sing or play another instrument, parents will be more than willing to sign their kids up for affordable, low-pressure music lessons. Perhaps if you aced Pharmacokinetics or Drug Induced Diseases then you should look into a new branch mnoey healthcare. Those are the only two possible options for improving your financial situation; barring some exceedingly good luck pharmacst lottery tickets or wealthy great-uncles. Read more about our noney ethics policy. Also, you could probably make much more money with another type of side hustle.
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