Additional streams of income (supplement to AMC/VAMC)

[psychanator]

Hi all,

Happy new year! I apologize if this thread is out there - I couldn't find anything for psychology. This thread was inspired by a discussion happening on a different thread. I'm wondering if people have thoughts (or would be interesting talking about) additional streams of incomes for PhD/PsyD level clinicians working in AMCs/VAMC's. I'm on internship, love what I do, and am definitely not in the field for money, but there has been some chatter about passive incomes that I think that could be beneficial to consider (along with other "active" incomes) as a supplement - I've seen ideas in passing like real estate for private practice, books, speaking engagements, etc. Of course, only methods that are appropriate, ethical, and if within a clinical/research basis, consistent with an evidence-base, etc - and only something that would be consistent with the values of a primary AMC/VAMC position holding.

Thoughts?

Thanks!
psychanator

---

Members don't see this ad.

 

[erg923]

Disability file review for commercial carriers. I am also a QA consultant for a large TPO that contracts with CMS for quality oversight and peer review.

 

[Ollie123]

Currently AMC faculty and starting a new side gig providing training/consultation in research methods/statistics to businesses interested in expanding their in-house capabilities in certain areas (e.g. marketing). Totally fell into my lap through a friend. Right now just one company, but pay will be pretty stellar and I'm hoping to grow it to the extent time/energy allow. Some ethical challenges and definitely companies I wouldn't consider working for no matter what (fast food, tobacco/alcohol, etc.), but I'm a strong believer that encouraging and facilitating more people to take an empirical, scientific approach to things is a net positive for society.

The weirdest part for me is assisting on research that doesn't have to go through an IRB, but cleared it with university ethics and colleagues on the IRB - marketing research is fully exempt and we don't have to get permission from anyone about anything.

 

[madeincanada]

Disability file review for commercial carriers (Aetna, Metlife, Colonial, Lincoln Fiancial, Sun Life, New York Life, Unum, etc.). I am also a QA consultant for a large TPO that contracts with CMS for quality oversight and peer review.

How is your experience doing disability file review? A colleague of mine had done it before and indicated it was not worth her time (though that may have been specific to her situation).

Also, would you mind sharing how you got started in doing this work?

 

[erg923]

How is your experience doing disability file review? A colleague of mine had done it before and indicated it was not worth her time (though that may have been specific to her situation).

Also, would you mind sharing how you got started in doing this work?

I can see how some would feel that way, as some companies have pitiful rates and lowball you. There are handful that are great to work with and either offer appropriate compensation level (IMO) for this type work or have negotiable rates. I currently work with 2 TPAs in this area, as well as being consult directly with Unum. The work with Unum is more businesssy, and they have provided good training on how to give depos, since some of their appeals ultimately end up in civil litigation of some sort (the vast majority don't, though).

I got into this work by researching this question: I want to make more money, but I really didn't want to see, or talk to, anybody. I started with my states worker's comp UR firm.

 

[WisNeuro]

Forensic work pays well, I do some chart review, but some of this work fell into my lap due to associates of mine who are lawyers.

 

[NeuroTrope]

I do some quality control for a clinical trials company...nice income stream from home.

 

[jade1234]

I do some quality control for a clinical trials company...nice income stream from home.

How would you/do you get a job like that?

 

[erg923]

How would you/do you get a job like that?

www.Indeed.com, Mofos!

 

[deleted343839]

I have some publishing royalties that amount to just a few thousand dollars a year, but it's almost all passive income.

 

[Therapist4Chnge]

1. Consulting work. It all depends on your area(s) of expertise. Some people work in stats, others use their research training to help businesses better understand how they do what they do, others work in more traditional I/O stuff. I offer some I/O consulting services (based on experience from my prior career).
2. Review work for insurance companies/3rd party payors, basically what erg mentioned.
3. Forensic consultation. Review cases for attorneys. Some experts do just case review, though most will also do evals and testify (if needed).
4. Teach.
5. Offer training seminars on X subject. I do this for my niche area, admittedly only a couple of times per year bc of time constraints.

 

[NeuroTrope]

Through contacts. If you have experience in assessment and research methods it can be an adequate source of income.

I know quite a bit of statistics and methods (published 50+ peer reviewed papers through post-doc)...anyone have tips on how they got into consulting?

 

[Therapist4Chnge]

...anyone have tips on how they got into consulting?

Networking. You also need to know your strengths and learn about business stuff, as there are a lot of areas where our training can be very beneficial (to various businesses).

 

[Ollie123]

Networking. You also need to know your strengths and learn about business stuff, as there are a lot of areas where our training can be very beneficial (to various businesses).

This x10. Doesn't even matter what type of job we are talking about, networking is probably the answer and at the very least won't hurt.

Also, do not for a second assume that everyone knows the things we take for granted that everyone knows. I will be working for a billion dollar company that literally has never done any research to figure out what products people like beyond management gut checks and small focus groups with poorly representative samples. We are basically starting from scratch (sampling, experimental methods). It's going to be fun. It also makes me unbelievably grateful for my graduate training and helps me realize just how marketable my background is...I have little desire to leave academia at the moment, but it is definitely a confidence booster to realize just how much of an asset we can be outside traditional clinical psych settings.

 

[erg923]

This x10. Doesn't even matter what type of job we are talking about, networking is probably the answer and at the very least won't hurt.

Also, do not for a second assume that everyone knows the things we take for granted that everyone knows. I will be working for a billion dollar company that literally has never done any research to figure out what products people like beyond management gut checks and small focus groups with poorly representative samples. We are basically starting from scratch (sampling, experimental methods). It's going to be fun. It also makes me unbelievably grateful for my graduate training and helps me realize just how marketable my background is...I have little desire to leave academia at the moment, but it is definitely a confidence booster to realize just how much of an asset we can be outside traditional clinical psych settings.

Babys like Gerber, Ollie. Everyone knows that...

 

[ClinicalABA]

I supplement with adjuncting. I teach 3-5 courses per year, with typical pay of $4-5K per course. Applied masters degree programs (e.g. mental health counseling; ABA) tend to offer evening courses so students can continue to have day jobs, so this fits nicely with my own day job.

I concur about the whole networking thing others have mentioned. Adjuncting has led to my working with several formal students, given me a big network of potential employess, and also led to consultation gigs for me.

 

[deleted343839]

I will be working for a billion dollar company that literally has never done any research to figure out what products people like beyond management gut checks

Yeah, now that Steve Jobs is no longer here to tell us what we want before we know we want it, Apple needs some serious direction.

 

[deleted343839]

I supplement with adjuncting. I teach 3-5 courses per year, with typical pay of $4-5K per course. Applied masters degree programs (e.g. mental health counseling; ABA) tend to offer evening courses so students can continue to have day jobs, so this fits nicely with my own day job.

I've toyed with the idea of doing this but was afraid it would be such a time suck. How much time do you spend on teaching in a typical week?

 

[ClinicalABA]

I've toyed with the idea of doing this but was afraid it would be such a time suck. How much time do you spend on teaching in a typical week?

Actual teaching time per week depends on the setting and type of course. For traditional, in-person courses, we generally met one night per week from 6-9/9:30. Depending on the week, I may spend an additional hour or two of prep for the course (e.g. adjusting/updating slides, printing out materials, re-reading articles), as well as 2-6 hours of correcting and grading. Typical semester involved 14 weeks of meetings (including exams).

I'm now teaching a hybrid course that is partially online. We meet 4 times per semester- 2 evening classes, 6:00-9:30, on full day 9-5 Saturday class (tell me about it!), and one class for the final exam. I also do 2-3 hour long webinars per semester, generally in the evenings. Same ammount of correcting/grading per semester, plus a little more time dealing with technical stuff (e.g. problems with website; downloading assignments; emailing assignment feedback). I get one or more a TAs for these courses if we have high enough enrollments, so that takes away some of the grading time.

I do another course that's an independent learning project where we don't meet at as a group. I'm basically just reading and giving feedback on written projects. This

First time for a course takes A LOT of prep time beforehand, as well as additional time during the semester getting used to the materials, flow of things, how the assignments pan out, getting acclimated to the grading system for each assigment, and revising things that didn't work the way you thought they were going to. By the second go around, you get pretty used to it. I stick to one course per session, with the exception of the independent learning course that I will do during the same semester as another course. Other than end of semester (like week) where I'm reviewing a lot of projects/papers to get grades sumbmitted, I've never really felt like it takes too much time. It's nice to have the extra income, and I think teaching makes you a more informed, if not better, clinician.

 

[PsyDr]

Consulting. Make a lot of friends. Express genuine interest in their field. Learn about it. Do your own reading from textbooks in their field. Do an honest self assessment of your skills and personality. Find an application. Do a trial run. Reassess. Admit where you failed. Reattempt. Maintain friendships.

 

[Therapist4Chnge]

(in response to ClinicalABA)

The same advantages/disadvantages apply for training seminars…the first time through you spend A LOT of time, but if you can recycle the same training seminar, it becomes far more lucrative because it'll be an hour or so reviewing/updating some slides plus whatever face-to-face time you spend doing it.

 

[Ollie123]

(in response to ClinicalABA)

The same advantages/disadvantages apply for training seminars…the first time through you spend A LOT of time, but if you can recycle the same training seminar, it becomes far more lucrative because it'll be an hour or so reviewing/updating some slides plus whatever face-to-face time you spend doing it.

I think another important thing to keep in mind throughout all of this is that although many of these are "side" gigs, they do not necessarily need to be completely separate from the main job. For instance, I am hoping my consulting work will open up new potential streams of grant funding that could benefit me down the line. Providing training seminars not only can provide supplemental income, but can be a fantastic way to start carving out a "niche" within the community and boost referrals. Adjuncting goes without saying.

 

[Therapist4Chnge]

I'd love for a side gig to turn into a larger % of my work and eventually my main gig. I enjoy my clinic work and AMC responsibilities….but I'd faaaaar rather be my own boss.

 

[PsyDr]

I'd love for a side gig to turn into a larger % of my work and eventually my main gig. I enjoy my clinic work and AMC responsibilities….but I'd faaaaar rather be my own boss.

Trust me, not as cool as you think.

 

[Therapist4Chnge]

Trust me, not as cool as you think.

I've previously been my own boss, though I'd hope I've learned a lot in the interim 15 years.

 

[Sanman]

I have been doing a little consulting/training related to dementia, cog assessment, and behavior management for staff/caregivers. I have to do this as part of my day job as well (unpaid), but have been doing less in that capacity. I have begun doing some of this for pay this year as I have become better known/respected in my geographical region. However, it has been limited due to having to ensure it does not conflict with my day job.

 

[psychanator]

Thanks all, this is helpful!