Private Practice with Academic Appointment?

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DocMom1

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I've noticed several clinicians at my academic center who have, in addition to their patient panels through the hospital, their own outpatient private practices. Is this generally accepted / similar to outside consultive work? Are there any common rules that govern which gigs one can set up or accept outside of the academic role one has?
 
At the institutions I've trained and worked in, private practice physicians with an "academic appointment" are just preceptors for med student rotations who are given an honorary title in lieu of real compensation for their educational work. It's not remotely equivalent to being an actual academic physician.

Not saying that other arrangements don't exist, but that's what I've seen everywhere I've been.
 
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