Additional Income Streams in Geriatric Medicine

Income streams, in addition to those of clinical care, are available in Geriatric Medicine because of its multi-disciplinary nature of care. Many different ancillary medical modalities are involved and need administrative and clinical guidance.

Besides these administrative opportunities, there are regulatory ones as well. This clinical and regulatory need has provided properly trained and motivated physicians, like you, an opportunity for additional income.

In compliance with federal regulations (OBRA), all Long-Term Care facilities must have a Medical Director. The position must be filled by a physician who is responsible for the general medical care provided in the facility. The Medical Director must see to it that all residents obtain appropriate medical care.

This is a paid position. The Medical Director's job description can vary from facility to facility. Usually, the Medical Director is expected to preside over monthly required quality assurance meeting and to be available as a resource to the facility. There is a great amount of flexibility and creativity allowed by the facility and physician in this position.

It allows innovation and gives a motivated person freedom to express themselves and make changes in their work world. It's a leadership position that can lead to other opportunities beyond patient care. It gives you more control over your practice and future.

Income Streams for Medical Directors-Job Description

Physical and Occupational Therapy companies are always looking for Medical Directors to remain compliant with regulatory agencies and usually hire from within their referral network. Geriatric physicians are good sources of referrals and are often toward the head of the line for Medical Director opportunities.

Hospice companies also like to look at community physicians who are active in Long-Term Care as likely candidates for their Medical Director positions. Many geriatric patients become hospice candidates toward the end of their lives. A familiar referral source and properly positioned geriatric physician will be a natural choice for a hospice company looking for a Medical Director.

Many of these positions are only offered to geriatric physicians. The typical geriatric care physician usually is Medical Director of at least one facility or company. This provides a nice alternative income stream and adds a bit of variety to your practice.