IMEs: Lucrative Retirement Option for Orthopedic Surgeons

WAIKOLOA, Hawaii — As orthopedic surgeons consider their options for the later stages of their careers, a potentially lucrative and flexible path is gaining attention: independent medical examinations (IMEs). This was highlighted at Orthopedics Today Hawaii by Jack M. Bert, MD, an orthopedic surgeon from Woodbury, Minnesota.

A Growing Opportunity for Experienced Surgeons

Dr. Bert explained that IMEs offer a significant business opportunity, particularly for surgeons who have established expertise in evaluating musculoskeletal injuries. “If you are seeing plaintiffs who have been injured in a motor vehicle accident [or have] a worker’s compensation injury and they have real objective findings on clinical exam, This proves surprising how successful you can be doing these kinds of exams, because very few people in the country are doing plaintiff [independent medical examinations],” he told Healio. This suggests a relatively underserved market, creating demand for qualified orthopedic surgeons.

The appeal of IMEs extends beyond financial benefits. Dr. Bert emphasized the flexibility they offer. “You would be surprised at what a significant amount of business there is available for those of you who are interested in doing something which does not require you to go into the office on a daily basis,” he stated. This can be particularly attractive to surgeons approaching retirement who may desire a reduced clinical workload but wish to remain engaged in the medical field.

Beyond IMEs: Diverse Side Gigs for Surgeons

While IMEs represent a promising avenue, they are just one of several potential “side gigs” available to surgeons looking to supplement their income or explore alternative career paths. A report from Physician Side Gigs, published in May 2024, details a range of options. These include:

• Investing in an Ambulatory Surgery Center (ASC): This can provide a relatively passive income stream, allowing surgeons to leverage their clinical knowledge in a business setting.
• Locums or moonlighting: Filling temporary staffing needs offers a more traditional form of supplemental income.
• Consulting or startup advising: Surgeons can offer their expertise to healthcare companies and startups.
• Medical surveys: Participating in medical surveys can provide a modest, but relatively easy, source of income.
• Medical device development: Surgeons can contribute to the design and testing of new medical devices.
• Training and speaking opportunities: Sharing expertise through training programs and speaking engagements can be both financially rewarding and professionally stimulating.
• Expert witness work: Providing expert testimony in legal cases related to medical malpractice or personal injury.
• Utilization management or chart review: Reviewing medical records to ensure appropriate care and billing practices.
• Becoming an influencer or content creator: Sharing medical knowledge and insights through online platforms.
• Clinical research: Participating in clinical trials and research studies.
• Second opinion services: Providing independent medical opinions to patients seeking clarification or alternative perspectives.
• Real estate and other investments: Diversifying income streams through investments in real estate, venture capital, or angel investing.

Planning for Retirement: Considerations for Physicians

The discussion around IMEs and side gigs highlights a broader trend among high-income physicians, including surgeons, to consider alternative career paths and potentially retire earlier than previous generations. A discussion on Reddit’s r/fatFIRE forum in January 2022 touched on this phenomenon, noting that financial independence allows for greater flexibility in retirement planning.

However, the Reddit discussion also cautioned against unchecked spending, particularly for specialists like orthopedic surgeons. Careful financial planning remains crucial, even with the potential for supplemental income from side gigs.

Selling a Practice: Another Retirement Option

For surgeons considering full retirement, selling their practice is a common option. According to the American College of Surgeons (ACS), surgeons should be prepared to gather comprehensive documentation, including provider credentialing files and employee health insurance and retirement plan information, when preparing to sell their practice. The ACS provides guidance on navigating this complex process.

Dr. Bert’s insights suggest that IMEs offer a compelling option for surgeons seeking a fulfilling and financially rewarding way to transition into retirement or supplement their income. Combined with the diverse range of other side gigs available, surgeons have numerous avenues to explore as they plan for the future.