Telemedicine Compensation Guide & Tips for Making Money

Enzyme Health Team January 23, 2019
Telemedicine Compensation Guide & Tips for Making Money

Wondering how much money you can make working in telemedicine? Read our guide to telemedicine pay and start exploring options to supplement your salary with telehealth.

Working for a telemedicine company is one of the best ways to make extra income as a doctor, psychiatrist, nurse practitioner, or physician assistant. There’s even a growing need for telehealth specialists like neurologists, dermatologists, and cardiologists. Not only can you work from home (or a cafe, or even the beach!), but you can make your own schedule to fit your lifestyle and family needs and work as much or as little as you want. Plus, telehealth jobs can be part-time or full-time, meaning you can supplement your existing salary with extra funds through telemedicine work.

Doctor on Demand, MDLive, and InTouch Health are some of the many telemedicine companies looking for healthcare providers to work remotely.

Read on to find out how much you can expect to get paid as a telemedicine provider and how to make more money in telemedicine.

Average Pay for Telemedicine

Many telehealth contractors choose to work on a part-time basis, but there are also full-time telemedicine jobs available. Typically telemedicine pays per consult, pays per hour, or pays per inbox message or text if working on asynchronous telemedicine jobs. To get paid, you can set up direct deposit. Many telemedicine companies will pay you about every two weeks for your services.

  • Telemedicine physicians average $15 - $30 per video visit and can complete 3-5 video visits per hour to make $100 - $150 per hour.

  • Telemedicine nurse practitioners average $23 per consult for an average of $60 - $100 per hour.

  • Asynchronous telemedicine can be completed on your own schedule within a 24-hour time period and is text-based. Asynchronous telemedicine pay averages from $8 - $18 per consult due to variances in the tasks, but consults are quick - typically less than five minutes. (Learn more about asynchronous vs synchronous telemedicine.

Telemedicine Salaries by Specialty

Glassdoor and ZipRecruiter have average salary data for a number of telemedicine specialties in the United States (figures as of January 2019).

  • Telemedicine physician salary: national average is $217,476 per year (ZipRecruiter)

  • Telemedicine psychiatry salary: estimated at $193-206K per year (Glassdoor)

  • Telemedicine physician assistant salary: national average is $156,398 per year (ZipRecruiter)

  • Telemedicine nurse practitioner salary: national average is $99,221 per year (ZipRecruiter)

Comparing Telemedicine Pay by Company

At Enzyme Health, salary transparency is important to us. Find out how much you can get paid with some of the biggest telehealth companies.

  • How much does Teladoc pay doctors? $23.50 per phone visit and $28 per video visit

  • How much does Healthtap pay doctors? Up to $30 per consult

  • How much does MDLive pay doctors? Base salary + $10 per consult

Additional Telemedicine Employee Benefits

If you work full-time, you may be eligible for traditional employee benefits. Compensation can include:

  • Health insurance benefits (medical, vision, dental)

  • Matching 401K

  • Paid sick and vacation time (sometimes unlimited PTO)

  • CME allowance/reimbursement

  • State license reimbursements

  • Malpractice insurance

  • Tail coverage

  • Paid disability

  • Bonuses

  • Equipment (laptop)

Since telehealth is still a burgeoning field with new telemedicine companies popping up, some will even offer an equity stake with full-time positions. Be sure to explore all your options when determining your right fit.

Tips for Making More Money in Telemedicine

  • Remember that volume is key. The best way to make money in telemedicine is to make efficient use of your time. This means, maintaining a consistent patient volume is critical to your success. Since most telemedicine companies pay per consult, infrequent patients mean you’re sitting idly at your desk without getting paid. Some companies will set a base hourly rate in case patient volume is low. Be sure to ask about volume when exploring telemedicine opportunities.

  • Get licensed in more states. You’ll be the most valuable and likely to garner the highest pay if you get your medical license in multiple states. The best states to be licensed in are California, New York, Texas, and Florida.

  • Sign up for multiple telemedicine employers/telehealth platforms. Again, keeping busy with a continual patient flow is going to make the best use of your working hours. Most telehealth companies don’t have non-competes meaning you can sign up with multiple platforms and schedule shifts back-to-back.

  • Work during high season. Telemedicine follows the same population health trends as a traditional practice. Telemedicine companies often staff up during the fall and winter season and may pay a premium for supplemental part-time help during that time. Consider adding a few telemedicine shifts to your winter work week for some extra income.

  • Work during off hours. If you are willing to work nights or weekends, you may be able to garner a higher hourly rate or per patient compensation. Consider your time zone too. If you are on the West Coast, you could pick up a night shift in New York that wouldn’t keep you up as late.

  • Set financial goals. Set micro goals by deciding how much you want to make per month or per week and determining how many shifts you’ll need to make it happen. Is your goal realistic? Working from home requires more self-discipline than traditional practice - this helps to keep yourself accountable.

  • Take advantage of 1099 tax breaks. As an independent contractor, you can write-off any expenses related to work. Internet, telephone, even part of your rent or home mortgage.

Is Telemedicine Worth It?

When evaluating the pros and cons of working in telemedicine we think you’ll quickly see there isn’t much downside to adding in remote practice. The future of healthcare is inevitably going to include telemedicine, so it’s better to get started now and add this fantastic income source - and what is quickly becoming a coveted experience - to your CV.