Are you looking to boost your earning potential as a physician? Millions of doctors just like you are signing up for paid online surveys.
If you know the right steps, taking surveys can add up to steady side income. Medical research and pharmaceutical companies pay well for your expert opinions through quick online questionnaires.
In this guide, we share proven strategies to make the most from paid medical surveys, whether you are new or are a seasoned survey taker. Read on to learn how to turn your insights into significant income!
What are paid physician surveys?
So what exactly are paid medical survey opportunities? Online surveys are questionnaires created by market research companies, pharmaceutical companies, healthcare organizations, and other healthcare industry associations.
The purpose is to pick the brains of medical professionals and gain insights into medical issues, new drugs and devices, medical treatment options, insurance reimbursements, industry situations, patient behavior, and other trending topics in paid surveys. They are a great way for doctors to keep up to date in their field, contribute to meaningful medical research, network with HCPs, and earn additional income.
After surveying 1400 physicians, Sermo found that 64% of physicians do not feel they are compensated fairly for their position. And 60% of physicians say the number one reason they take surveys is for supplemental income, the top motivating factor chosen by far.
Paid medical surveys generally take between 5 to 30 minutes to complete. They are flexible and can be taken whenever and from the comfort of your home or office, making them perfect for busy healthcare professionals, even oncologists.
You will receive an honorarium ranging anywhere from $5 to $500+ per survey, depending on the length, complexity, and your specialty. More involved surveys like clinical trials provide compensation in the thousands.
Paid physician surveys help healthcare industry companies improve drugs, medical devices, treatments, and improve patient results.
Where to find the best paid medical surveys?
Look for recommendations from established medical associations and platforms you’re already a member of to find a secure and trusted survey platform.
Choose respected and encrypted platforms like Sermo for the best paid medical surveys. Avoid any medical survey companies or sites that do not verify physician licenses or lack data privacy. Focus on survey sites that are regularly updated with engaging surveys and an easy-to-use interface.
Becoming a Sermo member is free for healthcare providers. Last year, we paid out over $20 million to our survey takers. Are you next?
How to maximize physician survey revenue
Health professionals should follow these steps to increase your medical survey earnings:
- How many surveys you qualify for will depend on your specialty and expertise. Completely fill out your survey profile including demographics, specialty, credentials, and more so you get the most research opportunity matches. Survey respondents who fully complete their profiles get significantly more invitations.
- Be strategic in answering screening questions to qualify for more research surveys. For example, having flexibility on when you can test a drug or device can increase eligibility. However, that doesn’t mean stretching the truth. Be honest in screening questions to ensure you can share insights that are relevant to the client.
- Check frequently, at least weekly, for new high paying physician surveys. Sermo members can go directly to their ‘Available Surveys’ page.
- Prioritize higher compensation medical surveys to balance length and hourly rate. For example, a $200 survey taking 30 mins is $400/hr versus a $50 survey taking 15 mins which equals $200/hr. Or even better for earnings, take both!
- Track time spent on each survey using a spreadsheet or notes app to track and optimize your effective hourly rate across surveys.
- Set aside dedicated time weekly, like a few hours on Sunday, to take surveys – treat it like a physician side gig. Consistency is key to earn the most.
- Make sure to fill out your medical survey payment information and preferred digital payment tools properly. So you can be sure to get as close as possible to getting paid instantly after survey completion. Sermo offers a variety of withdrawal methods including direct deposit, PayPal, gift cards and donations to Doctors Without Borders.
- Complete surveys consistently for substantial cumulative earnings over time. Doctors who take Sermo’s paid medical surveys weekly can earn an extra $5,000 to $15,000.
We asked over 1400 Sermo members for their best strategies for maximizing survey income. The top recommendation, with 41% of the vote was consistency. You have to show up regularly to earn the best surveys. This is not a get-rich-quick scheme but an additional income stream.
See below how you can take your initial medical survey earnings and substantially increase them through powerful passive strategies.
Increasing physician survey earnings
According to a 2020 survey, 25% of physicians in their sixties have a net worth of less than $1 million, and 12% have a net worth of less than $500,000.
To make sure you have enough for you and your loved ones to be comfortable during retirement, be strategic about where you invest your medical survey earnings.
Now that you know how to boost your survey income when taking paid surveys, let’s chat about how to make that extra cash really work for you.
Max out tax-advantaged retirement accounts
Contributing the maximum to your 401k or opening a backdoor Roth IRA can provide major tax savings and returns. Physicians who consistently maxed out their 401k had 20% higher retirement account balances compared to those who contributed less.
Healthcare professionals have a variety of retirement savings plans available to them, including 401k, 403b, 457b plans, IRA/ROTH IRA, and taxable accounts. Most doctors are familiar with the 401k or the 403b provided at work. For those under age 50, you can put away $19,500 each year. For those 50 and above, you can put in $26,000. Physicians should aim to max out their retirement savings vehicle, the 401k or the 403b, as they are tax-advantaged.
Consider passive index funds for easy investing
Low-cost, broad market index funds offer easy investment diversification. Choose from trusted providers like Vanguard or Fidelity to get started. Index funds average 8-10% annual returns, outperforming most active stock picking.
Real estate can be a great investment for physicians
Building equity in rental properties or Real Estate Investment Trusts over time creates an income stream and comes with its own tax benefits. One study found doctors with rental property portfolios averaged 11% annual returns over a 10-year period, which is higher than the stock market standard.
Avoid letting the money just sit in your checking account
Healthcare professionals should keep paid medical survey earnings active in the market to grow your wealth. Even high yield savings accounts now offer only 2-5% annually versus 6-10% average stock market returns.
Develop an investing plan based on your risk tolerance
Work with a financial advisor specialized in physician finance to create a personalized plan optimized for your situation and risk preferences. Advisor-guided doctors saw 13% higher portfolio returns compared to self-directed investors.
The bottom line – be intentional with investing your medical survey revenue. Making your money work for you leads to lasting wealth down the road.
Please note, Sermo does not hold the necessary regulatory licenses to provide financial advice. The information provided by Sermo is for general informational purposes only and should not be considered as financial advice. Any decisions made based on information from Sermo are at the user’s own risk. It is recommended that users consult with a qualified financial advisor or professional for personalized advice tailored to their specific financial situation and goals.
Takeaways for maximizing paid medical survey income
You can substantially grow your income by strategically participating in paid physician surveys and investing the earnings wisely. Rapidly increase your survey rewards by registering for multiple survey panels, completing your profile, focus on high-paying surveys that optimize your time, and tracking your hourly rate. Invest the extra money in tax-advantaged accounts, passive index funds, and real estate to build lasting wealth.
To enjoy access to premier high-paying surveys, physician resources, patient collaborations, and more benefits, be sure to join Sermo, the world’s largest physician community. We provide doctors of every specialty with paid survey opportunities to turn your expertise into income while networking with peers.
Sign up now to start maximizing your earnings potential through our surveys, webinars, collaborations and more!
