Unlocking the Potential of Physician Surveys: A Guide by Dr. Rikki Racela

In the ever-evolving landscape of healthcare, physicians often find themselves juggling multiple responsibilities. However, many are unaware of the lucrative opportunities available through physician surveys. Dr. Rikki Racela, a WCI columnist, has turned this side hustle into a significant income stream, earning over $30,000 by participating in surveys. In this article, we’ll explore Dr. Racela’s step-by-step guide on how to navigate the world of physician surveys, optimize income, and even contribute to retirement savings.

The Initial Notification: The E-Mail

The journey begins with an email notification. Dr. Racela receives around 50-60 survey invitations each month, primarily through email. This method is preferred as it provides direct access to the survey without navigating through multiple landing pages. One of his go-to platforms is Sermo, which consistently offers high-paying surveys.

Screening Process: The Screener

Once you receive an email, it’s essential to understand that not every invitation guarantees participation. The screener phase can be frustrating, as it determines whether you qualify based on your specialty and potential conflicts of interest. For instance, certain states like Vermont have restrictions on pharmaceutical gifts, which can disqualify participants.

Dr. Racela highlights that his background as a neurologist allows him to qualify for many surveys, particularly those related to neurological treatments. He advises being aware of the types of surveys you’re likely to screen out of, saving time and effort.

For more insights on physician side gigs, check out Physician Side Gigs for Extra Income.

Completing the Survey: Enjoying the Process

Dr. Racela emphasizes that the survey process is not only lucrative but also enjoyable. He typically completes surveys at night, often while listening to nostalgic 80s music. The surveys require minimal mental energy, allowing him to unwind while contributing valuable insights.

This enjoyable aspect of the work is crucial; it transforms what could be a mundane task into a fulfilling experience.

Alternative Options: Zoom Surveys

For those looking to maximize earnings, live telephone or Zoom interviews present a lucrative alternative. Dr. Racela has earned up to $400 per hour for sharing his expertise on emerging therapies and drug efficacy. While some companies require computer access for visual materials, many allow flexibility with phone interviews, making it easier to participate.

However, technical issues can arise, especially when using hospital internet systems. Dr. Racela recommends opting for platforms like Zoom or Microsoft Teams for a smoother experience.

Getting Paid: Tracking Your Earnings

After completing a survey, the next step is tracking payments. Dr. Racela uses a simple email system to organize his completed surveys. Once he receives payment, he moves the email to a “surveys paid” folder. This method ensures he can easily follow up on any outstanding payments.

Payment options vary by company, including checks, PayPal, or gift cards. Some platforms even provide a portal for tracking earnings, simplifying the process.

For more on payment systems, check out How to Actually Get Paid as an Expert Witness.

Contributing to Your Solo 401(k)

One of the most significant advantages of earning 1099 income from surveys is the ability to contribute to a solo 401(k). Dr. Racela explains that if your survey income exceeds $10,000, it becomes worthwhile to set up a solo 401(k) for tax benefits.

He shares his experience with Fidelity, where he established a customized solo 401(k) that allows for both tax-deferred and post-tax contributions. This strategy enables him to maximize retirement savings while minimizing tax liabilities.

Conclusion: A Lucrative Side Hustle

Dr. Rikki Racela’s journey into the world of physician surveys showcases the potential for healthcare professionals to earn extra income while sharing their expertise. With a straightforward process, minimal time commitment, and the ability to contribute to retirement savings, participating in surveys can be a rewarding endeavor.

If you’re a physician looking to explore this side hustle, consider checking out our favorite physician survey companies today!

Have you participated in paid surveys? What strategies have you found effective? Share your experiences and insights in the comments below!