How to Make Money as a Medical Student: Full Guide 2024

Are you looking to make money as a medical student? If yes, this article is for you as it covers everything on how you can make money as a medical student.

Medical school is costly, and balancing studies with earning money is tough. While many side jobs might not fit into your busy schedule, there are online opportunities to ease your financial strain.

As a medical student, you’re relying on loans, scholarships, or family support to get by. But every extra bit of income helps cover expenses like conferences and interviews. 

Keep in mind your time is limited, so choose options that fit your schedule and career goals.

READ ALSO: Best Ever Side Income for Doctors 2024

Best Ways To Make Money as a Medical Student 2024

Medical Transcription

Medical transcription could be a great way to earn some extra cash if you’re a medical student who’s good at listening and typing. As a transcriptionist, your job is to turn doctors’ audio recordings into written reports. And you can do this from home in your free hours.

Since you’re already familiar with medical terms, this job should be straightforward for you. Usually, transcriptionists earn about $1 for every minute of audio they transcribe. Research shows that some medical transcriptionists earn $1000 monthly by part-time transcription work from home. Because they had a science background, transcribing medical and sociological research for universities was a natural fit.

Picture yourself transcribing interviews where patients talk about their experiences with painkillers or the COVID-19 pandemic. Or maybe interviews with nurses who look after elderly patients. It’s essential work, and it pays well.

All you need to start is a laptop, an internet connection, and good headphones. You can find transcription jobs on websites like Hired, Indeed, LinkedIn, ZipRecruiter, and Upwork. 

Tutoring

Medical students are often sought after as tutors because of their strong academic backgrounds. They’ve already proven themselves by getting into medical school, so tutoring undergraduates or high school students in science-related subjects comes naturally to them. They can even help their fellow medical students in classes below them.

Tutoring can be done privately or through companies offering flexibility and good pay. Medical students could earn over $100 per hour tutoring college students preparing for exams.

To get started, they can promote their tutoring services locally, including at schools, libraries, and within their medical school community. They can also explore opportunities with education companies that connect tutors with students online. While these companies may take a portion of earnings, they handle finding clients, simplifying the process.

Tutoring can be so lucrative that some medical students make it their full-time job. I once met a medical student who found tutoring so profitable that he decided not to pursue residency. Instead, after finishing medical school, he started his own tutoring company and now tutors pre-med and medical students full-time. He earns as much as many primary care doctors without being on call.

Medical Research Assistant

If you’re a medical student, chances are your school is connected to a research center. This means you could work as a research assistant, helping academic doctors with their projects.

The hours might change based on the project and the doctor you’re working with, but it’s good to have on your medical school record.

Your tasks could include gathering data, reading up on research, and talking to patients. Your medical knowledge will be beneficial here.

Working as a freelance research assistant is a good option for students who spend a lot of time on campus. You can look for professors or older students who need help with their projects online or in the lab. You can also advertise your services in schools or look for job listings online.

Depending on how tricky the work is and how much experience you have, you could earn between $25 and $45 per hour.

Medical Writer

If you enjoy writing and understand science well, becoming a medical writer might be just right for you. Medical writers create various content types, such as summaries for scientific journals, documents for policies, guides for pharmaceutical sales, and blog posts on health topics. While some companies and healthcare organizations hire full-time writers, freelancing is often a better option for medical students.

As a medical student, you can dive into this profitable side job by focusing on science-related subjects. Freelance medical writers can earn between $100 and $400 for each piece they write and even more if they specialize in a specific area. You can work on projects during your free time or on weekends with flexible hours.

Freelancing allows you to earn money conveniently from your home. There are plenty of writing opportunities available, including medical copywriting and more. You can search for freelance medical writing jobs on job boards, freelance websites like Upwork, specialized platforms for medical writing, and health-related websites.

Don’t hesitate to contact online health platforms to ask about freelance writing positions. You can also check databases for healthcare-related job openings.

Freelance writing can be highly profitable, primarily if you work efficiently. 

Phlebotomist

A phlebotomist is someone who takes blood samples from patients. You don’t need to be a doctor or a registered nurse for this role. Opportunities are available at teaching hospitals or nearby labs.

Additionally, there’s a rising demand for mobile phlebotomists who draw blood to patients’ homes. This demand primarily comes from life and disability insurance companies needing samples for medical evaluations. They aim to simplify the process for policy applicants, making it more convenient. Instead of applicants going to a hospital or lab, phlebotomists visit them.

Due to industry regulations, insurance companies require an independent party to carry out these blood draws. Many independent mobile phlebotomy companies hire contractors for these tasks.

As a phlebotomist, you have the freedom to set your schedule. You can decide which days and hours you want to work. The company you work with provides a list of patients who need blood draws, and you arrange a suitable time with them. You’re paid for each exam, so you can work as much or as little as you like. This flexibility is particularly beneficial for medical students, as you can work during evenings, early mornings, and weekends, aligning with when most people prefer to schedule their insurance exams.

READ ALSO: How to Make Money Online as a Nurse: Full Guide

Conclusion: Make Money as a Medical Student

Financial strain is a common worry for medical students amidst the rigorous medical education journey. Yet, with the right approach, there are pathways to economic stability. Whether through transcription, tutoring, research support, or medical writing, there are plenty of options for earning extra income. Each opportunity offers unique benefits, from the flexibility of freelance work to the valuable experience gained in research endeavors.

Additionally, the role of a phlebotomist emerges as a promising opportunity, offering flexibility and a chance to make a direct impact in the medical field. As the demand for mobile phlebotomists grows, medical students can utilize their skills to meet the needs of insurance companies and patients.

By exploring these diverse avenues and harnessing their expertise, medical students can ease financial burdens while progressing toward their goal of becoming healthcare professionals.