Why The Radiologists Job Market Looks Great
The Radiologists Job Market is riding high with fantastic opportunities and employment outlook. The most recent research is also good news, predicting that this year will be even better for radiologists looking for work.
That means it’s terrific news for radiologists seeking employment, but the picture isn’t as positive for those who need to hire. That’s because it will cost more to add a new radiologist, which may mean an employer may need to reevaluate the traditional business model.
Radiology One of the Most Heavily-Recruited Physician Specialties
The good news for radiology is evidenced by the fact that it’s now the 10th most-recruited specialty for physician search firm Merritt Hawkins. The company tracks permanent physician placements in its Merritt Hawkins’ Annual Review of Physician and Advanced Practitioner Recruiting Incentives. They saw radiology jump from number 19 in 2017 to the number 10 this year. It’s the first time that radiology has been in the top 10 in 10 years.
The report also shows a hiring increase and estimates that 1,569-2,037 radiologists were hired in 2016. They anticipate that this will increase in 2017, estimating that 1,826 to 2,370 radiologists will be hired—a 14% increase over the numbers from last year.
Salaries for The Radiologists Job Market are Excellent
The Merritt Hawkins survey found that the average salary for a radiologist hired in 2016-2017 is $436,000.
That means to attract the right candidates, health systems will need to prepare to offer at least a base salary of $350,000–$375,000, along with signing bonuses and other incentives.
In addition, employers are no longer recruiting for certain amounts of experience. In fact, many practices are recruiting for succession planning. Rather than the topic of experience, business experts say that the dialog should be about quality and technology… and whether the radiologist can adapt to and use the technology.
The survey found that the most recruited subspecialists to be neuroradiologists, general interventionists, after-hours radiologists, and body imagers in 2017. In addition, the subspecialization of the radiology service line has move the general radiologist position higher on the desired list. Plus, teleradiology continues to be in extremely high demand, with teleradiologists on average out-earning traditional radiologists at $494,000.
Increased Hiring in Urban Settings
One of the most significant changes in this year’s job market is the increased hiring in urban settings. The Merritt Hawkins survey showed that 55% of their searches were for cities with 100,000 people or more, the highest percentage in the company’s 24-year survey history.
Experts believe that the main reason why urban settings are having difficulty is that residents aren’t staying at their health system when they finish their training, as they may have done previously. Radiologists can seek positions outside their training program because they’re being offered a lot of money. As a result, many of these urban health systems now need additional financial resources to recruit.
The results of this research show that radiologists are in the driver’s seat for employment more than ever.
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