Bottom salary

[iatrosB]

I have been interested in Rads ever since begining pre-med and have become more interested in it lately. I am not naive so I know radiology has hit a high point in salary and will start to decline. What do you guys project as the lowest it could go? Will it always be above or around $200K? I am not asking because I want to make a lot of money, just want to make sure I can pay back the loans I am taking out (HUGE LOANS!!). Like I said, I don't want a Mercedes, I just don't want to live like a student for the rest of my life in order to pay off the ridiculous loans.

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[doc05]

there are numerous market forces at play that will likely cause a decline in radiology salaries, I would list them but we all know what they are. you'll still probably end up making at least 150-200k, so don't worry about it too much.

 

[hans19]

I have been interested in Rads ever since begining pre-med and have become more interested in it lately. I am not naive so I know radiology has hit a high point in salary and will start to decline. What do you guys project as the lowest it could go? Will it always be above or around $200K? I am not asking because I want to make a lot of money, just want to make sure I can pay back the loans I am taking out (HUGE LOANS!!). Like I said, I don't want a Mercedes, I just don't want to live like a student for the rest of my life in order to pay off the ridiculous loans.

I have never heard of as starving physician in this country. Even the lower paying specialties compensate better than >95% of jobs out there.

If you are worried that you can't make it on 150-200k a year to pay back 'a lot' of debt and live comfortably, then there is something wrong with YOU. There are millions of home owners in this country that are paying back a $150k home mortgage with a combined average household income $50k.

If 150 - 200 K a year, isn't paying your bills, then you should try investment banking or managing a hedge fund.

 

[iatrosB]

I have never heard of as starving physician in this country. Even the lower paying specialties compensate better than >95% of jobs out there.

If you are worried that you can't make it on 150-200k a year to pay back 'a lot' of debt and live comfortably, then there is something wrong with YOU. There are millions of home owners in this country that are paying back a $150k home mortgage with a combined average household income $50k.

If 150 - 200 K a year, isn't paying your bills, then you should try investment banking or managing a hedge fund.

I understand your response and didn't mean to come across sounding like that. I know I won't STARVE, I never said that. 150-200 K would certainly pay my bills, but not much lower than that, that is my point. I will have a horrible term loan to pay back (10% interest on 100 K, due in 5 years) from selling my soul to primary care early on . I do appreciate your encouragement even if it was sarcasm, I can see how the post would have been misconstrued.

 

[hans19]

I understand your response and didn't mean to come across sounding like that. I know I won't STARVE, I never said that. 150-200 K would certainly pay my bills, but not much lower than that, that is my point. I will have a horrible term loan to pay back (10% interest on 100 K, due in 5 years) from selling my soul to primary care early on . I do appreciate your encouragement even if it was sarcasm, I can see how the post would have been misconstrued.

Even if you really want to do primary care, given your circumstances, you still could.

As you are well aware, there are government programs or community sponsored programs that will assist you in loan repayment. Join the military if you have to. If you want to do something badly enough, you can do it if you are willing to make sacrifices.

There are similar arrangements for other specialties that are in demand by underserved communities.

Most of the better paying specialties are at least 5 years in length, so I don't understand how you intend to pay back your loans within that amount of time, regardless of the specialty you choose.

If loan repayment is really that big of an issue, you really should consider something other than residency, like health care consulting. Starting salaries are near 100k right out of med school. I know two people that have done this.

There are many more people that are in more dire circumstances than you, that do not have the same earning potential that you will have some day. Unless you owe that money to loan sharks that will bash in your knee caps, you can do it!

 

[hans19]

BTW, virtually all specialties have experienced a decrease in reimbursement per hours worked, in real dollar terms compared to 20 years ago.

 

[f_w]

> Unless you owe that money to loan sharks that will bash in
> your knee caps, you can do it!

LoL, so I guess taking an advance from the bookie for medschool wasn't such a great idea after all.

 

[bigfrank]

I will have a horrible term loan to pay back (10% interest on 100 K, due in 5 years) from selling my soul to primary care early on

You're class of 2009 and you've already borrowed $100,000+? Something's fishy and a little histrionic here...........

P.S. I rarely recommend selling your soul, even to radiology.

 

[wfu2005]

You're class of 2009 and you've already borrowed $100,000+? Something's fishy and a little histrionic here...........

P.S. I rarely recommend selling your soul, even to radiology.

they probably signed up for one of those "we'll pay your tuition if you promise to go into primary care" deals that they offer you before you start medical school....which in my opinion should be illegal, since there are tons out there that if you do decide to go into primary care will hook you up.

 

[iatrosB]

they probably signed up for one of those "we'll pay your tuition if you promise to go into primary care" deals that they offer you before you start medical school....which in my opinion should be illegal, since there are tons out there that if you do decide to go into primary care will hook you up.

That is exactly the case. I signed up pre-med school because I was 95% sure I would go into primary care and it is a sweet deal. The more shadowing and thinking I do however, I am more inclined to like Rads more. I am still considering primary care but I want to make sure I am not locked in and will make enough to pay it back if I don't go into FP.

 

[iatrosB]

Most of the better paying specialties are at least 5 years in length, so I don't understand how you intend to pay back your loans within that amount of time, regardless of the specialty you choose.

If loan repayment is really that big of an issue, you really should consider something other than residency, like health care consulting. Starting salaries are near 100k right out of med school. I know two people that have done this.

The loan would be due post residency, not during thank goodness.

 

[iatrosB]

As you are well aware, there are government programs or community sponsored programs that will assist you in loan repayment.
There are similar arrangements for other specialties that are in demand by underserved communities.

Even non-primary care specialties?

 

[iatrosB]

Thanks for the help guys, especially hans19. Sorry if this thread sounded like another money thread, I assure you that was not my intent. Bigfrank, you always have good advice to give and are willing to help, sorry if I upset you by something I said, you are an asset to this forum.

 

[bigfrank]

Bigfrank, you always have good advice to give and are willing to help, sorry if I upset you by something I said, you are an asset to this forum.

No problem. I'm sorry if I came across brash -- I sometimes do. I would get a lawyer and break this quazi-contract. You obviously haven't started medical school yet and if you don't take the $$$ from them, you can't pay it back. Good luck, PM me anytime.

 

[iatrosB]

No problem. I'm sorry if I came across brash -- I sometimes do. I would get a lawyer and break this quazi-contract. You obviously haven't started medical school yet and if you don't take the $$$ from them, you can't pay it back. Good luck, PM me anytime.

Yeah my uncle is one. He told me not to sign but darn my hard headedness! I'll talk to him. Thanks

 

[SoCalRULES!!!!!]

I have been interested in Rads ever since begining pre-med and have become more interested in it lately. I am not naive so I know radiology has hit a high point in salary and will start to decline. What do you guys project as the lowest it could go? Will it always be above or around $200K? I am not asking because I want to make a lot of money, just want to make sure I can pay back the loans I am taking out (HUGE LOANS!!). Like I said, I don't want a Mercedes, I just don't want to live like a student for the rest of my life in order to pay off the ridiculous loans.

Dude, don't worry about it. Radiologists are figuring out ways to do more and more all the time. The money will only increase.

And don't believe these salaries of 240,000 a year or whatever....in private practice in a hard working busy group expect close to a million a year, just stay out of academics.

 

[PathOne]

Ehh, just curious. Where do you get that $1,000,000 figure from? I know a lot of very talented and crazy hard-working docs. Of those, I know one (1) that pulls in seven figures - not in rads, btw.

 

[samsoccer7]

Hey hans19, can you tell me where your friends are doing HC consulting? I am trying to help out a friend who didn't match and may not scramble. If you could give me company names or a place to look, that would be huge. Thanks.

 

[hans19]

Hey hans19, can you tell me where your friends are doing HC consulting? I am trying to help out a friend who didn't match and may not scramble. If you could give me company names or a place to look, that would be huge. Thanks.

Iatros, if you are from a small town in the midwest or south, contact the local radiology groups in your area, a lot are looking to hire and will set you up with a stipend during your residency, or offer to repay part of your loans when you join their group.

I know this happens in urology and ortho as well.

Obviously this doesn't apply for groups in NYC or SF or LA.
But like I said, if you really want to do radiology and are willing to make sacrifices, you can do it. No whining... this is America! Bust ass and make your dreams become reality.

Samsoccer,

Bain and McKinnsey is a firm that takes docs. I met a guy on the interview trail that was a Duke med grad. He worked for a year and a half consulting for them on Wall Street an then successfully matched in radiology.

A classmate of mine joined a joint venture between an academic institution and a private biotech firm months before graduation in 2003 (not the boom years of 1998-2000) and bought himself an SL 500 at graduation.

Hope this helps.

 

[iatrosB]

Iatros, if you are from a small town in the midwest or south, contact the local radiology groups in your area, a lot are looking to hire and will set you up with a stipend during your residency, or offer to repay part of your loans when you join their group.

I know this happens in urology and ortho as well.

Really? That's awesome! I am from a really small midwest town with a monster hospital (employs 1/4 of the town). I will check that out, thanks.

 

[SoCalRULES!!!!!]

Ehh, just curious. Where do you get that $1,000,000 figure from? I know a lot of very talented and crazy hard-working docs. Of those, I know one (1) that pulls in seven figures - not in rads, btw.

I didn't say 1,000,000. I said close to 1,000,000.

Dude, posted starting salaries range from 300-600K. If you are making 300K a year for a couple year contract, when you partner in a couple years, you can expect to make 2-3 times that. Even if they reduce compensation for common things now, radiologists are figuring out new things to do all the time. Yes we have turf battles with the cardiologists, the vascular surgeons, the orthopedists, the gastroenterologitst and others, but radiologists are destined to rule the roost.

 

[PathOne]

Sure. Whatever. Keep dreamin'.
Or better yet: Try to take a Economics 101 class. Pay special attention to the lecture about supply and demand.

Yes, every specialty has it's paydays. However, in real terms adjusted net pay have decreased for the medical profession over the past 20 years. And you can bet your 64-slice CT-scanner that's unlikely to change.

Witnesseth the OB/GYN's who were making a killin' in the 80's and are now screaming from the pain of lower reinbursement and insane insurance premiums. Then think what will happen if medical liability is actually capped nationwide. Will the healthcare insurers just sit back and keep payin' the same for procedures? I think not.

Think further about the US demographics. Sure, as people get older they'll require more healthcare. Medicare, that is. And those with private plans will get less coverage and higher copays, because nobody can afford the full-fare insurance premiums. Will that put further pressure on pay for procedures? Oh yeah.

So don't get a mortgage on the assumption that you or 99% of rads will get close to $1 mln or stay there.

 

[Vince]

I am not sure how much money I am going to make as a radiologist, but I'm fairly sure I'll be comfortable, and pretty sure that I'll be happier than if I went into another specialty. According to an article in RSNA News a few months ago, they still forsee a shortage of radiologists in the future, so I think all of us are going to be okay. It'll be interesting to see how it pans out though...I'll try to remember to post another thread in 20 years.