Can radiology residents moonlight?

[msbbc833]

Hi yall,

I'm hearing of ER residents who are making $160K because of their moonlighting. Are rads residents able to do the same?

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[colbgw02]

Yes.

Obviously, your program has to allow it...yada, yada, yada, but the short answer is "yes".

 

[Shifty B]

Most places have some moonlighting, but it may be very hard to get up to $160k per year. Average salaries for moonlighting residents are somewhere around $75-100 /hour. To make an extra $100k, you'd need to work 1,000 extra hours, or about 20 extra hours a week. That's 2 extra days with 10 hour shifts. It's possible that with shift work like ER you would have enough days off for this to happen, but you would still be busting your ass. Plus, many places don't have that much moonlighting. The exception would be a few places where you actually paid to be on call.

I think at many places you may be able to supplement your income $10k-30k without too much trouble. $100k is most likely an unreasonable expectation.

 

[Apollyon]

I'm an EM attending, and we have a Night Hawks-type company on our nights (not NH specifically, but one of them). I also have a good friend who is rads. When rads residents moonlight, is it like Night Hawks - wet reads that still have to be over-read the next day by staff? I would guess, though, that the moonlighter doesn't stay - it's like I have now where the radiologist reads it, then sees if the night person over- or under-read the CT/MRI/US (we're cash-strapped enough that we don't send them our plain films!).

 

[quietude]

I'm an EM attending, and we have a Night Hawks-type company on our nights (not NH specifically, but one of them). I also have a good friend who is rads. When rads residents moonlight, is it like Night Hawks - wet reads that still have to be over-read the next day by staff? I would guess, though, that the moonlighter doesn't stay - it's like I have now where the radiologist reads it, then sees if the night person over- or under-read the CT/MRI/US (we're cash-strapped enough that we don't send them our plain films!).

That's typical of moonlighting. Usually over-read like nighthawk studies. (I think that's a legal requirement where residents are concerned).

Many places also allow babysitting contrast injections/reactions at understaffed facilities. These tend to pay less ($30-50/hr varying on region) but are nice because it more or less involves being paid to study. It's also something you can do as a junior radiology resident. Reading films while moonlighting is usually restricted to senior residents.

Opportunities vary wildly by region. NYC, for example, offers very little moonlighting. Only a handful of programs come to mind.

Shifty B's estimate of extra income sounds about right from what I've heard from residents. Doubling your salary is pretty rare.

 

[HondoCrouch]

Once you pass your written exam you are board eligble and can moonlight as a radiologist giving final reads. You can expect 1600-2200 a shift (8 hours) depending on the setting. As a resident I could double my monthly take-home by working two 8 hour weekend shifts. Work two weekends and Ive tripled my pay..can add up fast.

Never did the contrast coverage thing..once you account for taxes it just aint worth it, unless you get paid on a 1099 which would allow you to itemize things you wouldnt be able to if you only had w2 income.

 

[Shifty B]

I'm not sure why you would say 1099 income is better. W2 income is favorable to 1099 income in the majority of cases because you pay only your personal marginal tax rate. On 1099 income, you pay both your personal tax rate and self employment tax, which significantly increases your tax liability. The caveat is that you can deduct "business expenses" from your 1099 income, but unless you buy a lot of computers, drive a lot of miles, or something, that self employment tax kills.

 

[HondoCrouch]

I'm not sure why you would say 1099 income is better. W2 income is favorable to 1099 income in the majority of cases because you pay only your personal marginal tax rate. On 1099 income, you pay both your personal tax rate and self employment tax, which significantly increases your tax liability. The caveat is that you can deduct "business expenses" from your 1099 income, but unless you buy a lot of computers, drive a lot of miles, or something, that self employment tax kills.

Because as an independent contractor with 1099 income you can deduct a boatload of things that w2 employees cant.

Licensing fees, FCVS, all books, computers, ABR fees, iphone, pretty much anything having to do with radiology, all become tax deductible. Oh yeah and dont forget the Hummer loophole, I can buy a big f250 diesel, tahoe, or porsche (they make em over 6000lb gvw for a reason) and write the whole thing off.

 

[Shifty B]

Licensing fees, FCVS, all books, computers, ABR fees, iphone, pretty much anything having to do with radiology, all become tax deductible. Oh yeah and dont forget the Hummer loophole, I can buy a big f250 diesel, tahoe, or porsche (they make em over 6000lb gvw for a reason) and write the whole thing off.

Yea, that's true... until you get audited.

 

[HondoCrouch]

Yea, that's true... until you get audited.

All completely legal so not sure what your comment means.

 

[LuckyST]

Once you pass your written exam you are board eligble and can moonlight as a radiologist giving final reads. You can expect 1600-2200 a shift (8 hours) depending on the setting. As a resident I could double my monthly take-home by working two 8 hour weekend shifts. Work two weekends and Ive tripled my pay..can add up fast.

Never did the contrast coverage thing..once you account for taxes it just aint worth it, unless you get paid on a 1099 which would allow you to itemize things you wouldnt be able to if you only had w2 income.

I'm not sure that I understand this comment. At most residency programs, the "contrast coverage" pays $50-100 per hour, and all you have to do is sit there. It is literally free money, for time that you would be studying anyway. Even after taxes, it is still definitely worth it.

 

[Shifty B]

There are very specific rules for what constitutes a business expense. When you file your return, you can say whatever you want. Hummer, computer, whatever. When you are audited you will have to justify how that was a business expense and not just a personal expense. Otherwise we would run our lives as small businesses and never see a profit.

You can probably easily justify a computer by saying you used it to keep track of your work info. ABR and licensing fees, yes. You can also justify mileage. You just can't take 100% of the cost of a car. Probably the iphone either, unless it is a second phone.

To the OP: a specific tax accountant may be helpful if you have a lot of 1099 income.

Otherwise, I also agree contrast coverage is easily worth it. So what if 25% goes to taxes.