Money matters

[Lady Wintour]

Hey guys,

I was reading through multiple threads on this forum.
It appears as though people believe that the high earnings in Radiology aren't something that is going to last forever.

Is this because the demand is being met by a higer supply of trained radiologists? Ar there any other reasons?

Is this the case with every specialty? Does it ebb and flow? I hear paeds has always been pretty low but for the majority of them does it fluctuate?

For me personally- I'm not much of a people person but I like being expert at something. I am also visually orientated. So as it stands the "differential" is 1) path 2) rad 3)derm 4)ophth

Funnily enough they are pretty well paid, apart from pathology which aparently made lots in the 90s. That kind of proves my point further.

So what do ou predict are going to be the highest-grossing specialties in about 10 years?

Thank you

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[MrBurns10]

Radiology income has gone (and will continue to go) down because of decreasing reimbursements. Imaging is usually the first thing to be cut. However, most specialties will see their income decrease in the future, and I think radiology will continue to be one of the more higher paying fields.

If money is your biggest concern, plastic surgery and dermatology are the way to go. Many cosmetic procedures are paid for out of pocket, so any reimbursement cuts wouldn't affect them any way.

Having said that, you will make a decent living doing anything in medicine, and a career is a long time to be doing something you hate.

 

[LuckyST]

Predicting salaries in the future is an almost impossible task.

Plastic salary and dermatology salaries have plummeted in recent years. Although these fields are partially immune to reimbursement cuts, they are strongly affected by downturns in the economy (like the recent recession), much more so than other specialties, because people often cut back on elective procedures during economic downturns.

Bottom line: do what you enjoy. Doctors in every specialty make more than enough to live comfortably and retire early.

 

[colbgw02]

Radiology income has gone (and will continue to go) down because of decreasing reimbursements.

I don't think that's true.

There's an article in last month's throw away journal from RSNA citing data from the AMGA 2009 Medical Group Compensation and Financial Survey that shows salaries for diagnoistic radiologists increased 3.7% in 2009. That's considered to represent no change - I suppose because of inflation - but it's still encouraging that the percentage isn't negative. Also, 2008 saw salaries for diagnostic radiologists go up 4.8%.

And regarding the future, from the article: "Despite a lackluster year salary-wise, the future bodes well for radiology, given the significant increase in imaging volume and anticipated physician shortages."

Of course, we can have more in-depth discussions about the reasons why salaries have done what they've done, namely: are radiologists simply working harder for the same or slightly more pay? But I don't think we can state in absolute terms that radiologists' salaries have and will continue to go down.

I wholeheartedly agree with the other advice offer. No amount of money is worth it if you hate your job. Do radiology if it's what you enjoy.

 

[MrBurns10]

I don't think that's true.

There's an article in last month's throw away journal from RSNA citing data from the AMGA 2009 Medical Group Compensation and Financial Survey that shows salaries for diagnoistic radiologists increased 3.7% in 2009. That's considered to represent no change - I suppose because of inflation - but it's still encouraging that the percentage isn't negative. Also, 2008 saw salaries for diagnostic radiologists go up 4.8%.

And regarding the future, from the article: "Despite a lackluster year salary-wise, the future bodes well for radiology, given the significant increase in imaging volume and anticipated physician shortages."

Of course, we can have more in-depth discussions about the reasons why salaries have done what they've done, namely: are radiologists simply working harder for the same or slightly more pay? But I don't think we can state in absolute terms that radiologists' salaries have and will continue to go down.

I wholeheartedly agree with the other advice offer. No amount of money is worth it if you hate your job. Do radiology if it's what you enjoy.

This is more what I was referring to...for the same # of hours worked, salaries have gone down. At least that's what I had heard. Maybe I'm wrong?

 

[C5toC9]

But isn't that true for every specialty?

 

[colbgw02]

This is more what I was referring to...for the same # of hours worked, salaries have gone down. At least that's what I had heard. Maybe I'm wrong?

Hard to say. I realize that is the conventional wisdom right now, but it would be nice to see some data correlating productivity trends and salary.

I, for one, am just thankful that I'm in a specialty that can provide more work for me if I want it. I figure that I can always work less if it gets to be too much, but the converse isn't always true.

 

[Labslave]

This is more what I was referring to...for the same # of hours worked, salaries have gone down. At least that's what I had heard. Maybe I'm wrong?

I think you're spot on.

On the flip side, this will make it easier for those of us interested in academics to stay in academics from a financial perspective. The gap between the haves and the have nots will probably continue to narrow.

Irrespective of the salary cuts, I'd rather be doing radiology for 150k/year than doing pretty much anything else in medicine for twice that amount.

 

[MrBurns10]

Irrespective of the salary cuts, I'd rather be doing radiology for 150k/year than doing pretty much anything else in medicine for twice that amount.

Oh, for sure. I always say, "I'd rather do radiology for family medicine money than family medicine for radiology money." But you could insert any other field into that quote and it'd still hold true. I feel very fortunate to be able to pursue a career I'm excited and passionate about.

 

[touchadream]

As a tax attorney for docs, married to a rad, I see a lot of compensation variety even in the same speciality or subspecialty. If you are willing to live in a "less desirable" community, you can make huge amounts as a FP. The perceived popularity of plastic/derm/ophthal suffer from lot of competition. The plastics guys are advertising like mad, and the derms are battling them for turf...kind of choose your poison. Seems like they keep training because they can't get jobs. I see a lot of "first" contracts for new docs and this convinces me that salaries, etc., are all over the place. If you are really not a people person, path may be the way to go, as rad requires some serious people skills--after all, most of your clients are difficult and demanding (doctors!) and many think they can do what you do only better (cardiologists, neurologists...) I know FPs who make over a million a year, its all about how the practice is managed, so you CAN do what you love. Ten years from now? Come on. That's like asking, "Doc, how long do I have to live?" no one knows. Some say there will be a shortage of cardiac surgeons as the more complex procedures pass up the infamous stents that have decimated that job market. Its an interesting guess. Radiology has been a great field since they seem to develop interesting new modalities and procedures again and again, and then the other specialists invade the space, so radiologists reinvent themselves, often more than once over a career. Probably will continue to happen. Good luck. I couldn't agree more with the "love what you do" approach. Its a recipe for success like no other.

 

[iolani]

If salary were the only consideration, you would expect to see all radiologists competing for the jobs with the highest compensation, but clearly this is not the case. In fact, some commentators view an excessive emphasis on income as a sign of job dissatisfaction. The sense that salary is all that matters implies that the physician has lost interest in the work itself and is looking for other outlets in order to feel a sense of worth. matter