Radiologist Job Market : A Transformation

It is no secret that the Radiology Jobs market has undergone a significant transformation in the past eighteen months. The number of Radiology jobs currently available in 2010 has been reduced by a factor of 50-70% from previous (2007-2008) levels of comparable Radiology jobs depending on the specific geographic region and area of specialization. The factors are well known: current and projected future reductions in reimbursements for almost all Radiology studies and procedures have caused many Radiology practices to "tighten their belts" and read additional cases to maintain income levels. And many Senior Radiologists have put off retirement plans due to steep reductions in their retirement portfolios.

Despite the reduced number of Radiology jobs, the number of Radiologists seeking positions has only slightly decreased. This is due to two factors. The highest percentage of Radiology job seekers at any one time are those currently in training. Since there is a relatively long training cycle for Radiologists, this will maintain the numbers of graduating Radiology Residents and Fellows seeking jobs for the next few years.

We would expect that Radiologists already in practice are more likely to stay in their existing groups because of the uncertainty that dominates the current Radiology jobs market. However, the instability caused by reduced income in many private Radiology practices has forced employed Radiologists to look for new jobs as well.

The overall effect has been to change the focus of most Radiology job searches. Over the past several years the continued expansion of the Radiology jobs market allowed most Radiology job seekers to specify their geographic location, clinical focus and income targets and still have their choice of several attractive Radiology practice opportunities. Today’s Radiologists are making more difficult choices involving prioritizing their job criteria. If location is restricted (due to family requirements, etc) the Radiologist may need to be more flexible on clinical criteria and/or income. However, those Radiologists who can be open to a wide range of geographic areas often find themselves in a better bargaining position for the type of job and potential income they can expect. In particular, there are definite benefits for the Radiology job seeker who is willing to consider Radiology practices in smaller communities instead of the larger urban locations more traditionally sought after. Practices in these locations are more likely to have open positions and can offer great economic incentives: higher compensation and lower cost of living

Some Radiology specialties have proven to be more "recession proof" than others. There continues to be a solid market in Breast Imaging jobs, particularly those involving Breast Imaging procedures such as Stereotactic, Ultrasound and MRI Guided Biopsies. Interventional Radiology skills are also very much in demand in today’s Radiology market, as many private practices struggle to continue to offer Interventional Radiology services while the most attractive procedures are being siphoned off to Vascular Surgeons, Cardiologists and other practitioners. The next most marketable skill is MRI, particularly Neuro MRI and Musculoskeletal MRI. Neuroradiology skills in general continue to be in demand most areas of the country, particularly for those Neuroradiologists who do procedures.