Diagnostic Radiology Jobs
A new survey by the American Medical Group Association (AMGA) shows diagnostic radiologists in group practices remain among the highest-paid specialists in the United States. Not only did diagnostic radiologists enjoy strong compensation increases in 2003, but also, over the past four years, they have seen larger percentage and dollar increases than any of the other 27 medical specialties studied.
In 2003 the median compensation for a diagnostic interventional radiologist was $410,250—the second highest in the survey. Cardiac/thoracic surgeons took the top spot at $416,896. In 2002, median income for a diagnostic interventional radiologist was at $401,000, slightly higher than the $400,500 reported for cardiac/thoracic surgeons.
Diagnostic non-interventional radiologists maintained fifth-ranked status in median compensation in 2003 at $345,619, behind catheter lab cardiologists ($368,938) and orthopedic surgeons ($354,495).
Four-Year Evaluation
Evaluation of radiology salaries over the past four years demonstrates continuing demand in the specialty. Since 2000, diagnostic interventional radiologists have seen a 34 percent increase in median salary; diagnostic non-interventional radiologists saw an increase of nearly 32 percent. That translates to a $104,250 jump in median compensation for interventional radiologists and an $83,040 increase for non-interventional radiologists since 2000.
"The single biggest driver of salaries is the availability of specialists that medical groups are looking for. There is still a shortage of available radiologists and this is driving up their market value," says Donald W. Fisher, Ph.D., AMGA president and CEO.
The AMGA salary survey, released in July 2004, came from 204 multispecialty groups. But Dr. Fisher says the data are relevant for single specialty groups, who are, in most cases, paid more.
"We think it's appropriate and valuable to do this kind of benchmarking. It's important for physicians to take a look at their compensation strategy and to see what changes need to be made to be attractive to members of their profession," he says. "We also do productivity measures. It allows our members to see if they are working as hard as their peer group. We like to see how we're doing."
Productivity
Diagnostic radiologists also showed strong results in gross charges—a measure of a physician's productivity. Non-interventional diagnostic radiologists saw a 32 percent increase in median gross charges from 2000 to 2003, while interventional radiologists saw an increase of nearly 11 percent. The top three specialties finishing the four-year survey period with the highest percentage changes in gross charges are pathology (43 percent), urology (42 percent) and gastroenterology (38 percent).
AMGA says gross charges are important to measure, not just for productivity data, but also because the numbers are used in determining physician compensation.
Work RVUs
A third category reviewed by AMGA is work RVUs, or technical relative value units. The numbers are established by Medicare and are used in its fee formula, along with practice and malpractice expenses. The work RVU indicates the professional value of services provided by a physician.
"RVUs take into account calculations involving patients and procedures performed, along with the skill of the physician and the risk of the procedure," says Brad Vaudrey, a manager with RSM McGladrey, Inc., the firm AMGA hires to conduct the yearly survey. "The Centers for Medicare & Medicaid Services (CMS) provides the value for each procedure, and we've found that 40 percent of physicians in group practices use RVUs as a measure for compensation decisions."
In analyzing the RVU data, McGladrey found interventional radiologists at the top of the list with a median 8,726 work RVUs in 2003—down slightly from 2002. In second place were the cardiac/thoracic surgeons with 8,107 work RVUs, followed by gastroenterologists (7,219), ophthalmologists (7,200) and non-interventional radiologists with 7,183 work RVUs—an increase from 2002.
Catheter lab cardiologists saw the largest single-year decline in median work RVU productivity at 12.39 percent.
Baby Boomer Impact?
While demand for radiologists continues to be strong, the changes in compensation figures demonstrate a slight shift in the recruiting landscape reflected in this year's data from the Merritt, Hawkins and Associates Review of Physician Recruiting Incentives. In 2003, radiologists were the most highly recruited of the medical specialties. The 2004 study of income offered to the top 15 recruited specialties showed the strong demand for orthopedic surgeons just edged radiologists into second place. Average income offers to recruited radiologists rose from $317,000 in 2003 to $336,000 this year, reflecting a strong and steady demand in the profession. The average income of newly recruited orthopedic surgeons is slightly lower than radiologists at $330,000, but the number of searches conducted in the specialty has grown from 140 in 2001, to 210 in 2004. The number of searches Merritt Hawkins conducted for radiologists fell from 230 last year to 202 this year.
"We attribute this to the natural cycle of physician recruitment in which efforts tend to focus on certain areas of high demand which, over a period of several years, are eventually addressed by many providers," analysts for Merritt Hawkins reported in their annual survey. The company also attributes strong demand for radiologists and orthopedic surgeons to an aging population that wants to remain active.
"Older patients utilize x-rays and other imaging modalities at a rate three times higher than younger people," said the Merritt report. "Demand (for orthopedic surgeons) is being driven by the 'active elderly' and aging baby boomers who are seeking to maintain vibrant lifestyles and often require orthopedic surgery to do so."
This information should make radiologists feel positive about their future earning power. "Based on these numbers and our experience, radiology is still going to be a high-demand specialty and practitioners should expect above-inflationary compensation increases," says Vaudrey.
2003 Median Physician Compensation
Diagnostic radiologist (interventional): $410,250
Catheter lab cardiologist: $368,938
Orthopedic surgeon: $354,495
Diagnostic radiologist (non-interventional): $345,619
Source: AMGA
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