In the spring of this year, Medscape released their annual Radiologist Compensation Report. Radiologist income (annual average) scored fifth from the top at $375,000 dollars. This is an increase of $14,000 dollars over last year, or a six percent increase from 2015’s $351,000.
Almost all radiologists polled attributed the radiologist income increase to patient volume. Why has there been an increase in patient volume? With 10,000+ baby boomers turning 65 each day, this is going to cause an increase in patient volume in many specialty areas.
The Baby Boomer Affect
Internists experienced a 12 percent increase this year, with driving demand from the baby boomer generation. Radiology will see some of the effects from this as well. As baby boomers age and health issues arise, many of them will have need for various radiology scans.
From 2010 to 2030, the population of individuals over the age of 65 will increase by 73 percent. With those projections, baby boomers will be needing more specialized care as they age.
While this will be overwhelming to many facilities, for radiologists this will be one of the greatest opportunities for growth.
Power of The Referring Physician
Because of this, now is the time to expand your relationships with potential referring physicians. Make contacts, ask them how you can help. Offer them things that other radiologists and imaging centers can’t. For example, if you get the jump on clinical decision support (CDS), let them know!
Referring physicians want to work with people who are willing to collaborate and show greater interest in their patients and their results.
With such a huge opportunity for growth, it is not enough to sit back and wait for the “baby boomers” to walk through the door. You need to grow relationships with the referring physicians who will send them through that door.
For help and advice concerning referring physicians, increased patient volumes, and its impact on radiologist income read our piece here.
To see the Medscape Radiologist Compensation Report in its entirety click here. They cover compensation by region, self- employed vs. employed, male vs. female, etc.
This post was written by Allie Robinson, a business policy analyst with Novarad.