| > | | | | The US is aging. Between 2010 and 2035, all age |
| Highly paid Radiologists may not generate much | | | | groups 70 and above will increase over 95%. This |
| sympathy but their world may be changing. The | | | | means there will be a greater demand for all health |
| constant rise in their salaries seems to have hit a wall | | | | care services. Further, it is estimated that as many as |
| and indeed due to some changes in reimbursement | | | | one-third of today's practicing physicians will retire by |
| rates they may actually have fallen recently After a | | | | 2020. There are about 30,000 practicing radiologists in |
| number of years of rising salaries Radiologists are a | | | | the US. |
| sharp setback in income. The constant rise in their | | | | The recession and massive job loss across the |
| salaries seems to have hit a wall and indeed due to | | | | country has had a direct impact on the revenue |
| changes in reimbursement rates they actually have | | | | stream to physicians. When people lose their job, they |
| fallen recently. Even before any health care reform | | | | also lose their health care benefits and so access to |
| has been enacted Radiologists are seeing their income | | | | health care. Further, the makers of high-tech imaging |
| fall and in addition the recession is also impacting the | | | | equipment may take a big hit should government |
| bottom line negatively. This situation is not limited to | | | | insurance payments for such tests be reduced. Lower |
| Radiology jobs, last year U.S. hospitals saw more | | | | reimbursements may make hospitals reconsider buying |
| patients without insurance or the ability to pay their | | | | the $1 million imaging machines. |
| hospital bills. Bad debt has risen, while donations have | | | | The recent stock market collapse has had a major |
| fallen. Even though the United States is beginning to | | | | impact on older physicians retirement plans. Some |
| have a physician shortage which may intensify as the | | | | Radiologists are postponing retirement because of the |
| largest part of the population, the baby boomers, age | | | | economy's impact on their retirement savings. But |
| and their need for health care grows. | | | | even a delay of a few years remedy the loss of |
| At a time when the cost of education is rising and in | | | | experienced physicians. This postponement has |
| some states like California at a rapid rate, the ability to | | | | resulted in fewer jobs being offered and graduating |
| pay back the debt is falling. This means that some | | | | residents not finding as many opportunities as before. |
| physicians must take into consideration what job they | | | | Residents rather than committing themselves to less |
| can afford to take right out of their Residency or | | | | desirable jobs now, are opting for Radiology Locum |
| Fellowship. Physicians have always been able to | | | | jobs and waiting before committing to full time |
| carry the burden of their long and expensive education, | | | | employment. So for the short term, it appears there |
| because they knew in the end their future earnings | | | | are fewer good jobs available. |
| would cover the debt. What happens if in our haste | | | | Health Reform |
| to cut health care costs we destroy the ability of our | | | | Another uncertainty is the outcome of national health |
| top students to undertake this path. | | | | reform. If the health care reform actually works in |
| The Slowing Economy and Aging Population | | | | increasing the enrollment into health care insurance |
| At the same time a study indicates that there is | | | | then the long term the aging population and these |
| currently a shortage of diagnostic radiologists in the | | | | increased numbers should push demand for services |
| United States. The American College of Radiology's | | | | and therefore cost higher. However, no one yet |
| survey of hiring in 1998 measured the shortage at 600, | | | | knows what will happen to reimbursement rates from |
| but others see technology easing the shortage as | | | | Medicare. Already there has been some lowering of |
| radiologists are able to perform more procedures | | | | rates they pay in Radiology affecting all specialties |
| more efficiently. | | | | including Interventional Radiology jobs. |