Why Radiology as a Specialty is Hot Again
In my last blog post I informed readers that the radiology physician marketplace is on the rise. More and more groups and practices are seeking the need to fill open positions. The ACR alone has increased job posting traffic this year by over 25% in many states. We at SMART Physician Recruiting are seeing the same meteoric rise in opportunities. Several of our past clients (partners) and new clients are seeking our services to find the right candidate for their practice or group.
But Why? Why has radiology as a specialty bounced back? As an industry expert in radiology recruitment (I have been radiology physician recruiting both full-time and locum tenens physicians for over seventeen years) I have been watching this rebound closely for the past four years. I believe the market is improving simply because of a simple economic theory (supply and demand). As discussed in my previous blog, the collapse of radiology positions in 2009 was spearheaded by both the passing of the Deficit Reduction Act, coupled with the worst stock market collapse since the 1929 Great Depression. These two factors had monumental effects on the radiology physician marketplace for opportunities. The Deficit Reduction ACT in 2009 reduced hundreds of radiology jobs nearly over-night. Before that was happening the market was already being affected by radiologists that were planning to retire or those who recently retired and then came back into the marketplace after the Stock Market Collapse of 2008. Those physicians lost nest eggs and needed to continue working.
These two factors had a monumental shift on simple economics. Suddenly there was few if any positions open for radiologists and too many radiologists seeking work. That’s simple economics.
The good news for physician recruitment company’s like SMART, is that we knew this wasn’t going to stay this way forever. We’ve been through marketplace changes before and knew that eventually all those radiologists who did retire or were planning on retiring would eventually retire. That’s been happening the last three to four years. Suddenly what was a glutton of radiologists who were seeking work is now being outpaced by radiologists that are retiring at a record pace with a booming stock market.
What does this mean for the future of radiologists seeking new and better opportunities? I’ll write about that next week. Please follow me on twitter, linked in or just monitor this blog. SMART is a nationwide physician recruitment company that is changing the way physicians consider new opportunities. Please spend some time visiting our site now (www.smartphysicianrecruiting.com)