What’s going on with the Radiology Market?
Why has the radiology job market slowed down?
Economy is slow and thus growth in healthcare is slow. Several groups across the country have or are reporting a drop in imaging volumes and reimbursement. As a result, group, hospitals and healthcare systems are reluctant to hire new staff.
The main reason is radiologists of retirement age are not retiring because of Stock Market Crash of 2008. The radiology market has signicantly slowed down from about 10 jobs per candidate in 2007 to now about three per candidate. When radiologists of retirement age are not retiring, it takes away open spots for graduating radiology fellows and residents. This then has a domino effect on the entire radiology market. Radiologists who are leaving groups or in between positions are having a much more difficult time locating a new desired position. Also, locum tenens radiology has slowed because retired radiologists are working part-time for their past groups instead of completely retiring.
We will expand more on this last note about locum tenens in another future blog.