The COVID pandemic has fast-tracked the adoption of advanced medical imaging solutions in the teleradiology industry. Thus, Emergen Research predicts that the market for teleradiology services will produce a turnover of USD 40 billion globally by 2028, growing at a CAGR of 23.7% over the projection period, 2021–2028.
In the past, teleradiology didn’t have a good reputation. In most cases, the teleradiology interpretation often came from overseas, the pay was low, and onsite radiologists were perturbed that the interpreter was hard to reach to answer queries.
The local radiologists also questioned the quality. Luckily, many radiologists use Advanced Telemed Services, which offer accurate radiology reports. Teleradiology service stakeholders in the US and Europe have attractive prospects because this technology is used as a new diagnostic tool.
The good news is that teleradiology overcame these barriers in healthcare, but how did it do it? The healthcare system had to find solutions for the physicians who couldn’t interpret X-rays, PET CT scans, or CT scan reports to overcome complexity and innovation challenges and the lack of qualified radiologists.
The Teleradiology Services Market
In 2020, the teleradiology services market was valued at over US $6.4 billion and was expected to spike. The industry’s market size will be propelled by technological advancement in teleradiology, an increase in the global geriatric population, and a rise in the number of specialties.
Shockingly Association of American Medical Colleges reveals that the United States is projected to face a radiologist’s inadequacy by 2032 as the demand for their expertise rises compared to their supply.
But, How Much Does a Radiologist Make?
In the US, radiologists’ salaries range from $57,820 to $700,000, with an average of $187,200. In most cases, the median radiologist’s annual salary is $187,200, with the highest-paid radiologists making $700,000.
Radiologists may expect to have a take-home pay of $189,799 after federal taxes of 35% are removed, with each paycheck representing approximately $7,908.
However, the collective figure dipped to $ 413,000 due to the impact of COVID.
Who Controls Your Compensation as a Radiologist?
Irrespective of whether your salary is on par with these statistics, it is a good time to take stock and ask yourself:
- How hard am I supposed to work, and am I even in control?
- How satisfied am I with the hours I put in to materialize?
- As a radiologist, am I satisfied with my income?
Every compensation model is unique, and they can all impact radiologists’ potential earnings. Therefore, radiologists should examine their compensation model closely.
Do you receive an annual salary accompanied by an incentive payment? Or is your salary based on a tier system that requires you to read a certain amount?
Your practice controls your compensation. Not you. Are you surprised at how little control you have over your occupation and earnings? Having no say in your own life can damage your intellectual, physical health, and personal life.
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