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Implosion of small radiology private practice

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  • Avatar photon 
    Participant
    Status: Physician
    Posts: 12
    Joined: 01/18/2019
    medical school scholarship sponsor

    Hi all

    Well it seems from the last time I’ve posted my practice continued down the implosion pathway.

    The future is uncertain and may include the following- hospital employment, telerad take over, some hybrid of the two, some other larger group taking over the contract. No idea what admin is planning as senior partners doing negotiations/ in denial and details are not forthcoming.

    Is there anything I should look out for or do?

    Bottom line given the national radiology shortage I figure I’d still have a job no matter what potential outcome. I am just wondering if anyone had any advice.

    I Am also counting on the good relationship I have with admin.

    Thanks for any advice in advance!!

    #205671 Reply
    Liked by Roentgen
    ENT Doc ENT Doc 
    Participant
    Status: Physician
    Posts: 3159
    Joined: 01/14/2017

    Start exploring other opportunities. Don’t put all your eggs in one basket. Sorry this is happening.

    Avatar MaxPower 
    Participant
    Status: Physician
    Posts: 289
    Joined: 02/22/2016

    Agree with @ ENT Doc. Start looking at other options ASAP so you aren’t left holding the bag if the worst happens. Even the information you get from that process may be helpful to you if/when admin comes looking to hire you. Best of luck.

    #205679 Reply
    Faithful Steward Faithful Steward 
    Participant
    Status: Financial Advisor, Small Business Owner
    Posts: 399
    Joined: 06/12/2017

    Sorry to hear about your situation. I agree with the above advice regarding beginning to explore other opportunities.

    I’ll add that, if you don’t already have a fully funded emergency fund, you should start funding that right away. That way you have cash set aside to carry you through any gap in employment.

    Best of luck in escaping what appears to be a terrible situation!

    Michael Peterson, CFP® | Faithful Steward Wealth Advisors
    http://www.fswealthadvisors.com | (717) 496-0900

    #205701 Reply
    Avatar jhwkr542 
    Participant
    Status: Physician
    Posts: 1142
    Joined: 02/15/2016

    Yeah, just talk to other groups around.  Everyone will sympathize with you and understand your situation.  We’ve interviewed plenty of people in a similar position, who are in a “not 100% looking but might be out a job soon” scenario.  Remember, it’ll still take several months to get credentialed to start a new position.

    Financially, just stay in a bit of a holding pattern for now.  No big purchases.  Maybe hold off on the 2 week vacation to Italy.

    #205708 Reply
    CordMcNally CordMcNally 
    Participant
    Status: Physician
    Posts: 2253
    Joined: 01/03/2017

    Get a jump and start looking. Even if everything with your current job turns out “ok”, you may find a better opportunity. I’m sorry the senior partners are providing very poor leadership and decision making.

    “But investing isn’t about beating others at their game. It’s about controlling yourself at your own game.”
    ― Benjamin Graham, The Intelligent Investor

    #205718 Reply
    q-school q-school 
    Participant
    Status: Physician
    Posts: 2359
    Joined: 05/07/2017

    the employment may involve a buyout?  just ride the ride until it’s clear what’s going to happen.

    it doesn’t hurt to start interviewing however.  buff up cv.  call old friends.  this may be an opportunity to join old residency mates who are in wonderful practices.

    good luck

    #205728 Reply
    Avatar Radonlake 
    Participant
    Status: Physician
    Posts: 22
    Joined: 01/24/2019

    How long are you from making partner? That may determine strategy too, particularly if a sell out is on the horizon. Do you have a noncompete?

    #205774 Reply
    Avatar wcinewbie 
    Participant
    Status: Physician
    Posts: 43
    Joined: 09/30/2017

    Same thing happening to me in a different specialty.  After it was clear there would be no transparency going forward, especially regarding new contracts, I immediately refinanced my student loans, slowed down retirement contributions, and started looking for new jobs.  This is going on everywhere in many specialties.  We can thank the boomers for this.

    #205777 Reply
    Liked by Bartl007, mkintx
    q-school q-school 
    Participant
    Status: Physician
    Posts: 2359
    Joined: 05/07/2017

     We can thank the boomers for this.

    Click to expand…

    yikes

     

    #205790 Reply
    Liked by jfoxcpacfp, hatton1, CM, Tim
    Vagabond MD Vagabond MD 
    Participant
    Status: Physician
    Posts: 3238
    Joined: 01/21/2016

    Get a jump and start looking. Even if everything with your current job turns out “ok”, you may find a better opportunity. I’m sorry the senior partners are providing very poor leadership and decision making.

    Click to expand…

    There is a significant shortage of radiologists out there on the streets, and it has become a game of musical chairs, in reverse. Too many chairs, not enough people for the number of seats. Excellent leadership and decision making will still suffer if you do not have enough bodies to deploy. Our group went from having two too many bodies in January (when the OP posted) to two few bodies today, having lost four people since then.

    I am 100% certain that if you are a rad with average training, an average skill set, average contacts, and an average work ethic, you could be easily working in a new job within 90 days. If a new group takes over, it is highly likely that they will hire you to work where you currently practice since they do not have the excess capacity; nobody does. Private practices, corporate radiology groups, and academic practices are all shorthanded. (Unfortunately for me, it means that I am working full time from 5/1 through the end of the year…at least. 😡)

    "Wealth is the slave of the wise man and the master of the fool.” -Seneca the Younger

    #205842 Reply
    q-school q-school 
    Participant
    Status: Physician
    Posts: 2359
    Joined: 05/07/2017

    Get a jump and start looking. Even if everything with your current job turns out “ok”, you may find a better opportunity. I’m sorry the senior partners are providing very poor leadership and decision making.

    Click to expand…

    There is a significant shortage of radiologists out there on the streets, and it has become a game of musical chairs, in reverse. Too many chairs, not enough people for the number of seats. Excellent leadership and decision making will still suffer if you do not have enough bodies to deploy. Our group went from having two too many bodies in January (when the OP posted) to two few bodies today, having lost four people since then.

    I am 100% certain that if you are a rad with average training, an average skill set, average contacts, and an average work ethic, you could be easily working in a new job within 90 days. If a new group takes over, it is highly likely that they will hire you to work where you currently practice since they do not have the excess capacity; nobody does. Private practices, corporate radiology groups, and academic practices are all shorthanded. (Unfortunately for me, it means that I am working full time from 5/1 through the end of the year…at least. 😡)

    Click to expand…

    They pulled you back in!

    #205892 Reply
    CM CM 
    Participant
    Status: Physician
    Posts: 1038
    Joined: 01/14/2017

    Get a jump and start looking. Even if everything with your current job turns out “ok”, you may find a better opportunity. I’m sorry the senior partners are providing very poor leadership and decision making.

    Click to expand…

    There is a significant shortage of radiologists out there on the streets, and it has become a game of musical chairs, in reverse. Too many chairs, not enough people for the number of seats. Excellent leadership and decision making will still suffer if you do not have enough bodies to deploy. Our group went from having two too many bodies in January (when the OP posted) to two few bodies today, having lost four people since then.

    I am 100% certain that if you are a rad with average training, an average skill set, average contacts, and an average work ethic, you could be easily working in a new job within 90 days. If a new group takes over, it is highly likely that they will hire you to work where you currently practice since they do not have the excess capacity; nobody does. Private practices, corporate radiology groups, and academic practices are all shorthanded. (Unfortunately for me, it means that I am working full time from 5/1 through the end of the year…at least. 😡)

    Click to expand…

    They pulled you back in!

    Click to expand…

    https://www.youtube.com/watch?v=UneS2Uwc6xw

    (at the one minute mark)

    Erstwhile Dance Theatre of Dayton performer cum bellhop. Carried bags for Cyd Charisse (gracious). Hosted epic company parties after Friday night rehearsals.

    #205896 Reply
    Avatar Dusn 
    Participant
    Status: Physician
    Posts: 163
    Joined: 01/02/2018

    I remember just a few years ago all my radiology friends could not find jobs and now there’s a shortage of radiologists? So weird.

    #205900 Reply
    Vagabond MD Vagabond MD 
    Participant
    Status: Physician
    Posts: 3238
    Joined: 01/21/2016

    I remember just a few years ago all my radiology friends could not find jobs and now there’s a shortage of radiologists? So weird.

    Click to expand…

    The radiology job market is cyclical. The last trough to the most recent ?peak represents the largest swing I have seen in my 23 years of practice. Bring on AI, and bring on the robots. We need all hands on deck to get the work done.

    "Wealth is the slave of the wise man and the master of the fool.” -Seneca the Younger

    #205918 Reply
    Liked by Roentgen

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