Teleradiology vs. Private Practice // Do the Math

Summary

This video compares private practice radiology to teleradiology, breaking down the compensation structures for both through simple math. It highlights key factors like salary, vacation, work hours, and productivity. For private practice, the speaker calculates an hourly rate of $125 based on a typical $350,000 salary and 244 working days. For teleradiology, the compensation is based on RVUs, with potential hourly earnings starting at $120 and increasing with higher productivity. The speaker emphasizes that neither option is inherently better, but rather it depends on personal preference and lifestyle factors, encouraging viewers to do the math and decide what works best for them.

Takeaways

• 😀 Private practice and teleradiology are not inherently good or bad, but different ways to practice radiology.
• 😀 To evaluate a private practice offer, basic math can help calculate the hourly compensation, considering working days, vacation time, and commute time.
• 😀 A typical private practice offer in major cities like New York or LA could be $350,000 with 8 weeks of vacation, leading to around $125 per hour after adjusting for workdays and commute.
• 😀 Commute time should be factored into working hours since it directly affects the time spent on producing work.
• 😀 Private practice may involve call, adding additional workdays. For example, one weekend per month could add 24 extra days to the year.
• 😀 A typical workday for private practice may span 11.5 hours, including commute and preparation time, rather than just the office hours.
• 😀 Teleradiology compensation is often based on RVUs (Relative Value Units), with a typical rate of $20 per RVU.
• 😀 To match the hourly compensation of private practice, a teleradiologist would need to read at least 6 RVUs per hour, earning around $120 per hour.
• 😀 If a teleradiologist can read 8 RVUs per hour, their hourly compensation can surpass that of a private practice radiologist.
• 😀 Teleradiology often involves after-hours work, which could include nights, weekends, or even overnight shifts, affecting lifestyle and productivity.
• 😀 The main takeaway is that using math to calculate hourly compensation helps in making an informed decision about whether private practice or teleradiology fits your personal and professional goals.

Q & A

What is the main point the speaker is trying to make about private practice and teleradiology?

The main point is that neither private practice nor teleradiology is inherently better or worse; they are just different approaches to the same profession, and the decision depends on individual preferences and priorities.

How does the speaker suggest evaluating a job offer in radiology?

The speaker suggests using simple math to calculate the hourly compensation based on salary, working days, hours worked, and additional time spent on commuting or other work-related tasks.

What are the typical working conditions for a radiologist in private practice, according to the script?

A typical private practice job involves working about 220 days per year, with 8 weeks of vacation, and includes additional days for on-call duties. The workday is typically 9 hours, but factoring in commuting and preparation time, the total workday extends to about 11.5 hours.

What hourly rate does the speaker calculate for a private practice radiologist in the example provided?

Based on the example provided, the hourly rate for a private practice radiologist is approximately $125 per hour, after considering working hours, commuting, and preparation time.

How does teleradiology compensation compare to private practice, according to the speaker's calculations?

In teleradiology, a radiologist can earn around $120 per hour if they can complete 6 RVUs (Relative Value Units) per hour, which is comparable to the $125 per hour calculated for private practice. The actual earnings depend on the number of RVUs a radiologist can read per hour.

What is the significance of RVUs in teleradiology compensation?

RVUs (Relative Value Units) are the key measure of productivity in teleradiology. Radiologists are paid based on how many RVUs they complete per hour, with typical compensation being around $20 per RVU.

How does working overnight or off-hours in teleradiology affect compensation?

While teleradiology can offer high hourly rates, it often involves working off-hours, such as evenings, nights, or weekends. This can impact work-life balance, productivity, and lifestyle, although it doesn't necessarily affect the compensation directly.

What lifestyle factors should be considered when deciding between private practice and teleradiology?

Lifestyle factors such as working hours, commute time, and work-life balance should be considered. Private practice often involves regular 8-to-5 hours with some on-call duties, while teleradiology may require working nights or weekends, potentially affecting personal time and daily routines.

Why does the speaker emphasize the importance of commuting time in the calculation of hourly compensation?

The speaker emphasizes commuting time because it represents time spent away from productive work. When commuting, a radiologist is not generating income, so including this time in the calculation gives a more accurate estimate of hourly compensation.

How does the speaker suggest using math to evaluate a teleradiology job offer?

The speaker suggests calculating the number of RVUs a teleradiologist can read per hour and multiplying that by the pay rate per RVU. By comparing this with the hourly rate of a private practice job, one can objectively assess the compensation offered by a teleradiology company.