Neuroradiologist Salary Expectations and Negotiations

If you have medical imaging done to see your nervous system, or your head, neck or spine, it’s likely that a neuroradiologist will take a look and offer their expert opinion to your physician. Neuroradiology physicians are types of radiologists who review neuroimaging from CT and MRI scans. They may recommend additional scans or treatments, and they can also carry out certain image-guided treatments. This expertise commands a high neuroradiologist salary.

These professionals get into their specialty by going through medical school and then a four-year radiology residency. After that, they continue with a one- to two-year fellowship in the specialty. This article covers in-depth the salary expected from this training and expertise, as well as a range of factors that cause variations in neuroradiologist salary. We also share how to make the most of your physician salary through good financial planning.

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Average Neuroradiologist Salary

Neurological radiology physicians make a median salary of $626,170 per year nationwide, according to the 2022 MGMA Compensation & Production Report. MGMA stands for Medical Group Management Association, and median salary refers to the amount at which half of salaries fall below and half come above that number.

In the top bracket of the profession, the specialty earns above $900,000, while the bottom bracket makes $350,000 – $400,000 in the 10th percentile. This is a high-paying physician specialty, as even the lowest salary is higher than some other specialties one could choose.

Various sources differ regarding median salary for the same profession, in part because they tend to look at different data. For instance, some sources include physician group data while others use self-reported information on the site.

Here is the average salary for neuroradiologists across different sources:

ZipRecruiter: $379,090
Salary.com: $305,374
Glassdoor: $177,819
Comparably: $315,000

Factors that Affect the Salary of Neuroradiologists

While we can look at average salary for a profession, a salary is a complex topic. That’s because many factors go into the variations between salaries. Let’s take a look at numerous factors that can impact neuroradiologist salary.

Location

Different parts of the country pay physicians differently for this same field. According to MGMA, neuroradiologists earn the most in the Western region and the least in the Eastern region.

ZipRecruiter shows that the income for this profession varies by the state. It notes that nine states pay more than the national average for this role, which it considers $379,090. These include:

Wyoming: $399,865
Arizona: $397,332
Montana: $393,559
Tennessee: $387,062
Indiana: $385,968
Massachusetts: $385,537
Hawaii: $385,395
New Jersey: $382,948
Nevada: $382,181

Nonetheless, salary can also vary by the city, and within comparisons of urban versus rural areas. For example, Salary.com shows that the highest paying city for this position is San Francisco, with a salary of $381,718. The next is New York City at $367,365. We can see how living in other cities can pay less for the same profession. For example, the salary in Miami is $297,285, while it’s $339,943 in Washington, D.C.

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Type of Practice

The practice where a physician works makes a difference regarding the salary and overall compensation they can expect. In the case of neurological radiologists, they tend to make more in practices that are owned by the physicians rather than working in a hospital.

Physician-owned practices have a higher median salary for this role, as compared to those working in a hospital. Nonetheless, one could also consider benefits a hospital may provide, such as bonuses. In addition, neurological radiologists make much more in multispecialty practices, compared to the median of those working in a single specialty practice.

Total Compensation

Another major factor that impacts salary is annual incentives. Average salary often looks at the base salary paid to a position. However, there are numerous incentives a physician can often expect that significantly increase the overall compensation and financial picture. These include bonuses, the value of benefits, overtime pay, profit sharing and other cash earnings. Salary.com shows that a neuroradiologist salary can go from an average base salary of $305,374 to an average total compensation of $419,543 when the additional incentives are factored in.

Gender Pay Gap

There is some evidence of a gender pay gap in radiology and neuroradiology, so this may be another factor contributing to salary discrepancies. For instance, some research has found that female radiologists make about one million dollars less than their male colleagues over their careers and that they earn 33% less.

Read this: How Female Physicians Can Counteract the Gender Pay Gap

Career Demand

There is a global shortage of radiologists, according to the Radiological Society of North America, or RSNA. Some factors contributing to this problem include COVID burnout, an increasing aging population and not enough radiology trainees in proportion to the population. This gives an opportunity for physicians in radiology to potentially make a higher salary as they are in strong demand.

Additional Factors

There may be additional factors that impact salary as well. These can include years of experience in a profession, credentials, education and added skills.

Subspecialties

It’s possible to further specialize as a neuroradiologist. One such job title is that of an interventional neuroradiologist. The average base salary for this subspecialty is $355,744 on Salary.com, which is higher than the average neuroradiologist salary of $305,374 from the same source.

Keep Reading: Unlocking the Potential: Navigating Salary Structures for Diagnostic Radiology Physicians

Average Loan Debt for Physicians in This Field

Medical school debt generally comes out to an average of $200,000. This is true for neuroradiology physicians as it is for other specialties, as students continue with their specialties through paid residencies and fellowships after medical school. You pay more than the initial amount of the student loans over the course of paying them off, as there is interest included in the repayments.

Once you are working as a physician, you then need to repay your student loans, which becomes one of the bills taking away from your physician salary. Physicians can consider different ways to manage their student loan debt in order to make the most of their salaries. Some may be able to take part in a student loan forgiveness program, yet these require qualifying for the program and may require making a lower salary by working for a non-profit.

Refinancing provides a good solution. When you receive a lower interest rate on the amount of the loans, you save on repaying the loans each month and overall. This brings more of your salary back to your pocket. Take a look at our special refinancing discounts to see if the rates would help you save. You can also consider various other repayment options, such as starting repayments while in a residency program.

Read this: Experts Weigh in on the Future of Healthcare in the Next 30 Years

Ways to Increase Salary for Physicians in This Specialty

The variations in salary for neuroradiologists provide clues on how to make more money in the specialization. It varies by the type of physician. For this specialty, you could consider starting your own private practice or creating a practice with other physicians, as physician-owned practices are associated with higher neuroradiologist salaries. In addition, having your own practice creates more opportunities like purchasing real estate space to save on the cost of renting and hiring assistants to free up your time for more patients.

You have the opportunity to make more money by subspecializing in interventional neuroradiology. Further, relocating provides opportunities for advancing income if other parts of the nation pay more than the one you are currently in or another employer could pay more. Nonetheless, it’s important to weigh any increase in salary with the cost of living in each location. If you have an employer instead of working for yourself, you could negotiate a bonus, such as a signing bonus, or production bonus, such as one based on wRVUs.

How to Manage Physician Finances

In addition to trying to make a higher neuroradiologist salary and boost your total compensation, you should be thinking about how to manage that money for the best financial picture throughout your life. Here are a few areas to focus on:

Retirement Savings

Plan out how best to save for retirement, which varies by the type of work situation you have. If you are working for an employer, you could sign up for an employer-offered retirement plan, which would likely be a 401(k) plan. Your employer should contribute to the account, and you can also set it up to have an amount go straight from your paycheck into the account each pay period. You can also look into other types of retirement accounts, such as an IRA, if you have a private practice or want to add it on the side of an employer plan.

Tax Planning

Comparably explains that the tax bracket neuroradiologists fall into on average would generally bring a 35 percent federal tax rate. One potential way to save is by working under a 1099 contractor arrangement that allows people to take advantage of business write-offs on their taxes rather than doing an employee W2 arrangement. This may also make sense considering physician-owned practices pay the most for this specialty. These are types tax planning considerations you can make to maximize your money.

Insurance

It’s important to have insurance while working as a neuroradiology physician. This can protect your finances in case something goes wrong in the line of your work. Disability insurance is one type that can provide compensation if you’re unable to fulfill your role due to a disability. Another good type to have is malpractice insurance, which comes into play if a patient makes a claim against you. It’s wise to ensure you have enough malpractice coverage and to choose the best type, with claims-made malpractice insurance being the more common option over occurrence malpractice insurance.

Negotiate Your Salary

Finally, let’s consider another way to increase your neuroradiologist salary regardless of location and other factors. No matter where you work, you can potentially earn more through the act of negotiating your salary. Don’t believe the myth that employment contracts cannot be negotiated. This is no small matter and should definitely not be ignored, as salary negotiations can start you off at a higher salary and help to grow your salary over your entire career. These negotiations also have a part to play in additional incentives toward total compensation. You should negotiate your initial salary with an employer and then renegotiate at pivotal times, such as when you have gained skills. Read on to know what you can expect during salary negotiations.

A contract review should look at base salary hinged on relevant credentials, experience, location and other factors. Then, it also includes extra compensation through a good benefits package, bonuses that could include a sign-on bonus and production bonus, profit sharing and more. It can also include factors that could further impact your career and income, such as job duties and having an assistant.

It’s worth having an expert carry out your contract review and salary negotiations. This way, you ensure you make the right amount based on your skills, experience, the market and other factors. You can rely on a person’s professional expertise in managing negotiations, just as patients would rely on you for your medical expertise. Contact us to get started with a professional contract review.

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Protect Your Salary

Last, but not least, let’s circle back to disability insurance. It’s essential to protect your neuroradiologist salary with disability insurance. While an employer is likely to offer this benefit under a group policy, it’s wise to take a look at the plan and consider adding an individual policy for better protection. You should also be looking at an individual policy if you start a private practice.

Group disability insurance policies tend to have limitations. They often fail to cover you unless you have total disability that results in not being able to perform any kind of job. In addition, these policies usually don’t cover certain issues like behavioral health. If you do get coverage, it generally only makes up 60 percent of the base salary you were making. You also lose coverage when you switch jobs, and you pay taxes on the policy.

Individual disability plans, on the other hand, provide better coverage to protect your income and financial picture. These plans tend to include more under the definition of disability, and can include partial or residual coverage. They are separate from a workplace and are not taxed. You have more control over the payouts, as you can cover total compensation rather than just base income and you can pick a higher payout, while knowing that premiums increase in turn.

Conclusion

In conclusion, it is clear that neuroradiologist physicians command a significant salary in the medical field. However, it is important to note that salary is just one aspect of a successful career in neuroradiology.

For a more comprehensive understanding of the earning potential and career prospects for neuroradiologists, we encourage readers to download our annual 2022 Physician Compensation report. This report provides detailed information on salary trends and job opportunities for neuroradiologists, as well as other medical specialties. We hope that this report will help aspiring and current neuroradiologists make informed decisions about their career paths and financial planning.