Average radiologist pay has grown nearly 38% since 2015, according to compensation data from Medscape, released on Wednesday.  

Members of the specialty earned about $483,000 last year, up from $351,000 tallied eight years ago, according to the WebMD-owned provider of news and educational offerings. Primary care and other specialists have similarly seen their wages climb since 2015, with one key motivating factor.

“Supply and demand is the biggest driver,” Mike Belkin, divisional VP at physician-recruiting firm Merritt Hawkins, told Medscape. “Organizations understand it’s not getting any easier to get good candidates, and so for the most part, physicians are getting good offers.”

Radiologists also saw their pay rise 10% year-over-year, the third highest gain after oncologists (13%) and gastroenterologists (11%). And members of the specialty scored the third highest in incentive pay among all physician types at $80,000. Only orthopedists ($134,000) and cardiologists ($88,000) earned larger bonuses.

Other findings of note in the 2023 Medscape Radiologist Compensation Report:

• 15% of radiologists surveyed said nonphysician practitioners were the biggest competitor affecting their income (up from 10% in the last survey). The vast majority (73%) said income wasn’t impacted by any of the competitors listed in the survey.
• 37% of radiologists said they took on additional work hours, up from 36% in the previous survey. Medical moonlighting was the No. 1 reason at 16%.
• 58% of radiologists said they feel fairly paid, placing the specialty in the top third of the list.
• 70% of radiologists said they’d choose a career in medicine again, down from 72% in the 2022 survey. Another 90% said they’d choose the same specialty (vs. 92% last year).
• Radiologists spent about 11.5 hours per week on paperwork and administrative duties, compared to 13.7 previously and placing the specialty fourth from last.
• 12% of radiologists said they’d consider dropping their lowest-paying insurer. “No, I need all payers” was the top answer at 37%, followed by “no, for other reasons” (35%) and “no, it’s inappropriate” (16%).
• 59% of radiologists said they continue to participate in fee-for-service medicine. Other popular payment models included bundling (9%), value-based compensation (9%), episode-of-care pay (8%) and capitation (6%).
• 51% of radiologists said “being good at what I am doing/finding answers, diagnoses” was the most rewarding part of their job.
• 26% said “having to work long hours” was the most challenging aspect.

Medscape reached more than 10,000 physicians with its online survey, conducted between October and January. The tally spanned 29 specialties and included 300 radiologists. Medscape also released its overall Physician Compensation Report in April.

Find the full survey results below.