Cost-Comparison: Travelers are Now Far More Expensive than Staff Technologists
The cost of hiring a radiology traveler technologist (travel tech) compared to a radiology staff technologist can vary significantly based on factors like location, demand, and contract terms. But what’s universally true is the Traveler pay rate has increased by over 135% since 2018. Much of that due to covid-19, and some of that being useful at the time, has now created a financially unsustainable option for most radiology practices. Let’s compare the costs below:
1. Radiology Traveler Technologist:
Hourly Rate: Travel technologists generally earn higher hourly rates to compensate for the temporary nature of their work, relocation, and the demand for flexibility. The hourly rates for travel radiologic technologists can range from $50 to $80 or more, depending on experience, location, and the urgency of the assignment.
Housing and Per Diem: Employers typically provide a housing stipend or directly cover housing costs, which can range from $1,000 to $3,000 per month. A per diem for meals and incidental expenses is also common, ranging from $30 to $50 per day.
Travel Expenses: Reimbursement for travel expenses to and from the assignment location is usually covered, which can include airfare, mileage, or other transportation costs.
Healthcare and Benefits: Some travel techs may receive health insurance, retirement benefits, and other perks from their staffing agency. These costs are often factored into the overall contract rate.
Estimated Total Cost per Week:
Considering an average hourly rate of $60, a 40-hour work week would cost $2,400. Adding housing, per diem, and other benefits could bring the total to approximately $3,500 to $4,500 per week.
2. Radiology Staff Technologist:
Annual Salary: The average annual salary for a full-time radiology staff technologist in the United States is typically between $75,000 and $95,000, depending on experience, location, and specific skills.
Benefits: Full-time staff technologists usually receive a benefits package that includes health insurance, retirement contributions (e.g., 401(k) matches), paid time off, and other perks. These benefits can add an additional 20-30% to the base salary cost.
Training and Onboarding Costs: Initial training, onboarding, and orientation can incur one-time costs, which can vary depending on the facility's requirements.
Sign on bonus/Relocation: Most hospitals are now offering sign-on between $10,000 - $30,000.
Recruiter Costs: For most recruiters, the cost of permanent placement will be $15,000 - $20,000.
Overtime Pay: While not always applicable, staff technologists may occasionally earn overtime, which can increase labor costs.
Estimated Total Cost per Year: For a base salary of $85,000, adding 25% for benefits ($21,250), plus $5,000 in onboarding, plus $15,000 average sign-on bonus, plus $17,500 average recruiter costs, the total annual cost would be approximately $143,750. This equates to roughly $2,764 per week for the first year and $2,043 every year after that (not including raises).
The average weekly cost of Travelers:
$4,000 per week
The average weekly cost of Staff Techs:
$2,764 first year and $2,043 after that
Conclusion:
We acknowledge the reality of short-term needs (ie. maternity leave) that Travelers have been able to solve for many Radiology departments, and there may be a time when that is still useful. But “Traveler Culture” as we call it is - where Travelers are the norm for most practices - is no longer a financially sustainable model for radiology departments. There are many other benefits to hiring Staff Technologists compared to Traveling Technologists, but financially speaking, the numbers speak for themselves.
