[g.giancaspro_108]

It had little effect on our group (PP) except that a couple retirements were delayed a year or two. 
Some hospital employed acquaintances had their pay cut even though the hospital itself did not seem to be suffering, I think the hospital just took advantage of the situation.
It was a great time to invest and our group picked up a building at a great deal.  Several rads also got great deals on houses.
During Covid RP and some hospitals cut hours and pay of their rads, furthering my belief that big corporate groups will use any excuse to exploit their employee rads.

[btomba_77]

My day-to-day life changed very little. Comp/benefits/volumes all pretty much clipped along.
 
The biggest change was our ability to develop an internal night group from scratch.   We hired a ton of people back in the days when *any* job offer would bring in 100 CVs.

[gustavobarraza_207]

Here in New York metro (Long Island) the 2008 recession was the killing blow for private practices. Already mortally wounded by the 2006 DRA legislation, the recession (and predatory hospital networks) significantly reduced the  outpatient volume. Lost jobs, lost insurance, etc etc.
By 2012, nearly all were submerged into hospital networks. Overnight, putting the hospital name on the door resulted in a 2-3x billing increase for non-medicare cases.
Sad day for autonomy, potential income, and also very importantly… Quality!!!

[william.wang_997]

In CA, where I am; agree with above that some people went bust ( their portfolios were all stocks and zero bonds and sold at the wrong time) and some people bought houses after the crash , so did well. The practice on the other had survived and cash kept coming in. Almost everyone delayed retirement.

[tdetlie_105]

Quote from drgl

Here in New York metro (Long Island) the 2008 recession was the killing blow for private practices. Already mortally wounded by the 2006 DRA legislation, the recession (and predatory hospital networks) significantly reduced the  outpatient volume. Lost jobs, lost insurance, etc etc.
By 2012, nearly all were submerged into hospital networks. Overnight, putting the hospital name on the door resulted in a 2-3x billing increase for non-medicare cases.
Sad day for autonomy, potential income, and also very importantly… Quality!!!

 
Born/raised on LI, also med school.  I would imagine one of the harshest places to practice medicine on top of being a tough place to live/raise a family…On the flip side, LI has many outstanding public school systems

[Unknown Member]

What happened in 2008-2009 for groups? 
Basically status quo.
No big deal.

[satyanar]

My experience with recessions is that they are good for docs. Salaries dont change very much and assets get a lot cheaper. Great time to load up on stocks and real estate.

[btomba_77]

Quote from Thread Enhancer

My experience with recessions is that they are good for docs. Salaries dont change very much and assets get a lot cheaper. Great time to load up on stocks and real estate.

Caveat: Recessions are good for radiologists … who *already* have the job they want.
 
For residents/fellows graduating into a recession or rads looking to switch jobs it can be a real bummer.
 
PP partners look at their retirement accounts and freak out a bit, and often that freak out leads to decision to not hire new associates until the markets recover a bit.
 
Hospital margins tend to shrink a bit as fewer patients are employed with good insurance and numbers on medicaid/uninsured increase.  That can lead to hiring freezes.
 
That makes it a challenging environment.
 
During the great recession that bad environment persisted into 2015-2016.

[satyanar]

Very true. I was fortunate to be in my first and so far only group at that time. The job market did stink for quite awhile.

[Unknown Member]

The biggest thing that affected Radiology in that time period was the Deficit Reduction Acts 1 and 2

DRA-2 passed in 2005 I believe and kicked in starting in 2007. This really limited radiologist abilities to benefit financially from ownership in outpatient imaging

That is why you saw many groups sell their outpatient imaging holdings and move into other less lucrative arrangements

From early 2000s to 2007 outpatient radiology was the place to be for many rads 9-5 no call or weekends bread and butter stuff cherry- picking insurance paying patients

DRA ruined all that for rads and in my opinion led to the crappy job market after that time period

I like others here do not think the financial crisis affected the job market much

Now the affects on investments and IRAs thats a different story

[afazio.uk_887]

Nothing much happened. I lucked out and made full parter just months before things got really hairy with Lehman collapse etc.

In fact, 2009 was one of my best years ever income wise.

[pcmd7128_332]

Thanks for the insight from everyone. That was one reason why I was asking. Ive been unhappy with my job for a while now and had seen some outpatient only groups (some even tele) that seemed to check most/all of the boxes I have for job requirements. Only thing lingering in back of my head is how would an outpatient only group fare in a recession. One side of me is saying “cant predict everything, just go for it because its got everything else” and other side is saying “be conservative and sit tight for now”.

[Unknown Member]

You need to take some risks in life.
Dont be foolish of course, but you can wish your life away waiting for the perfect situation.

[nelson33.jn]

Also from the Long Island area. Practiced for 10 years. Joined a private practice at the tail end of the last boom in 2008. Impeccable timing. Within two years, the practice was experiencing significant financial difficulties. It was the DRA along with declining Insurance Reimbursements. Empire was the worst. The final death below was the consolidation of hospitals, which slowly, but surely moved east from the city. we were eventually subsumed as well. 
still look back on that time fondly. 
financially, not the easiest times, but miss the practice and the guys I worked with. 

[gmail.com]

The Deficit Reduction Act became effective in 2007 which significantly reduced the technical payment for CT, MR.  Since my group had a good balance of hospital work and private practice owned imaging centers, this really hurt our profitability.  Add to that in our market, hospitals were gobbling up specialty groups and then redirecting those referrals into the hospital depts for imaging.  So it was a double blow for us that crippled our outpatient imaging centers.  The recession was an after thought by 2008-2009.
 

Quote from InNyc

Also from the Long Island area. Practiced for 10 years. Joined a private practice at the tail end of the last boom in 2008. Impeccable timing. Within two years, the practice was experiencing significant financial difficulties. It was the DRA along with declining Insurance Reimbursements. Empire was the worst. The final death below was the consolidation of hospitals, which slowly, but surely moved east from the city. we were eventually subsumed as well. 
still look back on that time fondly. 
financially, not the easiest times, but miss the practice and the guys I worked with. 

[nelson33.jn]

Well said. The gobbling up of formally independent medical groups really aided in our demise. They eliminated our food source and forced us on to the reservations.

[nelson33.jn]

Well said. The gobbling up of formally independent medical groups really aided in our demise. They eliminated our food source and forced us on to the reservations.