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It's important to distinguish between psychoanalysis and psychodynamic psychotherapy, as some of you on this thread are doing, but it helps to be crystal clear about this.
Psychoanalysis is a long-term, highly intensive form of treatment meant for the treatment of neurotic-level personality pathology in higher functioning individuals. In other words, there is no DSM diagnosis for which psychoanalysis is indicated, so any discussion of it's efficacy as compared to CBT and other brief, symptom-focused psychotherapies is apples vs. oranges (not to derail the thread into a discussion of the relative merits of these two fine fruits). To be qualified as an analyst requires formal analytic training (no residency teaches you how to be an analyst) and usually undergoing one's own analysis is part of this. The patients are usually those who can afford to pay for multiple weekly sessions completely out of pocket since, as some have pointed out here, insurances do not reimburse for psychoanalysis. The treatment (superficially) involves lying on the couch and free associating in order to uncover unconscious conflict rooted in early life experiences, with the analyst providing little to no supportive intervention since anxiety and other forms of psychic pain during analytic process are considered part of the therapeutic process, and are not to be contained/mitigated/alleviated (this is one reason why it is only meant for higher-functioning patients).
Psychodynamic psychotherapy, in contrast, is a form of psychotherapy that can exist on a spectrum from being very "analytic", i.e. focused on insight and uncovering unconscious conflict or very supportive, depending on how the patient is functioning at any given moment in the treatment. Very little time is spent in psychodynamic psychotherapy dealing with Oedipal conflicts, etc. Unlike psychoanalysis, psychodynamic psychotherapy has indications for depression, generalized anxiety, panic disorder and social phobia. Psychodynamic psychotherapy has a very large evidence basis. Indeed, there are some recent, well-designed studies demonstrating non-inferiority compared to CBT. Insurance companies will reimburse for psychodynamic psychotherapy, as much as they will for CBT, etc. (though the amount of this reimbursement is so small as to make the argument that one form of psychotherapy is preferable for psychiatrists to do over another almost laughable). We are all supposed to learn psychodynamic psychotherapy in residency, and this is what most residencies tend to focus on, often at the expense of CBT, etc.
The psychodynamic model of the mind is a framework for understanding the human psyche that is shared by psychodynamic psychotherapy and psychoanalysis. It involves a developmental view of psychopathology and symptom formation in which unconscious conflict rooted in early childhood experience gives rise to rigid, ingrained patters of thinking and feeling in adulthood. It also involves a model of "ego function", where we all possess abilities in things like regulating affect, social relationships, reality testing, cognitive functioning, that help us to negotiate these conflicts. Within this framework, constructs that CBT addresses, like cognitive distortions and low motivation, can be formulate as "ego deficits," that can be addressed with supportive elements of the psychodynamic treatment. Most importantly, the psychodynamic model addresses the relationship between the doctor and the patient, which, as those of you who have taken care of patients know, is a major determinant of whether our patient's get better, whether they are getting CBT, IPT, MI, psychodynamic psychotherapy, or even medications. I view the psychodynamic model of the mind as a core conceptual framework that allows you to more effectively engage in whatever treatment you elect to do in a given patient, which ultimately is going to depend upon his/her specific symptoms and goals. CBT, etc., do not provide such a comprehensive view. Thus, I think there is some validity to teaching psychodynamic psychotherapy as the core modality in psychiatry residency, especially since most psychiatrists will never do formal psychotherapy with their patients after residency.
Psychoanalysis is a long-term, highly intensive form of treatment meant for the treatment of neurotic-level personality pathology in higher functioning individuals. In other words, there is no DSM diagnosis for which psychoanalysis is indicated, so any discussion of it's efficacy as compared to CBT and other brief, symptom-focused psychotherapies is apples vs. oranges (not to derail the thread into a discussion of the relative merits of these two fine fruits). To be qualified as an analyst requires formal analytic training (no residency teaches you how to be an analyst) and usually undergoing one's own analysis is part of this. The patients are usually those who can afford to pay for multiple weekly sessions completely out of pocket since, as some have pointed out here, insurances do not reimburse for psychoanalysis. The treatment (superficially) involves lying on the couch and free associating in order to uncover unconscious conflict rooted in early life experiences, with the analyst providing little to no supportive intervention since anxiety and other forms of psychic pain during analytic process are considered part of the therapeutic process, and are not to be contained/mitigated/alleviated (this is one reason why it is only meant for higher-functioning patients).
Psychodynamic psychotherapy, in contrast, is a form of psychotherapy that can exist on a spectrum from being very "analytic", i.e. focused on insight and uncovering unconscious conflict or very supportive, depending on how the patient is functioning at any given moment in the treatment. Very little time is spent in psychodynamic psychotherapy dealing with Oedipal conflicts, etc. Unlike psychoanalysis, psychodynamic psychotherapy has indications for depression, generalized anxiety, panic disorder and social phobia. Psychodynamic psychotherapy has a very large evidence basis. Indeed, there are some recent, well-designed studies demonstrating non-inferiority compared to CBT. Insurance companies will reimburse for psychodynamic psychotherapy, as much as they will for CBT, etc. (though the amount of this reimbursement is so small as to make the argument that one form of psychotherapy is preferable for psychiatrists to do over another almost laughable). We are all supposed to learn psychodynamic psychotherapy in residency, and this is what most residencies tend to focus on, often at the expense of CBT, etc.
The psychodynamic model of the mind is a framework for understanding the human psyche that is shared by psychodynamic psychotherapy and psychoanalysis. It involves a developmental view of psychopathology and symptom formation in which unconscious conflict rooted in early childhood experience gives rise to rigid, ingrained patters of thinking and feeling in adulthood. It also involves a model of "ego function", where we all possess abilities in things like regulating affect, social relationships, reality testing, cognitive functioning, that help us to negotiate these conflicts. Within this framework, constructs that CBT addresses, like cognitive distortions and low motivation, can be formulate as "ego deficits," that can be addressed with supportive elements of the psychodynamic treatment. Most importantly, the psychodynamic model addresses the relationship between the doctor and the patient, which, as those of you who have taken care of patients know, is a major determinant of whether our patient's get better, whether they are getting CBT, IPT, MI, psychodynamic psychotherapy, or even medications. I view the psychodynamic model of the mind as a core conceptual framework that allows you to more effectively engage in whatever treatment you elect to do in a given patient, which ultimately is going to depend upon his/her specific symptoms and goals. CBT, etc., do not provide such a comprehensive view. Thus, I think there is some validity to teaching psychodynamic psychotherapy as the core modality in psychiatry residency, especially since most psychiatrists will never do formal psychotherapy with their patients after residency.