Update: The program he was telling me about is for North Carolina (maybe this phenomenon will spread?). Here is a website with some info:
http://www.ncruralhealth.org/services.html#inc1 It doesn't mention psychiatry or telemedicine on the webpage, so I guess this is sort of unofficial. The chair of my department says that he has received a verbal commitment that telepsychiatry is elegible for this program. It mentions $70,000 for 4 years and according to my source, they also pay the taxes on that so the actual value is greater. So theoretically, you can receive this loan repayment deal while also receiving the benefits of a professorship at an academic center. Double dipping.