I think one way to fix this problem; and I perceive it as a problem, as much as you do I think (though I'm not sure insurance co's, or the general public thinks it's a problem), is to pay more for combined treatment. I think most of the time, throwing a pill is easier than, and pays better than, a 60 minute therapy plus med visit. And paying a social worker is cheaper than paying a psychiatrist for therapy. But my hope is that in the long run combined treatment would actually be cheaper. I mean if we could get paid well to do psychotherapy plus meds, would it prevent another rx for an atypical in a "bipolar II" patient that is really just having Axis II and IV problems? And would good therapy decrease hospitalizations (a huge money saver)?
I've seen split treatment suck repeatedly in community mental health. I'm not sure it works much better in the world of private insurance either. I think this is because nobody will pay for the communication between a therapist and psychiatrist, and without that incentive you have the potential to get a bad psychiatrist chasing symptoms with pills, and (my experience) a crappy social worker doing crappy therapy, and nobody talking to each other that much. I think I can provide better therapy than a social worker, and if I can be the one managing meds I've got a much better perspective on what's actually going on with the patient because I'm seeing them regularly for therapy.
I think this works even if it's not weekly therapy. Even with a 60 minute monthly visit, or even less frequently, you can get a lot better understanding of what's going on with a patient, have better rapport, and are less likely to do something stupid like continuing a crazy med regimen or throwing on another dose of Klonopin when what the patient really needs is to work on what's underlying the symptoms.
I'm a bit cynical about mid-level therapists, or even psychologists doing therapy actually. I often ask about modalities and get the response, "I do sort of eclectic therapy." And what does that mean...? I've had patients with anxiety disorders never even hear about CBT concepts, or looking for root causes of their anxiety, or working on dynamic stuff. I mean do something at least resembling actual therapy. The therapist notes are talking about what did you do last week, are you looking for a job, how are things in your relationship. It's like, come on...there is evidence based treatment for anxiety disorders; at most you're doing supportive therapy, but really you're just shooting the sh#t with the patient for an hour every week.
So long story short, I think psychiatrists can be good psychotherapists and paying for combined treatment would actually save money. Split treatment relies heavily on communication between psychiatrist and therapist and I don't think that happens very much. And a lot of the psychotherapy happening is really junky. There's probably a study out there about this.