Forensic psychiatry fellowship can be lucrative if you focus on building an expert witness practice. Sometimes other board certifications (with or without a fellowship) can help develop a niche.I don't know if any psychiatry fellowship is lucrative. Any fellowship is potentially lucrative if it helps you break into a niche but certainly nothing like IM fellowships where doing the fellowship is guaranteeing you a massive change in income potential. The plus side with psychiatry fellowships is that with the option to moonlight, it's not as big of a financial hit to delay becoming an attending for a year.
As the practice pathway to Addiction medicine board certification will be ending in 2021, does anyone foresee an addiction psychiatry fellowship becoming a requirement in order to work at an Addictions job as a psychiatrist in the next 20 years?
I don’t think this is a concern. Addiction jobs are extremely plentiful and at the moment beggars can’t be choosers. Having suboxone waiver and some experience with vivitrol and methadone in and of itself will make you very valuable. In particular, govt jobs or private suboxone programs are willing to retrain FM/IM for their MD roles even though they clearly prefer psych as they often still need to hire an additional psych (often an under qualified NP) for all the comorbid psych issues.
Fellowships do give you more negotiating power in salary, especially if you are dually boarded, as often large institutions tie salary scale to it. in private practice, I do think there is “halo effect“ if you went to a fellowship at a reputable program. You won’t lose money doing a fellowship and if you are really interested in going in a bit more depth in this field it’s useful in terms of practical knowledge in dealing with more complex cases. I have not heard anyone who did a fellowship and regretted it, and generally addiction trained psych do focus a large portion of their work in addiction. This ironically is unlike for child, where several current attendings I know do zero child work and told me point blank that if they knew better they’d never do the child fellowship. This is not related to demand, as demand for child work is equally high if not higher but rather to the overall nature/ lifestyle of the work. Addiction is often logistically “cleaner” (believe it or not) as a specialty.
I don’t know many forensic attendings but to the extent that I know it’s actually not easy to carve out a niche witness practice. There’s less average “value-add” in terms of income IMO. The ceiling is definitely higher for forensic.
This is a good niche field: definitely decent development in newer interventions and IMO less risk for NP encroachment, and demand is not diminishing. Career rise/leadership development is often fast with a fellowship as often large systems have very few fellowship trained addictionologists, as demand for services and reimbursement environment overall is improving, so it’s becoming more of a revenue generator than a cost center. (This was an unexpected pleasant surprise for me going into the field about 5-10 years ago, where most public/Medicaid taking facilities are running deficits on block grants )
Thank you for this detailed and informative reply. Do you think the fellowship still makes sense if I am >350k in debt from student loans?
Hey sluox, you seem to be well versed in the world of addiction. Mind if I ask you a couple of questions through PM (mostly salary-wise)?This doesn’t change things much. Fellowship will expect to enhance your salary about 30k a year so you make the money back in about 5 years. If you do PSLF that year would count against the time. If you work hard in private and live a very frugal lifestyle you can probably kill 350k debt in about 3 years.
This doesn’t change things much. Fellowship will expect to enhance your salary about 30k a year so you make the money back in about 5 years. If you do PSLF that year would count against the time. If you work hard in private and live a very frugal lifestyle you can probably kill 350k debt in about 3 years.
Great. Do you think the fellowship is worth it if I don't want to exclusively focus on treating Addictions patients as the bread and butter for my career?
Before answering this, what do you imagine doing the fellowship for?
Hmm. Principally to be better trained at treating addicted patients. I imagine having the fellowship will improve my CV for the job market?
Honestly, I worry that I might be "missing out" in some way due to not having a fellowship. I wonder if these are more my own sentiments rather than the reality of things.
I am concerned about my loans. The idea of becoming an attending so I can launch my career and start aggressively paying down my loans is also appealing to me.
I suppose if I choose more addictions electives in the PGY-4 year and later take an attending job at a facility with a fair number of addictions patients, I could hone my skills with those patients rather quickly while forgoing the fellowship?
Hmm. Principally to be better trained at treating addicted patients. I imagine having the fellowship will improve my CV for the job market?
Honestly, I worry that I might be "missing out" in some way due to not having a fellowship. I wonder if these are more my own sentiments rather than the reality of things.
I am concerned about my loans. The idea of becoming an attending so I can launch my career and start aggressively paying down my loans is also appealing to me.
I suppose if I choose more addictions electives in the PGY-4 year and later take an attending job at a facility with a fair number of addictions patients, I could hone my skills with those patients rather quickly while forgoing the fellowship?
I don't know if any psychiatry fellowship is lucrative. Any fellowship is potentially lucrative if it helps you break into a niche but certainly nothing like IM fellowships where doing the fellowship is guaranteeing you a massive change in income potential. The plus side with psychiatry fellowships is that with the option to moonlight, it's not as big of a financial hit to delay becoming an attending for a year.
I'm confused, are you saying to not do the fellowship and instead pick up part time work in forensic/addiction? And just do a certification for forensic or addiction through getting hours?? Asking because I was interested in the forensic and addictions fellowships but idk if it's worth it for the pay difference or a better route. I looked online however and found thisForensic fellowship can potentially cause a very decent change in income. It is not guaranteed. It requires good marketing via multiple niches (civil, crim, WC, DBA, PI, Occ. IME, Testamentary Capacity, military, intoxication-related, capital, etc) . If you can invoice 600 hours a year (little over 10 hours a week) and do a part-time 10 hour a week $200/hr clinical job (total 20 hours a week), you could earn as much as a gastroenterologist at around 400k. Of course this won't be true if the gastroenterologist does expert witness work as well. Also, if you do a forensic fellowship and work full-time in a jail or state hospital, this won't apply as well.
Going back to the addictions, I have heard of some non-forensic addiction psychiatrists doing big tobacco expert witness cases. They do about a 2 a year at 60k each. Perhaps they do other addiction-related IMEs (impaired professionals, FAA, etc). If you are interested in this, maybe get ABIME training or there is another informal Forensic medicine certification with training. Basically, you could any type of psychiatric IME or case with the exception of criminal.
I am looking into getting the addiction medicine certification via the practice pathway. The MRO helps as well.
I'm confused, are you saying to not do the fellowship and instead pick up part time work in forensic/addiction? And just do a certification for forensic or addiction through getting hours?? Asking because I was interested in the forensic and addictions fellowships but idk if it's worth it for the pay difference or a better route. I looked online however and found this
*The Addiction Medicine Practice Pathway will expire in 2021. Beginning in 2022, all applicants for certification in Addiction Medicine must successfully complete an ACGME-accredited Addiction Medicine fellowship program. This subspecialty certifying exam will be given annually throughout this period.