Due to the high demand and relatively low maintenance (compared to other fields of medicine) of psyche patients, the hrs can be what you want.
You can just do consults, and in some hospitals the hrs for those are great, less than 40/week (again, depends on the hospital).
You can do locum--usually you'll work normal days, but you'll have a lot of days off in between if you desire.
Or you can work as much as you possible can to rake in the cash.
I have seen several situations where psychiatrists don't have to work a 40 hr week, but can work as much as they possibly can if they desire.