Prediction of Psychiatry Salary going down?

[Onigiri]

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I understand that many insurance companies do not cover differing elements of psychiatry and those that make a lot of money are cash based. With an increase in psychiatrists and insurance companies starting to reimburse more psychiatrists, is there a potential for wages to go down? Perhaps in the future, in a single paying environment(not saying it will happen or is what I want), along with the cash pay clients being taken up by very competitive marketing psychiatrists, perhaps the payment increase will not be so great for the majority of future psychiatrists?

Will it become like family medicine, work at a conglomerate, crank out a bunch of patients in a day maybe a few procedures here and there?
Any thoughts?

 

[doc05]

What?

 

[Onigiri]

What?

Sorry for the egregious use of the English language. I just got off rotation and feel dazed. Basically, I am asking if all this hype about psychiatry and reimbursement is a fleeting bubble?

 

[atomi]

Your question is if there is a potential for psychiatry compensation to go down. The answer is yes.

 

[Onigiri]

Your question is if there is a potential for psychiatry compensation to go down. The answer is yes.

I was wondering if you can expound more on this? TIA!

 

[ACSurgeon]

Your question is if there is a potential for psychiatry compensation to go down. The answer is yes.

Yes literally every specialty is at risk of going down.

 

[libertyyne]

if I had a crystal ball , I would not be asking about the wages of psychiatrists. No one can really predict the future, even educated guesses go awry all the time. If you enjoy psychiatry and feel the compensation to be fair at this point, I would use that to make the decision to go into psychiatry. Money alone is probably not the best metric to use for decision making about specialty.

 

[Black Coffee 24/7]

I understand that many insurance companies do not cover differing elements of psychiatry and those that make a lot of money are cash based. With an increase in psychiatrists and insurance companies starting to reimburse more psychiatrists, is there a potential for wages to go down? Perhaps in the future, in a single paying environment(not saying it will happen or is what I want), along with the cash pay clients being taken up by very competitive marketing psychiatrists, perhaps the payment increase will not be so great for the majority of future psychiatrists?

Will it become like family medicine, work at a conglomerate, crank out a bunch of patients in a day maybe a few procedures here and there?
Any thoughts?

I got two questions for you.

Where do you think the demand for psychiatrists will be in 10 yrs?

Where do you think the supply of psychiatrists will be in 10 yrs?

I pretty much a dummy, but someone told me that an intersection bet the demand and supply curves for psychiatrists will yield the answer that you seek.

Now, get to work and look for those answers.

 

[XannyBarz]

Psych gets paid so well because all you have to do is convince crazy people to give you their money. Not too hard

 

[deleted407021]

I for one am all for spreading the rumor that psych salaries are going to go down.

 

[vm26]

Yes literally every specialty is at risk of going down.

This is true. Other specialties compensate by increasing volume...Your geographic area will also likely dictate your compensation. My in-laws live in NE OH, very few psychiatrists there (I know not exactly top places of where you would want to live) but sure you can do well financially

 

[Medic741]

I understand that many insurance companies do not cover differing elements of psychiatry and those that make a lot of money are cash based. With an increase in psychiatrists and insurance companies starting to reimburse more psychiatrists, is there a potential for wages to go down? Perhaps in the future, in a single paying environment(not saying it will happen or is what I want), along with the cash pay clients being taken up by very competitive marketing psychiatrists, perhaps the payment increase will not be so great for the majority of future psychiatrists?

Will it become like family medicine, work at a conglomerate, crank out a bunch of patients in a day maybe a few procedures here and there?
Any thoughts?

Where are these new psychiatrists coming from?

 

[QueenJames]

Psych NPs in numerous areas of the US are clearing 300K+.

So yeah.

As more darn midlevels come into medicine in general, no field is safe.

Thank god you chose this beautiful specialty cause you truly care for the mentally ill and not the lifestyle huh??

😉

 

[alprazoslam]

Psych NPs in numerous areas of the US are clearing 300K+.

So yeah.

As more darn midlevels come into medicine in general, no field is safe.

Thank god you chose this beautiful specialty cause you truly care for the mentally ill and not the lifestyle huh??

😉

Midlevels get away with theoretical murder in psych

 

[QueenJames]

Midlevels get away with theoretical murder in psych

Not gonna lie dude.

NP route is LEGIT for any specialty. No liability. Less schooling.

Saw our hospital's NP pull up in a $140,000 German Luxury Coupe the other day.

She's only like 27. LOL

She's pretty much living life.

But she DID admit to me that she still doesn't get the respect of a physician since she is still looked at as a "nurse" and was thinking of going back to medical school.

Soooo... us future physicians are STILL higher up on the food chain for sure.

Respect and our identity still do matter in society.

 

[nimbus]

Saw our hospital's NP pull up in a $140,000 German Luxury Coupe the other day.

She's only like 27. LOL

She's pretty much living life.

But she DID admit to me that she still doesn't get the respect of a physician since she is still looked at as a "nurse" and was thinking of going back to medical school.

Soooo... us future physicians are STILL higher up on the food chain for sure.

Respect and our identity still do matter in society.

Unless she has family money, she can’t afford that car.

 

[libertyyne]

Unless she has family money, she can’t afford that car.

even on lease 140k is 1500 per month plus insurance so a cool 2k. 24k per year post tax.

at 100K , take home 70k ~. She must be as dumb as she sounds if she is spending 34% of her income on a depreciating asset. I mean unless she is a car person and that was her dream car. But still not a sound financial decision to say the least.

 

[ACSurgeon]

Not gonna lie dude.

NP route is LEGIT for any specialty. No liability. Less schooling.

Saw our hospital's NP pull up in a $140,000 German Luxury Coupe the other day.

She's only like 27. LOL

She's pretty much living life.

But she DID admit to me that she still doesn't get the respect of a physician since she is still looked at as a "nurse" and was thinking of going back to medical school.

Soooo... us future physicians are STILL higher up on the food chain for sure.

Respect and our identity still do matter in society.

Just because someone buys something doesn’t mean they can actually afford it...

 

[alprazoslam]

Dealers do well making cars affordable.

 

[Mass Effect]

I seriously doubt psychiatrist salaries are going to go down. Mental illness and drug addiction isn't going anywhere. If anything, the numbers are growing. In psych, there are so many sub-specialties that if you're truly worried, become an expert at something, set up shop, and bill or run a cash only practice. You can sub-specialize in addiction and child obviously, but you can also get into neuropsychiatry, forensics, reproductive psychiatry, transplant and surgical psychiatry, prison psychiatry, or work with specific populations, such as burn patients at a burn center, eating disordered patients at an ED facility, cancer patients at a cancer center, HIV patients, nursing homes, runaways, domestic violence victims. Or you can do expert witness work or work in occupational psych (in law enforcement, schools, corporations, etc.), or disaster psychiatry. Endless possibilities.

 

[QueenJames]

I'm just saying.

We are almost the same age.

I'm paying 50K+ per year to be at a hospital while she makes what I pay my stupid school every 2-3 months.

And no family money.

Her story is actually pretty admirable.

But my point still stands... midlevel professions are GREAT in terms of lifetsyle and pay compared to that of a physician's.

She can technically put in "doctor" hours and make doctor money and make sound investments if she wants and come out ahead of a physician in the longrun without the long time investment or the money investment.

But I don't knock her decision.

Her money.. her life. 🙂

She's not making regular NP money either. She put in 22 STRAIGHT hospital shifts and rounded at a few SNFs in the area after each shift just in January alone.

She's clearing $280K+ EASY.

 

[Black Coffee 24/7]

I'm just saying.

We are almost the same age.

I'm paying 50K+ per year to be at a hospital while she makes what I pay my stupid school every 2-3 months.

And no family money.

Her story is actually pretty admirable.

But my point still stands... midlevel professions are GREAT in terms of lifetsyle and pay compared to that of a physician's.

She can technically put in "doctor" hours and make doctor money and make sound investments if she wants and come out ahead of a physician in the longrun without the long time investment or the money investment.

But I don't knock her decision.

Her money.. her life. 🙂

She's not making regular NP money either. She put in 22 STRAIGHT hospital shifts and rounded at a few SNFs in the area after each shift just in January alone.

She's clearing $280K+ EASY.

Give her a holla, and see if she's open towards being a Sugar Momma.

 

[QueenJames]

Give her a holla, and see if she's open towards being a Sugar Momma.

You already are ten steps ahead of me and I LOVE IT.

 

[Psai]

I don't understand why people always think reimbursements should continually go down. Health care costs continue to rise at an unsustainable clip every year. Where does all the money go? Where would the system be without the doctors? Don't let yourself fall into the trap and get used by the suits.

 

[Laradd]

Genuinely curious, what procedures does a psychiatrist do?

 

[deleted407021]

Genuinely curious, what procedures does a psychiatrist do?

Electroconvulsive therapy and transcranial magnetic stimulation are two I can think of. The latter is usually conducted by a tech, though.

 

[deleted547631]

I'm just saying.

We are almost the same age.

I'm paying 50K+ per year to be at a hospital while she makes what I pay my stupid school every 2-3 months.

And no family money.

Her story is actually pretty admirable.

But my point still stands... midlevel professions are GREAT in terms of lifetsyle and pay compared to that of a physician's.

She can technically put in "doctor" hours and make doctor money and make sound investments if she wants and come out ahead of a physician in the longrun without the long time investment or the money investment.

But I don't knock her decision.

Her money.. her life. 🙂

She's not making regular NP money either. She put in 22 STRAIGHT hospital shifts and rounded at a few SNFs in the area after each shift just in January alone.

She's clearing $280K+ EASY.

I respect her hustle. Is she into heavily indebted male adult students with beer bellies and insomnia? Send her Tinder profile link, pls bb!

 

[AnnoyedByFreud]

PMHNPs who don't hustle easily make 120-180k. Those who hustle can clear 200k+ for sure. But in my experience psychiatrists who aren't hustling make 225-300k and can make 350k+ hustling. My medical director makes like 500k, though he pretty much works nonstop. Becoming a psychiatrist is clearly the superior choice financially, especially if you're still relatively young (in your 20s in med school).

 

[Merely]

This is true. Other specialties compensate by increasing volume...Your geographic area will also likely dictate your compensation. My in-laws live in NE OH, very few psychiatrists there (I know not exactly top places of where you would want to live) but sure you can do well financially

How is there few psych there? They have ccf, metro and UH

 

[anbuitachi]

I understand that many insurance companies do not cover differing elements of psychiatry and those that make a lot of money are cash based. With an increase in psychiatrists and insurance companies starting to reimburse more psychiatrists, is there a potential for wages to go down? Perhaps in the future, in a single paying environment(not saying it will happen or is what I want), along with the cash pay clients being taken up by very competitive marketing psychiatrists, perhaps the payment increase will not be so great for the majority of future psychiatrists?

Will it become like family medicine, work at a conglomerate, crank out a bunch of patients in a day maybe a few procedures here and there?
Any thoughts?

Yes there is but psychiatry is one of the best protected fields in medicine because they are thriving without insurance. Demand is so high right now, its not going to be saturated anytime soon. I dont even know where to send my patients because none of the psychiatrists take insurance. most other fields depend on insurance and salary is heavily affected by insurance reimbursement cuts, but not psychiatrists. sooner or later i think supply will be more even w demand but it will take decades.