Routinely doing 20 minute 99214 + 90833 seems questionable. But, looking at E&M University's website, it appears possible to hit moderate decision making criteria with regard to problem points (1 new or 3 stable, or some combination of worsening problem), and risk points (2 chronic illnesses).
Still, I wouldn't want to do 3 visits/hour all day long. The PP people doing this seem to run late, get more phone calls, etc (turning a 20 minute visit into 25-30 minutes anyway). Whereas my 30 minute residency slots allow wiggle room to keep my schedule on time, finish notes, address concerns in session, and keep patients happy. I don't know if I will change my tune in the real world where no-shows dent the bottom line.
But for large practice owners here, I see how it economically behooves them to have their psychiatrists do 20 minute 99214 + 90833. They do very well and dominate the market (they are usually the only places that can schedule new patients quickly). I don't doubt their resources to lawyer up against any insurance resistance to their billing practices and/or threaten to drop the insurance. In any event, their practice model aligns well with insurance: quick access/high volume, satisfying minimum standard of care.