I think it depends. If you're doing cash only private practice in wealthy area, you can make significantly more than psych er. Otherwise my impression is psych er hourly rates are similar to typical outpatient jobs. However, the main advantages of psych er is opportunity for flexible scheduling (i.e time of day and as many days off as you want), clock in/clock out shift work (i.e. no calls from pt/pharmacy/family when shift is done), and no overhead (i.e. office space, billing, assistants, etc...). The main disadvantages are minimal continuity and difficult pt population. A lot of people start in psych er after finishing residency to have money coming in while they build their private practice and then titrate down the er shifts over time. FYI The psych er I work in we make anywhere from 160-190$ per hour