Psychiatry Earning Potential

[berkaderk]

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Hi everyone, so I've recently decided orthopedics is not for me after thinking it was for most my life, and I have been trying to figure out what to pivot to. Psychiatry is honestly at the top of my list so far. I am passionate about the subject and patients, it was a rotation I really enjoyed, ofc the lifestyle is good. My only question is what is the true earning potential? I see most positions pay around 300-350k, but I was curious if there are ways to scale up salary, such as private practice, Telehealth, and side gigs such as medical director roles or starting and owning interventional clinics such as TMS. I definitely have a desire to engage in the business side of medicine. I was curious if this is feasible, what salaries you have seen for higher earners and what they do to achieve it?

If there is a realistic path to 500k income 5-10 years into a career, I think I would have found the ideal trifecta of passion lifestyle and income, at least for me

 

[nexus73]

For most psychiatrists hitting 500K nixes the lifestyle benefit

 

[Bartelby]

For a business-minded person $500k is doable, but requires either straying from the beaten path or a lot of hard work (or both). For example, running a clinic with employees, doing high-end cash practice, locums, or working 1.5-2 full time equivalent worth of hours via moonlighting or multiple jobs.

I think 300-350k with a very good lifestyle is common. At higher incomes you may have more tradeoffs, but it's still rare to see any psychiatrist working like a surgeon.

 

[mistafab]

I think 500k is hard to get without at least short term sacrifice in terms of time investment, risk, etc. You can definitely do this in private practice, but it will take you time to set something up that can do this long term without you working your tail off. Psychiatry can easily make 500k working a surgeon's hours in a quicker time frame, but that's not usually the goal in psychiatry.

350-400K without working too hard is certainly doable even within a year or two of residency. With some business savviness and willingness to work 45-50 hours a week -- it can happen tomorrow and get you closer to low 400s. You can even do this without having to take call. Just need to think outside the box a little bit and not just sign on the dotted line with a random big box employer.

Keep in mind that the median in psych is still around 305-330 or so total comp when all is said and done. This is usually a 35-40 hour outpatient gig without any bells and whistles, pretty low pressure, and no call at a big box employed position. Regional and local variance plays a factor. Anything you do to deviate from this can potentially earn you more money - but may come with more stress or require more ingenuity (or chutzpah).

 

[TexasPhysician]

In ortho, one of the primary ways to reach a high income was to get a salaried position (with bonuses) with a group that had established referrals and staff set-up to maximize your procedures. Doing this yourself would likely result in much reduced income for quite some time and maybe forever if not very successful. Business skills are less relevant as pumping out procedures.

In psychiatry, most salaried jobs are $250-350K with limited upside. If you want to earn more, building it yourself is important. $500K 10 years into your career is not going to just happen.

I’m roughly 10 years out. About half of my graduating class is earning the national average with no desire to make changes. Half is earning over $500K by combining multiple PT jobs together or building a practice that works for them.

 

[FN9]

In ortho, one of the primary ways to reach a high income was to get a salaried position (with bonuses) with a group that had established referrals and staff set-up to maximize your procedures. Doing this yourself would likely result in much reduced income for quite some time and maybe forever if not very successful. Business skills are less relevant as pumping out procedures.

In psychiatry, most salaried jobs are $250-350K with limited upside. If you want to earn more, building it yourself is important. $500K 10 years into your career is not going to just happen.

I’m roughly 10 years out. About half of my graduating class is earning the national average with no desire to make changes. Half is earning over $500K by combining multiple PT jobs together or building a practice that works for them.

Work like Ortho and you can easily pass 1000k easy.

 

[FatherPsychiatry]

s

I definitely have a desire to engage in the business side of medicine. I was curious if this is feasible, what salaries you have seen for higher earners and what they do to achieve it?

If there is a realistic path to 500k income 5-10 years into a career, I think I would have found the ideal trifecta of passion lifestyle and income, at least for me

This would mostly lockout engaging in the business side of medicine as a primary role, but if you are OK with working in a prison in CA, you can make close to that with a good lifestyle straight out of residency (probably even higher after unlisted bonuses). So in your trifecta that covers lifestyle and income, so passion is up to you, and yes corrections work is definitely not for everyone.

Psychiatry Careers

Psychiatrist Opportunities with California Correctional Health Care Services, Apply With Us

cchcs.ca.gov

Staff Psychiatrist – Onsite Inpatient Unit
$485,712 (Board Certified)
$471,924 (Board Eligible)

Most jobs are 4 days a week. A lot of people do private practice on the off day so you can still fill that business itch.

 

[finalpsychyear]

s

This would mostly lockout engaging in the business side of medicine as a primary role, but if you are OK with working in a prison in CA, you can make close to that with a good lifestyle straight out of residency (probably even higher after unlisted bonuses). So in your trifecta that covers lifestyle and income, so passion is up to you, and yes corrections work is definitely not for everyone.

Psychiatry Careers

Psychiatrist Opportunities with California Correctional Health Care Services, Apply With Us

cchcs.ca.gov

Staff Psychiatrist – Onsite Inpatient Unit
$485,712 (Board Certified)
$471,924 (Board Eligible)

Most jobs are 4 days a week. A lot of people do private practice on the off day so you can still fill that business itch.

Not sure but 350k in the midwest is probably better when u consider housing and tax.

 

[comp1]

Yeah, it's going to need to be prison (on-site, no telehealth) in CA to get to $500k salaried to keep anything resembling a lifestyle. Fortunately, most prisons aren't near a high COLA for CA. A couple are, but most are in the very lowest COLA and least desirable areas of the state.

 

[finalpsychyear]

Yeah, it's going to need to be prison (on-site, no telehealth) in CA to get to $500k salaried to keep anything resembling a lifestyle. Fortunately, most prisons aren't near a high COLA for CA. A couple are, but most are in the very lowest COLA and least desirable areas of the state.

I love these threads talking about how much i love psych but only if i can make 500k. looking at salaries outside of the median/mean is not a wise choice imo for any field.

 

[Sushirolls]

Do ortho, and hip fellowship.
Rising Geriatric population...

 

[adiradirim]

Do ortho, and hip fellowship.
Rising Geriatric population...

Isn’t them falling more the problem?

 

[psydocc]

If there is a realistic path to 500k income 5-10 years into a career, I think I would have found the ideal trifecta of passion lifestyle and income, at least for me

Here's a realistic path to 500k income right after residency

Step 1: get a full time job, 35 hours per week, $350k per year
Step 2: get a part time job, 15 hours per week, $150k per year

This is not rocket science.

But if your real question is whether you can work <10 hours per week and make $500k+ then psychiatry is probably not a good fit for you. We don't need more David Brody-types.