The 15 minute med check does not take place in all settings. The reason it exists so extensively in particular settings is due to diminishing reimbursements. A lot of places cannot generate enough revenue from a psychiatrist to support their salary, so in many cases the psychiatrist salary is subsidized. It's a sad reality. This is why the VA can afford to pay their psychiatrists 170k per year + excellent benefits for 30 minute follow ups with a 50% no-show rate and no late charges. Believe me, these psychiatrists are not supporting their own salaries by the reimbursement rates I know of.
Larger entities can also subsidize their psychiatrist's salary ie. Kaiser, and large multispecialty groups. Working for the county, State, academics, also subsidizes salaries with public funding. You are more likely to be able to negotiate 30 minute checks in these settings.
Hospital practice settings such as CL psychiatry where 15 or even 30 minute visits are next to impossible due to the inefficiencies of walking around the hospital and extensive nature of evaluations do not have any job openings. I have noticed in my search that many hospitals have psychiatric nurse practitioners handling all the floor consults and have no interest in hiring a CL psychiatrist.
In an insurance based private outpatient practice however, you're completely on your own. The smaller your practice is, the greater your overhead burden will be. The Medicare formula which sets the rates for reimbursement which insurance companies also follow, is also making it increasingly more difficult to survive in independent practice (not just psychiatrists). As reimbursement rates are cut or fail to keep up with inflation, larger entities are able to offer higher hourly wages as they are better able spread out the overhead burden. If this trend continues you will see psychiatrists making a shift away from private practice.
If you want to make your life easier in private practice, drop your insurance panels and charge cash. Set up your practice so that you see patients for 1 hour follow ups for med/therapy. Just know, you'll have to work hard to find these patients and you will not have a steady stream of income for quite some time.
Unfortunately, in an economic downturn Psychiatry is the first to get cut out from spending and in an economic upswing it's the last to get funded. The extreme shortage of psychiatrists and need for psychiatric treatment is giving us the leverage we currently have for employers willing to hire us at a loss *cough except Cedar Sinai*. And it is really good leverage-- you will not have problems finding a work. Either way, do what's best for the patient and find a work environment that will support it.