The number of Psychiatry positions increased by 27% past 5 years

[J ROD]

We all know there is a shortage now. However, I am hearing about more programs openings up, programs expansion and NPs are coming out more and more. How concerning is this? I am really looking to get into a medical director role where I am content for safety of job protection and personal interest in the future. There is still a strong market for us to choose for now but I am not sure about ten years from now as I was several years ago. I saw similar effects in pharmacy. Was a shortage and then opened up more pharm schools and soon within 10-15 years things were saturated and salaries started decreasing. CVS and Walgreens were offering $60 per hour where I live at the high point and now are closer to $50 per hour. Folks are willing to take less due to new grads willing to work for less just to get a job. Also, have seen hospitals fire older, more experienced pharmacists that command higher salaries and replace them with new grads or recent grads.

Not saying the sky is falling but it might be more cloudy sooner than later. Many of my professors in training few years ago talked about shortage for next 20-30 years due to retirement and need. Well, we all know psychiatrist work late into their career and now the above.

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[jbomba]

Yet despite all of this, the NP diploma mills, online therapy and mail order meds, increasing residency slots, etc. the vast majority of psychiatrists in my large city are cash only and have waiting lists. I'm not saying what you're suggesting cannot happen, just that similar things have been said for the past 15 years and they haven't come to fruition yet. Doesn't mean they can't at some point, but I'm not overly worried about this.

 

[Bartelby]

It sounds like even accounting for the increase in residency slots that a large shortage of psychiatrists is still predicted: A growing psychiatrist shortage and an enormous demand for mental health services

I think NPs are more of the wild card than training more psychiatrists, because it seems unlikely there will be enough psychiatrists to fill the need any time in the foreseeable future.

 

[splik]

You have to remember that a large number of residency programs closed or cut spots during the 90s due to difficulty filling. A renewed interest in psychiatry has allowed programs to expand and new programs to grow but we're really just getting up to similar levels as in the past. At this point, I would not be concerned about workforce saturation though it could happen eventually. One study suggested that it may be 2050 at the earliest before a workforce shortage resolves and that is questionable. There is still a contraction in the workforce due to psychiatrists dying and retiring. The larger greying psychiatrist population often practices in limited ways that don't ameliorate the need for mental healthcare. Many psychiatrists (including myself) only work part time and that seems to be trend with the current generation. In my last job, many retiring psychiatrists left positions unfilled or else were replaced by NPs.

My main concern is many of these new programs are poor quality. They do not provide access to the training sites or staff necessary to provide the full range of psychiatric training. They often exist to provide cheap labor or very specific recruitment pipelines.

 

[finalpsychyear]

The goal should be FI. Achieve that and none of this really matters. That being said plan for the worst. I sleep well at night knowing I am pushing myself a little bit during the week without doing nights, wknds or calls. I plan to push mid 50 hr work weeks for the next 5 years just to be ultra safe then assess and maybe cut back and start the sunset process

 

[comp1]

Get into that medical director role and see if any of your postings wind up with multiple applicants (NP or MD)... There are not enough mental health practitioners of ANY kind and no one is forecasting any change to that.

 

[Sushirolls]

ASTERISK to theme of this thread:

I do have to point out there are pockets of saturation. My former location was next to an ARNP factory. And the local market was also dominated by Big Box shop health systems, too.

I moved my practice, and things have been progressing at a better pace. My assistant even affirms this and feels the relocation has been a refreshing positive. I'm on tract for booking out for new consults ~3 weeks.

 

[Sushirolls]

The goal should be FI. Achieve that and none of this really matters. That being said plan for the worst. I sleep well at night knowing I am pushing myself a little bit during the week without doing nights, wknds or calls. I plan to push mid 50 hr work weeks for the next 5 years just to be ultra safe then assess and maybe cut back and start the sunset process

What? No diving into being a prepper? That's real planning for the worst.

 

[finalpsychyear]

What? No diving into being a prepper? That's real planning for the worst.

I figured everyone has a minimum 10 feet bunker stocked with 10 years of food, water, and supplies. Otherwise good luck and maybe watch walking dead and/or the last of us for tips.