To Psychiatrists- What is the financial future for the field?

[FatherPsychiatry]

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Response to outpatient questions was basically "Can you talk at X time" and would squeeze them in as quick appointments unless it was just a refill request for non-controlled meds. Didn't take call other than the weekend he was on for child psych but was always available by phone for his med director role. He had a close friend who designed a personal EMR for him to document the NH and telehealth encounters and submitted billing through this himself for telehealth. Was clearing 7 figures back then.

That is the key. You can make a lot of money in psych by doing 3-4 "jobs" but really you can do a lot of them simultaneously so 3-4 jobs could be like 20 hours a week of actual work. Harder to do that in most other fields of medicine. Every now and then you'll hear of double-dipping psychiatrists getting penalized if you work for certain places ( like here ) but that article was from 1992 and today you can just ignore even the federal courts or maybe even the supreme court and nobody really cares.

 

[mistafab]

I am currently working a full time job. Due to being a psychiatrist, I am allowed to charge 400 an hour DURING work hours for additional pay for outpatient work (double dip). I can also cover an inpatient unit for additional money. Call is extra, minimal effort.

This is the scenario for lots of psychiatrists. 250-350k without back-breaking work. 40 hours or less. Could make more by working more.

 

[Stumpyman]

I hear many of y'all working 2-3 1099 gigs. Is that something graduating residents do often straight out of residency? Perhaps one W2 gig and a couple 1099s (likely remote)? Or is it better suggested to come out of residency and do a solid, straightforward job and then maybe branch out?

Trying to figure out what sort of job I should be trying to line up as 4th year is starting soon. Kind of lost on this. There's seemingly decent job advertisements but I also frequently hear on this forum that the advertised jobs usually aren't the best.

 

[SmallBird]

Same thing I'm telling my family. Stay away from both PhD, and MD/DO.

Go into a trade. Welding, plumber, electrician. Even work towards being a general contractor. Look into a path that leads to owning your own business.

If you want to. If you want to be a doctor you should do the MD.

The future is going to be insane, unpredictable, with such transformative technological change that you may as well do what you think you’ll enjoy until you’re replaced by an evil robot.

 

[psychmd03]

I hear many of y'all working 2-3 1099 gigs. Is that something graduating residents do often straight out of residency? Perhaps one W2 gig and a couple 1099s (likely remote)? Or is it better suggested to come out of residency and do a solid, straightforward job and then maybe branch out?

Trying to figure out what sort of job I should be trying to line up as 4th year is starting soon. Kind of lost on this. There's seemingly decent job advertisements but I also frequently hear on this forum that the advertised jobs usually aren't the best.

Truly depends on what you want, your personality, your work efficiency, what are you good at etc etc. Not everyone is good at that type of work nor do they want to. It’s easily possible right out of residency especially if you know you’re efficient and you’re confident at your work output. I went straight into 4 jobs and then slowly consolidated down into two but both I can flex higher and I have director titles that add stipends with minimal actual work.