What specifically has driven up psychiatry salaries

[jbomba]

It appears there is clarity with regards to the initial question at hand.

@Psychresy has driven up psychiatry salaries. lol..

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[psychemdoc]

It appears there is clarity with regards to the initial question at hand.

@Psychresy has driven up psychiatry salaries. lol..

lol. Turns out we needed more [mention]Psychresy [/mention] in our lives.

 

[annoyedpsychiatrist]

Meant to post this a while ago, but in our doctors lounge they’ve got data from Dec 2021 on the bulletin board:

View attachment 373546

why are the numbers so different for each one? seems like a wide range

 

[Stagg737]

why are the numbers so different for each one? seems like a wide range

Not sure, that’s just what those companies reported, you’d have to look at how they collected data. If you take the outliers out the range isn’t that big though. Most of those numbers are between $270k-$300k, which is probably pretty accurate.

 

[spiritedMD]

They include locally based insurances and those self funded by hospital systems. The latter really likes outside providers because there is less conflict of interest and we tend to be less saturated than the hospital systems. So overtime, our patient population has become more predominantly healthcare workers.

This is way down the years for me(first-year med student), but I'd absolutely love to be doing this!! Companies/organizations that are self-insured are financially incentivized to take care of their employees. Serigraph was able to curb runaway healthcare costs by ditching working directly with primary care physicians and incentivizing its employees to live healthy. I was wondering if psychiatry could work similarly, so it's awesome to see that it's being done.

 

[Splenda88]

Meant to post this a while ago, but in our doctors lounge they’ve got data from Dec 2021 on the bulletin board:

View attachment 373546

Interesting!

Why would they post something like this in the physicians lounge?

 

[nexus73]

Interesting!

Why would they post something like this in the physicians lounge?

probably a rogue physician

 

[Stagg737]

Interesting!

Why would they post something like this in the physicians lounge?

probably a rogue physician

Nope, posted by admin from what I was told. For most of us there I believe our contract is supposed to guarantee a base of 75% of median (I know this is the case for the psych department and I believe most primary docs are probably hitting close to median). The specialists may be making much less, but they’re probably choosing to stay because they like academia. Apparently about 10-12 years ago most of the orthopods left and started a large private surgical group, probably related to lower pay and bureaucracy.

Keep in mind those charts are now 3 years old (have been up since I’ve worked here almost 2 years) so median is probably a bit higher for several of those fields.

 

[The kitchen sink]

Do your own billing and collections with good automation and software. Hired employees suck. They miss over 30% of it and they don't give a **** because they get paid anyways, so it's not on their salary. That do be the truth tho. I love getting paid for every unit of work I do. That's how most other industries are, so why not us?

Billing companys that take a % cut , should by theory have a vested interest in increasing your billing accuracy though, no?

 

[The kitchen sink]

I have an over 99% collection rate both from insurance and patients. What is his collection rate on the patient responsibility? The patient responsibility accounts for anywhere from 20-40% of the income potential. They need to pay their copays. And most patients have high deductible plans, which means insurance pays out $0 and patient must pay the full insurance contracted rate. A 0.6-0.7 FTE psychiatrist in my office, with our high collection rates, can bring home 350k.

Insurance submissions don't even require half a brain if you have an EMR integrated with a clearinghouse. Then you just pay the clearinghouse fees which is way less than the 7% cut. That's way too big. imho 95% is on the low rate for an insurance submission. I get at least 99.5%.

What emr has this software integrated?

 

[lol.psych]

What emr has this software integrated?

Most that I’ve come across do (Sessions Health, simplepractice [RIP luminello], theranest, therapynotes, Charm; can’t tell if practiceQ does or not from a quick glance through their site).