Two main factors to growth in average psychiatrist salaries.
Just like the year before, this year will shape out to be a psychiatrists’ market.
Shortages in available doctors and greater needs from patients mean that you, the provider, have more control over your career than ever before.
Psychiatrists are the 6th highest-paid specialty, making between $198,349-$273,256 annually. And those salary averages are likely to see an increase again this year due to:
- Stronger demand for psychiatric services.
- Shortage of psychiatric beds.
- Uneven distribution of providers relative to patient needs.
- Growing need of psychiatric services in aging populations.
Your skills are in demand.
Americans are increasingly seeking mental health care as awareness grows and stigma wanes. Nearly 1 in 5 Americans have some sort of mental health condition, according to the Substance Abuse and Mental Health Service Administration.
Even though the patients’ need is growing, the pool of available psychiatrists is actually shrinking, mostly due to the fact that more than 60% of all providers are nearing retirement age.
The strain of shortages.
Communities across the United States are feeling the effects of psychiatric shortages. In fact, more than half of U.S. counties have no psychiatrists at all.
It’s most acute in rural or poor areas that have trouble attracting the few psychiatrists available. Though technology is helping these patients get seen, it’s still not enough.
Below, you can see that each state has Mental Health Professional Shortage Areas, which the government designates as underserved by psychiatrists and other mental health providers.
The map below compares access to mental health services within each state. States are ranked on their access to care by evaluating: insurance, treatment, special education and providers.
States with high access to care are displayed in light blue. States with the lowest access to care are displayed in dark blue.
Source: Mental Health America.
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