Growth in Psychiatrists' Salaries
As a Psychiatrist, you're in demand.
Shortages in available doctors and greater needs from patients mean that you have more control over your career than ever before.
Psychiatrists’ salary average was $275,000 in 2020, according to Medscape's Annual Compensation Report. They made 3% more than they did the previous year, even when some specialties saw compensation declines due to complications from the COVID-19 pandemic.
We expect those salary averages are likely to continue to rise due to:
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 patient 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.
In this map, 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.
Making the Most of a Physicians' Market
Patients all over the United States need you, and Jackson & Coker is here to help with both:
We have an extensive network of hospitals and facilities who are looking for doctors just like you. Together, we can make the most of the demand for you and your expertise.