How much money does a psychiatrist earn?

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Psychiatrist's Salary

A psychiatrist makes an average of $145,600 anually

Answer

The median expected salary for a typical Psychiatrist in the United States is $159,830.

Answer

$150,000-$200,000 including bonus'

Answer

For PUBLIC Mental Health: OUTPATIENT clinician-full-time = $130, 000 + benefits worth about $20,000, the largest benefit usually being "Paid Time Off." Malpractice is most often paid by the clinic, but many psychiatrists spend about $10,000 yearly in "backup" insurance. Usually, there are few call responsibilities. INPATIENT local or state hospital - about the same as above, but with bonuses and a 5-10% increase over base pay for call responsibilities.

PRIVATE EMPLOYED: For OUTPATIENT docs: Usually about $150,000 plus $30,000 yearly in benefits, with malpractice paid as a part of the benefits. For inpatient docs, it's about the same. If you do BOTH OUT- and IN-PATIENTS, you make about 10 to 20% more. The employers usually lose money on psychiatrists and make it up elsewhere.

PRIVATE SELF-EMPLOYED: This just depends on how much you really work. The pay rates are about the same as other psychiatrists, but the only benefit you get is being your own boss. If you work about 70 hours weekly and take about 4 weeks off per year, you can earn about $200,000, but subtract $20,000 for your own family medical insurance, about $6,000 for liability for "slip and fall" accidents in your hallway, about $20,000 to $40,000 in rent, about $30,000 per additional employee, about $20,000 for a billing service if you don't hire an employee, about $12,000 for malpractice insurance, about $5,000 for unavoidable penalties and withholdings from insurance billing, about $10,000 for telecommunications and computers, about $12,000 additionally if you use paper charting just for supplies and if not, subtract the same $12,000 for computer help if you aren't a computer nerd.

That leaves a little less than 70,000 for a 70-hour week.

That's $35 per hour. I shoulda been a plumber.

Susan SS: The previous entry must be basing salary information on outdated information. I am in my last year of a psychiatry residency and I am in the process of interviewing for general adult psychiatrist positions. All positions that I have interviewed for so far, both inpatient and outpatient, are offering starting salaries of $200,000+. These salaries are usually a guaranteed salary for the first 1 or 2 years and then the psychiatrist goes to production based earnings. The psychiatrists that I have been speaking with say that their salary has gone up after they have gone off the guarantee salary. The hours for these positions have all been very humane as well. The information on the internet and many other media sources are very inaccurate in their representation of a psychiatry as a whole. They do not accurately reflect the work that a psychiatrist actually does and it under reports the actual earnings of psychiatrists. Psychiatry provides a great income and a great lifestyle.

First answer by ID413997217. Last edit by SusanSS. Contributor trust: 0 [recommend contributor]. Question popularity: 67 [recommend question]