The “Psychiatrist Compensation Report” for 2024 was conducted from Oct. 2 and Jan. 16 and surveyed 7,000 physicians across more than 29 specialties about their compensation. Six percent of respondents were psychiatrists.
Here are five survey findings regarding compensation among actively-practicing psychiatrists:
1. Forty-five percent of psychiatrists said potential pay had no influence on their choice of specialty. Three percent said it was the main factor in their decision.
2. Sixty-one percent of psychiatrists surveyed said they feel fairly paid. By comparison, 49% of psychiatrists said most physicians of all specialties are underpaid.
3. Thirty-six percent of psychiatrists reported they take extra work to increase their income. Among those who do, 17% do other medical-related work and 14% do medical moonlighting to supplement their overall earnings.
4. Forty-eight percent of psychiatrists said their earnings from patient care increased in the last year. Among physicians of all specialties, 34% said their income from patient care increased.
5. Seventy percent of psychiatrists said competition from non-traditional healthcare providers such as retail clinics, telemedicine and non-physician providers does not affect their income.