Psychiatry is one of the most highly-recruited physician specialties, yet psychiatrist compensation ranks 10th-lowest among physicians, according to Medscape's "Psychiatrist Compensation Report 2023."
The report, published May 24, outlines compensation and other trends to help physicians collect industry data to analyze the healthcare landscape.
Seven stats to know, per the Medscape report:
1. Psychiatrists made $287,000 on average in 2022, compared to $309,000 on average in 2023.
2. The psychiatrist compensation increase of 7.7 percent year over year is the fourth highest among all specialties.
3. Since 2015, psychiatrist compensation is up 43 percent.
4. The average psychiatrist bonus is $37,000, the seventh highest overall.
5. The gender pay gap for psychiatrists shrank significantly compared to the 2022 report — from 23 percent in 2022 to 11 percent in 2023.
6. Thirty-two percent of psychiatrists said PAs, NPs and other nonphysician providers were their biggest competition.
7. Psychiatrists devote 15.9 hours per week, on average, to paperwork and administrative tasks.