The average starting salary among psychiatrists decreased 19.9% year over year, according to an Aug. 1 analysis published by healthcare staffing firm AMN Healthcare.
The "Review of Physician and Advanced Practitioner Recruiting Incentives" for 2024 compiled compensation and incentive data from 2,138 permanent physician and advanced practitioner recruitment engagements from April 1, 2023 to March 31.
The report found that the average starting compensation offered for psychiatrists was $285,000 from 2023-24, compared with $335,000 in 2022-23. Psychiatrists were one of only four specialists that saw year-over-year annual pay decreases.