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MEDTECH Psychiatrists’ Financial Outlook: Insights from the Latest Medscape Compensation Report
Medscape’s latest survey offers important insights into the earnings, net worth, and financial satisfaction among physicians in various specialties. The report includes key details about the financial circumstances of psychiatrists compared to other specialties.
Key Points:
- Psychiatrists’ average salary is $287,000, ranking 7th lowest among all specialties surveyed.
- 31% of psychiatrists reported a net worth less than $500,000, while only 8% reported a net worth over $5 million.
- 23% of psychiatrists are still servicing school loan debt, which ranks as their third highest expense.
- The average incentive bonus for psychiatrists is $33,000, higher than bonuses in primary care specialties.
- Majority (61%) of psychiatrists live in homes of 3,000 sq ft or smaller, which is similar to other specialties.
- Psychiatrists employed by hospitals or health systems earn 15% more on average than their self-employed counterparts.
- A significant 65% of psychiatrists report feeling fairly compensated, despite lower relative earnings.
The average salary reported by psychiatrists employed by hospitals, health systems or other entities is 15% higher ($317,000) than the average salary reported by self-employed psychiatrists ($277,000). This is a distinct difference between psychiatrists and other specialties.
Medscape Compensation Report
