← 2026 Salary Report / Psychiatry
Fastest-growing compensation among non-procedural specialties. Severe shortage drives demand.
Training: 4 years post-medical school | 5-Year Change: +14% | Range (25th-75th): $250,000-$400,000
Starting psychiatrist salaries are $260,000-$300,000 and grow steadily to $350,000-$400,000+ with a full panel. Telepsychiatry has opened geographic flexibility and multi-state practice. Child and adolescent psychiatrists earn 10-15% premiums due to even greater scarcity. Addiction psychiatry and consultation-liaison are growing subspecialties.
Psychiatry shortage exists in virtually every state. Rural and underserved areas pay 30-50% premiums. States with strong telepsychiatry laws (many Southeastern and Western states) allow multi-state practice from a single location, effectively multiplying earning potential.
Employed psychiatrists earn $280,000-$340,000. Private practice psychiatrists focusing on cash-pay psychotherapy and medication management earn $350,000-$500,000+. Telepsychiatry practices with multi-state licensure can achieve very high hourly rates of $250-$350/hr with minimal overhead.
Three highest-leverage actions: (1) Build a cash-pay practice component - many patients prefer private-pay psychiatry. (2) Obtain multi-state licensure for telepsychiatry. (3) Child and adolescent subspecialty adds significant earning power due to extreme demand. Use the PhysicianWealth Salary Benchmark for a personalized comparison.
Get personalized Psychiatry compensation analysis
Try PhysicianWealth Free →Salary benchmarking, tax optimization, contract analysis, offer comparison. No credit card.
© 2026 PhysicianWealth | Full 2026 Salary Report (10,000+ words)