With a Sour Economy, Psychiatrists Are in Demand

Demand for psychiatrists is growing faster than for other medical specialties, according to Merritt Hawkins, the physician search division of AMN Healthcare Services Inc. The company counted 179 requests for psychiatrists from April 1, 2009, through March 31, 2010 - up 47 percent from the previous year and up 121 percent from three years earlier.

"When the economy goes down, mental health problems tend do go up," said Merritt Hawkins president Mark Smith. "But there is more to the rising demand for psychiatrists than the recession. A combination of factors is driving a psychiatrist shortage that could soon reach crisis levels."

According to the US Depatment of Labor, 22,210 Psychiatrists were employed in the United States in May 2009. The median annual wage was $160,230. Formal education and training requirements for physicians are among the most demanding of any occupation - 4 years of undergraduate school, 4 years of medical school, and 3 to 8 years of internship and residency, depending on the specialty selected. A few medical schools offer combined undergraduate and medical school programs that last 6 or 7 years rather than the customary 8 years.

More than half of all psychiatrists are 55 or older and nearing retirement age as fewer medical school graduates are showing an interest in psychiatry, according to Merritt Hawkins. Meanwhile, demand for psychiatric services is expected to increase by 19 percent from 1995 to 2020.

Source: Workforce Management, 7/6/10