Compensation changes in Psychiatry across the board!
All of us are aware as to the scarcity of skilled human resources in Psychiatry, and it doesn’t matter if it is General, C&A or Geriatric Psychiatry, the numbers are not expanding quickly enough to fill all openings. To make it all the more critical, the numbers of available Psychiatric Mental Health Nurse Practitioners are small too and this year we are seeing the shortages in Psychologists and a slight increase in the number of Licensed Clinical Social Workers.
At any time a market sees declining human resources it is natural to see an uptick in compensation. Select follows those trends and we are somewhat surprised by the changes that we are seeing across the board.
For example, according to the most recent MGMA (Medical Group Management Association) Physician Compensation and Production Survey the median compensation for a General Psychiatrist reported in the USA is now $218,915; now compare that to the 2012 report where the compensation was reported at $206,927 so an almost $12,000 dollar increase. C&A compensation for 2013 is now $226,191 as compared to 2012 numbers of $211,787; and Geriatric Psychiatry saw a large jump of $27,911 with median compensation reported for 2013 at $242,143 vs. the 2012 reported median compensation of $214,232.
Psychiatric Mental Health Nurse Practitioners in the 2013 report shows a decline from 2102 when the median reported was $100,218 versus in the 2013 report a median compensation of $93,277.
The median reported in 2012 for Psychologists was $92,667 and in 2013 the median compensation is reported as $94,229. For Licensed Clinical Social Workers the 2012 median compensation was $60,608 versus the 2013 reported median of $59,977.
Select, inc. focuses on recruitment in Behavioral Health exclusively so we are in this market every day all across the country. That gives us a great picture of the status of the market and the various drivers that are making changes to that market. Compensation is a driver and with declining numbers in Psychiatry and small numbers in Psychiatric Mental Health Nurse Practitioners it is just one more issue for programs to grapple with in staying competitive; it will make the difference in landing that recruit in many cases! Always know you can call us for assistance and advice with your recruitment needs.