PYA, a national management consulting and accounting firm, has released a new infographic and supplementary study that explore market trends related to the supply and demand for psychiatric resources, as well as the impact this demand has had on physician compensation.
Market research indicates that physician supply has been unable to keep pace with the increasing demand for psychiatric services within recent years. PYA’s new infographic and study illustrate why and how the demand for mental health services has increased, providing a breakdown of general psychiatry compensation.
“There are several key factors compounding the need for psychiatry services,” said PYA Principal Lyle Oelrich. “For example, there has been an increased awareness of mental illness; more willingness on the part of patients to seek treatment; and, in many markets, a lack of physician resources to provide support to those with mental illnesses.”
PYA’s infographic, “Fair Market Value Compensation: Spotlight on General Psychiatry,” and its supplementary study not only outline the reasons for this increased demand, but how physician compensation may be impacted. As more people seek mental treatment, physicians may be required to serve a larger patient base, work longer hours, and cover for facilities that lack adequate physician oversight.
According to PYA Principal Amy Mechley, MD, “With numerous health systems and geographical areas in the U.S. focused on population health, solving the mental health clinician shortage will continue to be a priority. Mental health teams and psychiatrist recruitment will be valuable in achieving better clinical outcomes, improved patient experience, and decreased costs.”
PYA provides independent and objective valuation and consulting services to a broad range of healthcare organizations including around 1000 fair market value opinions each year. PYA’s team of valuation experts supports clients’ many needs, including physician employment arrangements, professional services arrangements, medical directorships, call coverage, and many other types of arrangements associated with various acquisitions and/or affiliations.