Explore psychiatrist salary ranges, hourly rates, and how practice setting and locum work shape earning potential.
Psychiatrists earn between $269,000 and $360,000 annually across major benchmarks, with inpatient, correctional, and subspecialty roles pushing higher.
| Source | What it Measures | Compensation |
|---|---|---|
| Bureau of Labor Statistics, OEWS May 2024 (SOC 29-1223) | Mean annual wage | $269,120 |
| Medscape Physician Compensation Report (2025) | Average total compensation | $341,000 |
| Doximity Physician Compensation Report (2025) | Median total compensation | $341,977 |
| SalaryDr (April 2026) | Median verified compensation | $360,000 |
Psychiatry is one of the fastest-rising compensation categories in medicine because demand has outpaced supply across nearly every high-acuity setting.
| Compensation Type | Hourly Rate |
|---|---|
| W-2 employed (BLS mean) | ~$130 /hr |
| Locum tenens | $230 /hr |
Sources: BLS OEWS May 2024, SOC 29-1223; Barton Associates market data 2025–2026.
Psychiatry locum income scales with acuity and setting. Inpatient and correctional coverage consistently command the highest rates.
Psychiatry pay is driven by access gaps, not prestige geography. Inpatient, correctional, and rural outpatient settings consistently outpay suburban private practice.
SAMHSA reports that more than 150 million Americans live in mental health professional shortage areas. This structural gap is the primary driver of psychiatry locum demand.
A standard full-time psychiatrist sees 20 to 25 patients per day in outpatient medication management settings, or covers 15 to 20 inpatient beds in hospital-based roles. Inpatient and correctional psychiatry roles are the highest-demand settings, commanding premiums of 20–40% above outpatient rates.
Locum psychiatry rates are typically $230 per hour across inpatient and outpatient settings, with premiums for correctional and emergency psychiatry coverage.
To exceed $500,000: focus on inpatient and correctional psychiatry, increase shift density, and work child/adolescent or emergency psychiatry coverage.
Psychiatry locum income scales with acuity and setting. Inpatient and correctional coverage consistently command the highest rates.
A $230/hr locum rate versus a $130/hr W-2 equivalent is a meaningful structural advantage. 1099 psychiatrists unlock business deductions across licensing, CME, travel, and equipment; higher retirement contributions through a SEP-IRA or Solo 401(k); the Qualified Business Income deduction of up to 20%; and S-corp structuring at higher income levels. Barton partners with Earned to help locum physicians navigate these decisions.
Barton coordinates your job search from start to finish!
We’ll schedule a phone consultation to discuss your interests, goals, and work history to find the right opportunities.
Your Barton rep will submit your information to the facility you want to take an assignment at and work on next steps.
Barton handles licensing, credentialing, and travel arrangements before you arrive so you’re ready on day one.
Most earn between $269,120 (BLS mean) and $360,000 (SalaryDr median). Physician-reported benchmarks from Doximity ($341,977) and Medscape ($341,000) reflect total compensation including bonuses and incentive pay.
W-2 employed psychiatrists average approximately $130 per hour based on BLS data. Locum tenens rates are typically $230 per hour, with premiums for inpatient, correctional, and emergency psychiatry coverage.
Yes. Full-time locum roles can reach approximately $386,400 annually at $230/hr working 14 shifts per month. Hybrid models combining employed income with regular locum shifts can push total compensation above $452,000.
Inpatient and correctional settings consistently pay the highest rates. SAMHSA reports that more than 150 million Americans live in mental health professional shortage areas — these markets pay the highest locum premiums.
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