If you’re contemplating a psychiatry career shift, there’s never been a better time
to take action. Three current trends are delivering unprecedented opportunities
for psychiatrists.
1. Low Unemployment Rate
In May 2018, the U.S. unemployment rate [LINK TO
https://data.bls.gov/timeseries/LNS14000000] hit 3.8 percent, an 18-year low.
While the April 2000 unemployment rate mirrored this year’s 3.8 percent, you
have to flip the calendar back to December 1969 – when unemployment was 3.5
percent – to find fewer people unemployed.
When a nation has, for all intents and purposes, full employment, demand for
workers far exceeds supply. As a result, psychiatrists have greater negotiating
power in determining when, how, and where they work. For example, if you’ve
toyed with the idea of moving to another part of the country, you may be offered
an attractive relocation package. Similarly, if private practice has lost some of its
luster, it may be a breeze to get placed with a healthcare system or hospital.
2. Affordable Care Act
When it comes to psychiatry careers, the Patient Protection and Affordable Care
Act – known as Obamacare – is the gift that keeps on giving. Signed into law in
2010, the ACA effectively insured more than 20 million Americans [LINK TO
https://www.nytimes.com/2017/05/22/health/obamacare-health-insurance-
numbers-nchs.html]. Obamacare’s individual mandate, state health insurance
exchanges, Medicaid expansion, and federal healthcare.gov coverage translated
to millions more patients having access to psychiatric services.
While the shifting winds of the political landscape periodically call into question
the future of the ACA, it remains popular with the citizenry. This bodes well for
psychiatry career opportunities throughout the country. The Bureau of Labor
Statistics published employment projection data [LINK TO
https://www.bls.gov/ooh/healthcare/physicians-and-surgeons.htm#tab-6] that
anticipates an 11 percent increase in the demand for psychiatrists through 2026.
3. Telehealth Services
Telehealth is a burgeoning industry fueled by a number of factors. Technological
advances have caused home broadband use [LINK TO
http://www.pewinternet.org/fact-sheet/internet-broadband/] to soar, going from 1
percent of U.S. adults in 2000 to 65 percent in 2018. Another 20 percent of
Americans access the Internet solely through their smartphones. Rural hospital
and medical office closures are on the rise [LINK TO
https://www.hrsa.gov/enews/past-issues/2017/october-19/hospitals-closing-
increase.html], due in part to healthcare provider shortages. Finally, a focus on
value-based care has led healthcare facilities to leverage telemedicine as a
means of cost containment.
Telepsychiatry is at the forefront of telemedicine. The American Psychiatric
Association has developed a telepsychiatry toolkit [LINK TO
https://www.psychiatry.org/psychiatrists/practice/telepsychiatry/telepsychiatry-
toolkit-home] that covers everything from practice and clinical issues to technical
considerations to legal and reimbursement matters. The abundance of telehealth
psychiatry career opportunities is certain to continue in the foreseeable future.
These three trends put psychiatrists in the driver’s seat. Whether you’re looking
to achieve a better work-life balance or simply want more flexibility in your
schedule, you’re sure to find an opportunity to fit your needs. If you’re seeking
employment opportunities, hospitals and healthcare systems are eager to hire
you. And those who wish to moonlight can easily find fulfilling positions in
telepsychiatry. The bottom line? There’s never been a better time to explore your
options and to find the career that fulfills your professional goals while meeting
your personal needs.
If you’re ready to take the next step in your career, PsychWorx can help. Our
clinicians-turned-recruiters can find a hassle-free fit with your future employer.
Call 202-380-9606 to get started.