A psychiatrist invoice is a billing document sent to patients that were treated for a range of mental health issues and disorders. Psychiatrists charge their services on a per-rate basis, often offering fifteen (15), thirty (30), or one (1) hour-long consultations.
Table of Contents
- Psychiatrist vs. Psychologist
- How to Become a Psychiatrist
- Psychiatrist Salary & Hourly Pay ($/hr)
The terms ‘psychiatrist’ and ‘psychologist’ are often mistakenly used interchangeably due to the similarity of their names and their involvement in caring for patients seeking help with mental health. Apart from that, the two professions have significant differences. Let’s take a look at a few below.
Psychiatrists are licensed medical doctors that specialize in the diagnosing and treatment of mental disorders. Unlike psychologists, psychiatrists can prescribe medications and are fully qualified to assess both mental and physical issues. Being certified physicians, psychiatrists have access to medical and laboratory testing equipment, which they can use to gain an understanding of the patient’s mental standing.
Psychologists have earned their doctoral degrees and come from backgrounds rooted in either research-based studies (if they have a Ph.D.) or a clinical background if they have earned their Psy.D. Because psychologists have limited treatment abilities, they test patients using psychological-based tests, such as intelligence tests (WAIS, WISC, etc.) or personality tests (inkblot, TAT, or MMPI).
Those looking to become a psychiatrist will need to complete four (4) major milestones before they begin caring for patients:
Step 1 – Bachelor’s Degree
Completing a Bachelor’s degree program is the first step for hopeful psychiatrists. There is no single college major that is required in order to be accepted into medical school, although candidates should focus their studies on those related to biology, mathematics, and physics. Maintaining a competitive GPA as well as participating in extracurriculars (with those relating to hospitals or the medical field being a plus) will help to boost a student’s medical school applications.
Step 2 – Medical School
Applying for medical school should be taken very seriously by students, as they will be studying and taking the Medical College Admissions Test (MCAT). After acceptance, it typically takes four (4) years for students to complete medical school. Here, psychiatry students will begin learning clinical-focused work during their second (2nd) year of study.
Step 3 – Residency
Completing a residency takes another four (4) years of study. During residency, graduates will focus on a specialty within psychiatry, which, according to the Accreditation Council for Graduate Medical Education (ACGME), can include adolescent psychiatry, geriatric psychiatry, brain injury medicine, consultation-liaison psychiatry, and sleep medicine, to name a few.
Step 4 – Licensing
The final step in becoming a psychiatrist is to become licensed in the state in which the psychiatrist will be operating. Licensing requirements are state-specific due to examinations containing questions relating to each state’s medical standards and regulations.
While practicing, keeping past treatments and billing documents organized is essential for both safeguarding client information as well as maintaining accurate accounting information for tax purposes. It is recommended that psychiatric practices utilize a digital means to reduce outstanding payments (accounts receivable) and to offer their clients the ability to make instantaneous payments.
According to the United States Bureau of Labor Statistics, psychiatrists, on average, earn the following:
- Salary: $220,380/yr
- Hourly Rate: $105.95/hr