Comparing NP and MD Earning First 10 Years

[FullGlass, BSN, MSN, NP]

There has been a lot of discussion on NP vs MD pay lately and that NPs should make at least 85% of what MDs make, based on billing.  

I did a quick spreadsheet analysis of first 10 year earnings for a PMHNP (working as an employee) vs a psychiatrist in CA, and the results were surprising, see below.

In short, a PMHNP makes almost as much as an MD in their first 10 years.  The difference in earnings really occurs after the first 10  years.  This will vary by specialty and location.  

Given the considerably less time and money required to become an NP versus an MD, I'd say NPs are doing pretty well, at least in CA.  Don't forget that while MDs make more after 10 years (in my example), they also have greater student loan debt and higher malpractice insurance rates.

[Sam121]

Can you compare with other similar high earning states as well?

Also, what kind of hours and things as a Psychic NP you are doing to earn that much, I.e. therapy, medication management, diagnosis, etc.?

[core0]

Interesting. In theory, a fellowship is not needed so that would change the tipping point for the psychiatrist closer to 9 years. I didn't think that most psychiatrists did fellowships, but the American Psychiatrist data shows more than 1/2 of residents do fellowships (primary child/adolescent). 

[FullGlass, BSN, MSN, NP]

It also possible for a PMHNP to make MORE than the average psychiatrist (in Calif) if the PMHNP becomes a contractor:

PMHNP who becomes contractor

In the above scenario, the PMHNP becomes a contractor in Year 6.  A PMHNP on this forum made $500K per year doing this, but always worked long hours (50 hours per week).  

core0 said:

Interesting. In theory, a fellowship is not needed so that would change the tipping point for the psychiatrist closer to 9 years. I didn't think that most psychiatrists did fellowships, but the American Psychiatrist data shows more than 1/2 of residents do fellowships (primary child/adolescent). 

Yes, one could run number of different scenarios.  My point is that during their first 10 years, NPs can do quite well versus psychiatrists, especially given the far lesser amount of education and training required to become an NP.

[FullGlass, BSN, MSN, NP]

Sam121 said:

Can you compare with other similar high earning states as well?

Also, what kind of hours and things as a Psychic NP you are doing to earn that much, I.e. therapy, medication management, diagnosis, etc.?

It is up to you to run your own analyses.  If you are an RN or NP, you should be more than capable of doing this, since I provided an example.

The duties of a PMHNP are easily available with a few minutes of research.