Psychiatrists are the least likely M.D. to accept insurance for patients. For some physicians creating a strong patient base allows them to drop insurance and the headaches of discounted services and admin time.
A recent study in JAMA Psychiatry found differences between psychiatrists and other M.D.s on accepting private insurance.
| Psychiatrists | Other M.D.s | |
| Accept Private Insurance | 55% | 89% |
| Accept Medicare | 55% | 86% |
| Accept Medicaid | 43% | 73% |
The numbers are striking and can leave patients scrambling to find affordable care. Under the new healthcare laws, mental health is considered one of the ten essential benefits and must be covered on equal terms as physical ailments.
Health and Human Services Secretary Kathleen Sebelius said recently twice as many Americans die from suicide than homicide. The top 10 mental health diagnoses are …
- Mood disorders
- Personality disorders
- Eating disorders
- Attention deficit hyperactivity disorder
- Phobias
- Anxiety disorders
- Panic disorder
- Bipolar disorder
- Schizophrenia
- Autism
The American Psychiatric Association stated there are currently not enough psychiatrists to meet demand, and fewer physicians are choosing psychiatry as a specialty. The National Institute for Mental Health stated that about 25 percent of Americans experience a diagnosable mental issue each year.
In a New York Times interview, Dr. Steven S. Sharfstein, a former president of the American Psychiatric Association, said there are several reasons including, low payments from insurers, treatment plans subjected to review by managed care companies and concerns about confidentiality from the patients themselves.
If you are a psychiatrist do you take private insurance, Medicare or Medicaid? What is the biggest reason that you don’t accept insurance? We’ll be discussing this further inside the Sermo community. If you’re an M.D. or D.O., please join us.
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