Mental Health Professionals Industry Profile

Report Page Length: 10-12
Last Quarterly Update: 2/20/2017
SIC Codes: 8049
NAICS Codes: 621112, 621330
Chapters Include:
Industry Overview Trends & Challenges Industry Forecast
Quarterly Industry Update Call Prep Questions Website & Media Links
Business Challenges Financial Information Glossary & Acronyms
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Excerpt from Mental Health Professionals Industry Profile

Practitioners in this industry include physicians, psychologists, social workers, and other mental health professionals who diagnose and treat mental and emotional disorders, addiction, and other mental illnesses. Major companies include the mental health divisions of large hospital chains.

More than 450 million individuals worldwide have been diagnosed with mental disorders, resulting in a global economic cost of some $16 trillion over the next 20 years, according to World Health Organization estimates. About 45% of the global population lives in a country with fewer than one psychiatrists per 100,000 people.

The US industry includes about 32,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $14 billion.

Mental health professionals are divided into two main categories: psychiatrists with medical degrees authorized to prescribe medication and perform minor medical procedures, and psychologists and social workers with masters and doctoral degrees who primarily provide counseling and are restricted from prescribing medication.

COMPETITIVE LANDSCAPE

Demand is driven primarily by the number of patients requiring mental health services. Profitability depends on patients' ability to pay and insurers' willingness to reimburse for services. Large practices may enjoy economies of scale related to administration and back-office operations. Small practices can compete effectively by developing referral networks. The US industry is highly fragmented: in each of the two main segments (psychiatrists and other professionals), the top 50 companies account for about 15% of revenue.

 
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