NAICS 621112 Quarterly Industry Report
Offices of Physicians, Mental Health Specialists
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 621112Sector: Health Care and Social Assistance (62)Updated: Q1 2026
About This Report
This industry profile for Offices of Physicians, Mental Health Specialists (NAICS 621112) draws on data from the U.S. Census Bureau[8], Bureau of Labor Statistics[9], National Institute of Mental Health[6], and SBA size standards database[7]. Published by Fair Market Value and updated quarterly, it provides valuation professionals, healthcare analysts, and behavioral health investors with current market data. The editorial analysis reflects the independent assessment of FairMarketValue.com's research team, with all quantitative claims sourced to publicly verifiable databases.
Industry Snapshot
Key metrics for the offices of physicians, mental health specialists industry.
NAICS Sector
62
Health Care and Social Assistance
Industry Definition & Overview
Offices of Physicians, Mental Health Specialists (NAICS 621112) encompasses establishments of health practitioners having the degree of M.D. or D.O. primarily engaged in the independent practice of psychiatry per the U.S. Census Bureau[5]. These physicians diagnose and treat mental, emotional, and behavioral disorders through medication management, psychotherapy, and integrated treatment planning. Practices operate as solo offices, group psychiatry practices, and outpatient mental health clinics staffed by psychiatrists.
Mental health demand remains acute, with 23 percent of U.S. adults - roughly 59 million people - experiencing mental illness, and nearly half of those affected receiving no treatment per the National Institute of Mental Health[6]. Psychiatry holds the highest telehealth adoption rate among medical specialties, with 31.2 percent of psychiatric care spending billed as telehealth services. A severe national shortage of mental health providers constrains capacity, creating long wait times and geographic access gaps that disproportionately affect rural communities.
Per the SBA Table of Size Standards[7], the size standard is $16 million in average annual receipts. The Mental Health Parity and Addiction Equity Act (MHPAEA) requires insurance plans to cover mental health services at levels comparable to medical and surgical benefits, though enforcement has varied across jurisdictions. DEA licensing is required for prescribing controlled substances, and 42 CFR Part 2 imposes additional confidentiality protections on substance abuse treatment records beyond standard HIPAA requirements. Integration of behavioral health into primary care settings through collaborative care models has expanded the reach of psychiatric services beyond traditional standalone offices.
What's Included in This Industry
- Psychiatric evaluation and diagnostic assessment services
- Psychotropic medication management and prescribing
- Outpatient psychotherapy and talk therapy sessions
- Telehealth psychiatry and virtual mental health consultations
- Substance abuse treatment and addiction psychiatry
- Child and adolescent psychiatric care services
- Geriatric psychiatry and cognitive assessment
- Crisis intervention and emergency psychiatric evaluation
- Collaborative care model coordination with primary care
- Forensic psychiatry and court-ordered evaluation services
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Sector | Health Care and Social Assistance | 62 |
| Subsector | Ambulatory Health Care Services | 621 |
| Industry Group | Offices of Physicians | 6211 |
| NAICS Industry | Offices of Physicians | 62111 |
| National Industry | Offices of Physicians, Mental Health Specialists | 621112 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 621111 | Offices of Physicians (except Mental Health Specialists) | Offices of Physicians (except Mental Health) share the physician practice model, with growing collaborative care integration embedding psychiatric services within primary care settings to improve mental health access for general patient populations |
| 621420 | Outpatient Mental Health and Substance Abuse Centers | Offices of Psychologists provide non-prescribing mental health treatment that complements psychiatric services, with many patients receiving combined psychiatrist medication management and psychologist therapy under coordinated treatment plans |
| 621330 | Offices of Mental Health Practitioners (except Physicians) | Offices of Mental Health Practitioners share the outpatient behavioral health service model with licensed counselors and social workers providing therapy alongside psychiatrists who handle medication management |
| 622210 | Psychiatric and Substance Abuse Hospitals | Psychiatric and Substance Abuse Hospitals serve as referral destinations for patients requiring inpatient stabilization beyond what outpatient psychiatric offices can provide during acute crisis episodes |
| 621491 | HMO Medical Centers | HMO Medical Centers often employ psychiatrists within integrated care delivery systems, creating competition with independent psychiatric practices for patient referrals and insurance panel access |
| 621610 | Home Health Care Services | Home Health Care Services extend psychiatric treatment to homebound patients through visiting psychiatric nurse practitioners and telepsychiatry programs ordered by office-based psychiatrists |
Geographic Concentration
Top states by share of national establishments.
| # | State | % Est. | Total Est. |
|---|---|---|---|
| 1 | California | 16.5% | 2,147 |
| 2 | Florida | 9.5% | 1,232 |
| 3 | Texas | 8.1% | 1,053 |
| 4 | New York | 7.2% | 937 |
| 5 | Illinois | 5.3% | 693 |
| 6 | New Jersey | 3.3% | 434 |
| 7 | Pennsylvania | 3.2% | 418 |
| 8 | Georgia | 3.0% | 393 |
| 9 | North Carolina | 2.8% | 360 |
| 10 | Virginia | 2.6% | 341 |
% Of Establishments
0%
16%
Source: County Business Patterns, U.S. Census Bureau[3]
SBA Lending Summary
1,320
Total SBA Loans
$417.8M
Total Loan Volume
$317K
Average Loan Size
11 yrs
Average Loan Term
10.48%
Average Interest Rate
12,632
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[4]
Key Insight: Per the SBA Table of Size Standards[7], Offices of Physicians, Mental Health Specialists (NAICS 621112) has a size standard of $16 million in average annual receipts for federal contracting purposes. SBA lending programs[10] support practice acquisition, telehealth technology investment, and facility expansion for qualifying psychiatric practice operators. Eligible businesses can access SBA 7(a) loans[11] for working capital, equipment, and acquisition financing, while 504 loans[12] support major fixed-asset purchases including real estate and heavy machinery.
Top SBA Lenders
| # | Lender | Loans | Volume | Avg Loan |
|---|---|---|---|---|
| 1 | The Huntington National Bank | 64 | $49.3M | $771K |
| 2 | Northeast Bank | 240 | $38.6M | $161K |
| 3 | Small Business Bank | 16 | $30.3M | $1.9M |
| 4 | Live Oak Banking Company | 24 | $30.2M | $1.3M |
| 5 | Texas Capital Bank | 16 | $28.2M | $1.8M |
Frequently Asked Questions
Common questions about this industry.
What is the NAICS code for psychiatry offices?
NAICS 621112 covers offices of physicians who are mental health specialists, primarily psychiatrists with M.D. or D.O. degrees practicing independently per the U.S. Census Bureau[5].
How many Americans have mental illness?
Roughly 23 percent of U.S. adults - approximately 59 million people - experience mental illness, with nearly half receiving no treatment per the National Institute of Mental Health[6].
What is the SBA size standard for psychiatric practices?
The SBA size standard[7] is $16 million in average annual receipts, determining eligibility for federal small business contracting programs and SBA lending products.
How prevalent is telehealth in psychiatry?
Psychiatry holds the highest telehealth adoption rate among medical specialties, with 31.2 percent of psychiatric care spending billed as telehealth services per Bureau of Labor Statistics[9] industry data.
What is the Mental Health Parity Act?
The Mental Health Parity and Addiction Equity Act requires insurance plans to cover mental health services at levels comparable to medical and surgical benefits per HHS regulatory guidance[13], though enforcement has varied across jurisdictions.
Is there a shortage of psychiatrists?
A severe national shortage of mental health providers constrains capacity, creating long wait times and geographic access gaps that disproportionately affect rural communities per National Institute of Mental Health[6] data.
What confidentiality rules apply to substance abuse records?
42 CFR Part 2 imposes additional confidentiality protections on substance abuse treatment records beyond standard HIPAA requirements, restricting disclosure without patient consent even in circumstances where HIPAA would permit information sharing.
How is psychiatric care integrating with primary care?
Collaborative care models embed behavioral health services within primary care settings per Bureau of Labor Statistics[9] industry data, allowing psychiatrists to consult remotely on patient cases managed by primary care physicians.
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Census Bureau, Economic Census census.gov
- [3]U.S. Census Bureau, County Business Patterns census.gov
- [4]U.S. Small Business Administration, SBA 7(a) Loan Program Data data.sba.gov
- [5]U.S. Census Bureau census.gov
- [6]National Institute of Mental Health nimh.nih.gov
- [7]SBA Table of Size Standards sba.gov
- [8]U.S. Census Bureau data.census.gov
- [9]Bureau of Labor Statistics bls.gov
- [10]SBA lending programs sba.gov
- [11]SBA 7(a) loans sba.gov
- [12]504 loans sba.gov
- [13]HHS regulatory guidance hhs.gov
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