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A psychiatrist is a medical doctor (M.D. or D.O.) who has had advanced training in mental illnesses. The people they treat are called "patients". A psychologist usually has a master's degree or a Ph.D. in psychology, and works as a counselor to people with psychological problems. The people they treat are called "clients". A psychiatrist is licensed to prescribe medications as part of the treatment, whereas a psychologist cannot prescribe medications. Both the psychiatrist and the psychologist are sometimes loosely referred to as therapists.
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