EXHIBIT 99.2

(PSI LOGO)


CONTACT:
Brent Turner
Vice President, Treasurer and
Investor Relations
(615) 312-5700


          PSYCHIATRIC SOLUTIONS ACQUIRES 109-BED ALLIANCE HEALTH CENTER

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                     ESTABLISHES EARNINGS GUIDANCE FOR 2004

FRANKLIN, Tenn. (November 3, 2003) - Psychiatric Solutions, Inc. ("PSI")
(Nasdaq: PSYS) today announced that it has acquired Alliance Health Center
("AHC") located in Meridian, Mississippi. AHC is a licensed acute care hospital
with 109 beds that provides psychiatric care for children, adolescents and
adults. In addition, a 60-bed residential treatment center is under construction
and is scheduled to open during the third quarter of 2004. AHC produced revenues
of approximately $12.0 million for the 12-month period ended September 30, 2003.

         Joey Jacobs, PSI's Chairman, President and Chief Executive Officer,
remarked, "We are very pleased to announce our acquisition of AHC, which will
bring Psychiatric Solutions a facility with a skilled and experienced health
care team and a reputation for high quality care. Consistent with our earlier
acquisitions, we expect this transaction to be accretive to our financial
results and represent a future organic growth opportunity for the Company.

         "This acquisition reflects the continuing opportunity we have to
complement our organic growth through accretive acquisitions. In an environment
of increasing patient admissions and reimbursement, the behavioral health
industry remains highly fragmented. We believe our demonstrated ability to
complete and integrate acquisitions positions us well to leverage this
opportunity to produce additional profitable growth and increased stockholder
value and to achieve our long-term goal of becoming the country's leading
provider of inpatient psychiatric care."

         In conjunction with this announcement and assuming the completion of
the proposed equity financing PSI announced today, a portion of the net proceeds
of which will be used for additional accretive acquisitions, PSI establishes its
guidance for 2004 earnings in a range of $0.86 to $0.90 per diluted share.

         This press release contains forward-looking statements within the
meaning of the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements include statements other
than those made solely with respect to historical fact and are based on the
intent, belief or current expectations of PSI and its management. PSI's business
and operations are subject to a variety of risks and uncertainties that might
cause actual results to differ materially from those projected by any
forward-looking statements. Factors that could cause such differences include,
but are not limited to: (1) potential competition which alters or impedes PSI's
acquisition strategy by decreasing PSI's ability to acquire additional
facilities on favorable terms; (2)







PSYS Signs Definitive Agreement
Page 2
November 3, 2003


the ability of PSI to improve the operations of acquired facilities; (3) the
ability to maintain favorable and continuing relationships with physicians who
use PSI's facilities; (4) the ability to receive timely additional financing on
terms acceptable to PSI to fund PSI's acquisition strategy and capital
expenditure needs, including the closing of the proposed equity financing PSI
announced today; (5) risks inherent to the healthcare industry, including the
impact of unforeseen changes in regulation, reimbursement rates from federal and
state healthcare programs or managed care companies and exposure to claims and
legal actions by patients and others; and (6) potential difficulties in
integrating the operations of PSI with recently acquired operations, including
the operations of AHC. The forward-looking statements herein are qualified in
their entirety by the risk factors set forth in PSI's filings with the
Securities and Exchange Commission, including the factors listed in its
Registration Statement on Form S-2 filed on November 3, 2003, under the caption
"Risk Factors." PSI undertakes no obligation to update any forward-looking
statements, whether as a result of new information, future events or otherwise.
Readers should not place undue reliance on forward-looking statements, which
reflect management's views only as of the date hereof.

         Psychiatric Solutions, Inc. offers an extensive continuum of behavioral
health programs to critically ill children, adolescents and adults through its
operation of 23 owned or leased freestanding psychiatric inpatient facilities
with more than 2,800 beds. The Company also manages freestanding psychiatric
inpatient facilities for government agencies and psychiatric inpatient units
within general acute care hospitals owned by others.


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