Oncologists are among medicine’s highest earners—but the full picture is complicated

Oncologists and hematologists routinely manage some of the most complex cases in medicine, balancing rapidly evolving treatment guidelines, expensive systemic therapies, and life-or-death decisions for patients with cancer.

But how does that responsibility translate into compensation?

While current figures place the specialty among the top-10 highest-paid in medicine, the numbers tell only part of the story. Compensation varies widely, and ongoing policy debates continue to shape how oncologists are paid.

Debate surrounding compensation

Medscape’s Oncologist Compensation Report 2025, containing the most recently available data, found that oncologists and hematologists made an average of $472,000 a year—an increase of about 2% from prior-year figures.^[]

Amar Rewari, MD, MBA, Chief of Radiation Oncology at Luminis Health, notes that compensation in the field is often a subject of debate. “Oncology is one of the most complex and emotionally demanding fields in medicine. Physicians manage life-threatening illnesses, coordinate multidisciplinary care, and often oversee therapies that require significant expertise and safety oversight. While compensation levels are always debated, it is important to remember that oncology also requires more than a decade of training and carries substantial responsibility,” Dr. Rewari tells MDLinx.

“From a broader policy perspective, physician services represent only a fraction of overall healthcare spending, so discussions about costs need to consider the entire system,” he adds.

Compensation varies by region

Although the average pay for oncologists and hematologists in the US is  $472,000 annually, factors like region and subspecialty can influence overall pay.

“Compensation can vary widely depending on practice setting and geographic location," Dr. Rewari says. "Oncologists in private practices or large physician groups may have higher upside because they share in practice revenue, while hospital-employed physicians often receive more stable salaries.”

By region, oncologists’ compensation is based significantly on patient need. An ASCO spokesperson tells MDLinx that oncologists in some rural areas may receive higher compensation than those in cities.

“Sixty-eight percent of Americans aged 55+ live in counties where oncologist coverage is at risk. To combat this, some rural areas offer starting salaries plus significant loan forgiveness to attract talent to these ‘cancer care deserts.’ Conversely, in highly saturated markets like New York City or Boston, base salaries may be lower when adjusted for the high cost of living,” they tell MDLinx.

Current data from the Medscape Physician Salary Explorer suggest that an oncologist based in New York, NY, with 15–21 years of experience, earns an average of $450,264 per year.^[]

By comparison, an oncologist with the same level of experience in Rochester, MN, makes an average of $553,025.^[] In Kansas City, KS, an oncologist with this level of experience makes an average of $489,321.^[]

Dr. Rewari notes that while oncologists may be well compensated, practicing oncology comes with financial challenges.

“Ensuring that oncology practices remain financially sustainable is important not only for physicians but also for maintaining patient access to high-quality cancer care,” Dr. Rewari adds.