Oncologist & Hematologist Salary Guide

Oncologists make a total of $463,000 per year, according to Medscape’s 2023 oncologist compensation report. It is a safe estimate that hematologists fall into the same range. 

Oncologists are within the ten highest paid physicians compared to other specialties. Also oncologists had the highest increase in annual compensation from 2022 to 2023. 

Locum tenens oncologists & hematologists make upwards of $288 per hour on average, however, there are many factors that impact rates including location, years of experience, and the level of demand.

If you were to extrapolate that rate over a year (at 40 hours per week), the average locum salary comes out to around $599,040. 

That means locum tenens oncologists & hematologists can make up to 29% more than the average provider. However, making direct salary comparisons can be complicated. While perm oncologists & hematologists are more likely to be salaried, locum tenens oncologists & hematologists are independent contractors earning an hourly rate, which can vary based on which assignments they take in a year. 

Furthermore, because locum tenens oncologists & hematologists are paid by the hour, the hours they work are directly reflected in their pay, while a salaried oncologist/hematologist’s additional hours may not be reflected in their salary.

Finally, paid time off and insurance may be reflected in the perm oncologists & hematologists  salary structure, but locum tenens providers do have options when it comes to health insurance. 

The US Bureau of Labor Statistics did not report on the breakdown of oncologist & hematologist salaries by state, however the BLS did report on overall physical salaries by state. The top 5 highest paying states for physicians includes: 

• Montana 
• South Dakota 
• Wyoming 
• Indiana 
• Colorado

This data can provide insight into the highest paying states for oncologists & hematologists. 

Oncologists fall within the top ten highest earning average annual compensation across specialties. The top five specialties (plastic surgery, orthopedics, cardiology, urology, gastroenterology) all reported annual income of greater than $500,000.While Medscape did not report on hematologist directly, it is safe to assume they would be comparable to oncologists.

Oncologists annual compensation increased 13% from 2023 to 2024, more than any other specialty. Also, oncologist salaries have reportedly increased by 53% from 2015. Based off this information, a safe estimate is that oncologists & hematologists will make roughly $523,190 in annual salary in 2024.