A hematologist can make around $469,000 per year on average. However, these numbers can vary widely in this sector.
The field of hematology-oncology, or HEME/ONC, is separate from other oncology fields like medical oncology, surgical oncology, or radiation oncology.
Apart from blood cancers, a hematologist also focuses on blood, lymphatic, and bone marrow disorders. Some common types of blood cancers that are treated within this field are leukemia, myeloma, and lymphoma.
Keep reading to learn more about how much hematologists make and the factors that can influence your potential earnings.
Key Takeaways
- Hematologists earn an average of $469,000 annually, with variations by location and practice.
- Experience, bonuses, benefits, and practice setting significantly impact salary ranges.
- On-call pay and relocating to high-paying states can boost earnings in this field.
- Contract negotiation is critical to securing competitive pay and comprehensive benefits.
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Average Hematologist Oncologist Salary
This average salary for hematologists blood cancer specialization is highly paid for physician standards. The nationwide median income for this field is $469,000, according to our latest analysis.
Other sources give different numbers for this occupation, which are reflections of base salary without bonuses or benefits included. Salary.com’s data from October 2024 lists the median salary for hematology-oncology physicians as $342,793.
The pay range varies between $214,986 and $522,360.
Factors That Affect a Hematologist Oncologist Physician’s Salary
What causes such a broad range in salaries? Let’s take a look at various factors that affect a hematology-oncology physician’s salary.
Years of Experience
You can expect to make significantly less during your residency time as you train to become a specialist in this field. Hematologist-oncologists generally make a lower salary at the beginning of their career in the early stages. You can expect your salary to increase as you gain experience and add years to your resume.
Payscale notes that hematologists make 21% less in their early careers, 37% more in their mid-careers, and 52% more in their late careers compared to the average.
Location
10 Top-Paying States for Hematologists
|
State |
Annual Salary |
|
Massachusetts |
$394,929 |
|
Washington |
$377,603 |
|
Colorado |
$371,789 |
|
Delaware |
$348,730 |
|
New York |
$347,544 |
|
Illinois |
$344,636 |
|
Virginia |
$343,373 |
|
Vermont |
$339,696 |
|
Maryland |
$337,656 |
|
Nebraska |
$330,224 |
10 Lowest-Paying States for Hematologists
|
State |
Annual Salary |
|
Iowa |
$289,015 |
|
Mississippi |
$288,966 |
|
Alabama |
$286,100 |
|
Utah |
$280,882 |
|
Tennessee |
$280,809 |
|
Kansas |
$272,079 |
|
Georgia |
$266,526 |
|
Louisiana |
$264,119 |
|
West Virginia |
$245,879 |
|
Florida |
$330,224 |
The part of the country where you live makes a difference to your salary in hematology-oncology. According to ZipRecruiter, the highest salaries are in Massachusetts, at $394,929, and the lowest are in Florida, at $235,876. In general, the Northeast is the most lucrative region, as opposed to the South.
Another factor is the population density of the area where you work. The numbers may break down differently than you would expect. In general, the salaries are inversely proportional to the population density of the area—you will earn more in a small town than in a large, busy city.
Type of Practice
You can expect to earn a higher salary by working in a single specialty practice than a multispecialty one as a hematology-oncology physician.
In addition, those working in a hospital/IDS-owned practice tend to earn the most, followed by hematologists working in a physician-owned practice and those working in another type of majority-owned practice, respectively.
Factors such as the company size, status, and stage of growth can also play a role.
Bonuses
You may get bonuses working as a physician in HEME/ONC. Salary.com shows how the median salary for this type of physician goes up to $359,124 when you factor in bonuses, compared to the median pay of $342,793 as a base salary.
Benefits packages could also be factored into your salary and quality of life. For instance, the type of health insurance plan you receive through your position and the amount your employer pays into it impact your overall hematologist oncologist salary. Salary.com notes that factoring in the value of benefits and bonuses brings the total pay for this role up to $463,197.
Ways for a Hematologist Oncologist to Increase Their Salary
There are concrete steps you can take to increase your income as a hematologist. Here are the top ways to achieve that goal.
Change Your Work Setting
If you want to earn more than you are currently making in this position, switching to a new employer allows an increase in income. Consider how certain types of practices could earn you more money. For example, working in a hospital/IDS-owned practice provides a higher salary.
This means that after gaining some experience in a multispecialty practice, physician-owned or other majority-owned practice, it could make sense to switch to one of the higher-earning types.
If you’re willing to relocate, you could potentially earn more by living in the Northeast or Midwest and by working in a small-to-medium-sized town.
Hematology Oncology On-Call Pay
Physicians can boost their income by being on-call. The rates of on-call payment greatly vary depending on the location and specialization of the physician.
There are also diverse methods of payment for on-call pay. You may be offered an hourly rate, a per-shift stipend, a daily stipend, or an annual stipend.
This rate and/or stipend for on-call payment can be negotiated in your physician contract.
Look Beyond Hematology Oncology Base Salary
Rather than only focusing on the base salary being offered by a potential employer, carefully consider the company’s bonus structure and benefits packages. Also, factor in the value of the benefits.
When your contract includes some great benefits, you have gained much more than a simple paycheck. Benefits can include paid leave (for illness, vacation, or CME), health insurance, and malpractice insurance coverage (as well as tail coverage).
Negotiate Your Contract
You don’t get paid what you’re worth; you get paid what you negotiate.
However, knowing what you are worth and what can increase your worth certainly helps, and we’ve done our best to deliver as much information on that topic as possible.
It also helps to have a team of compensation specialists behind you while you make career moves to improve your financial situation. That’s where we come in—contact Physicians Thrive today for help with managing every aspect of your financial journey.
