The Average Radiation Oncology Salary [+ Interesting Insights]

With four years in medical school, four years in residency, and one year of postgraduate training, radiation oncologists have some of the longest training programs of all medical specialists.

Therefore, by the time you’re board-certified and eligible to practice, you’re eager to start earning a competitive salary.

However, what exactly should that salary be? What is the average radiation oncologist’s salary per year?

We’re about to answer the question that so many radiation oncologists have:

Is your radiation oncology salary at fair market value?

Key Takeaways

• The average radiation oncologist’s salary in 2024 varies by source. The American Medical Group Association estimates around $449,891 per year (2022 data), while Payscale places it anywhere from $169,000 to $530,000 a year (2024 data).
• The top-paying states for radiation oncology are Alaska ($401,826 annually) and Oregon ($401,557 annually).
• The lowest-paying states for radiation oncology are Arkansas ($299,275 annually) and Georgia ($283,629 annually).
• Rural states facing a shortage of radiation oncologists may offer loan forgiveness programs.
• There is a gender wage gap in radiation oncology, with women earning 9% less than men.

How Much Do Radiation Oncologists Make?

The Bureau of Labor Statistics does not provide a median average salary specifically for radiation oncologists, but other agencies do.

Here is a snapshot of what various groups and websites have declared the low, average, and high radiation oncologist salary to be:

Note: AMGA, MGMA, and Value MD data are based on 2022 statistics, as 2024 survey results are not yet available.

Why is there such variance between the lowest and highest level radiation oncologist salaries?

There are several factors that account for a physician’s pay, regardless of the specialty.

The geographic region in which a physician works plays a large role in determining fair market salary.

Your level of education, certifications, skills, and the number of years of experience are also factors.

If you have a private clinic, the way you treat patients also affects their flow and increases the overall compensation.

Related: What Physicians Need to Know About Restrictive Covenants

States With the Highest and Lowest Salaries for Radiation Oncology

Top 10 States With the Highest Radiation Oncology Salaries

States With the Lowest Radiation Oncology Salaries

Source: ZipRecruiter

Are you underpaid?

Speak with one of our Compensation Specialists today and find out! We specialize in:

• Contract reviews & negotiation
• Financial planning & management
• Practice assistance
• ... and more!

Request Contract ReviewTalk to a Financial Planner

Radiation Oncology Salary Ranges by Location

According to data gathered by the Medical Group Management Association (MGMA), earnings also vary considerably by geographic region.

• Radiation oncologists in the Southern region of the United States earn an average of $425,000 per year.
• The next highest-paying region is the Midwest, with a median average radiation oncology salary of $340,000.
• Radiation oncologists in the Western region earn a median salary of $328,000, with specialists in the Eastern region earning the least at $123,000 per year.

Rural States are Facing a Shortage of Radiation Oncologists

A study conducted by the American Society for Radiation Oncology declares that 9 in 10 radiation oncologists work in urban and suburban areas.

In addition, as of 2020, 1 in 6 Americans in rural areas do not have access to quality oncologists.

Also, according to a 2022 study, 70% of counties in the United States don’t have access to a medical oncologist, and only 7% of oncologists practice in rural areas where 19% of the population resides.

In states where there is the greatest shortage of physicians, such as Wyoming, Oklahoma, and Mississippi, physicians may also be eligible to take part in loan forgiveness programs to pay off their student loans.

For example, for a two-year commitment, the state of Wyoming will pay up to $40,000 toward the cost of loan repayment.

The state of Oklahoma offers repayment of $200,000 in loans for a four-year commitment.

Idaho has a loan repayment program that pays up to $100,000 for a four-year commitment.

Keep in mind that eligibility for loan forgiveness programs varies by state.

In many states, these programs are only eligible for primary care physicians, which is the area of medicine with the greatest shortage of physicians.

However, certain states have shortages of physicians in various specialties as well.

Are you interested in the salaries of common physician specialties?

See also: Urology Salary | Dermatology Salary | Pathology Salary | Our Salary and Compensation library.

Radiation Oncology Salary by Gender

Like all subspecialties of medicine, a gender wage gap exists between men and women.

Radiation oncologists have one of the smallest gender wage gaps of any specialty.

The Doximity 2021 Physician Compensation Report indicates that the gender wage gap among all specialties shows female physicians earning 28.2% less than their male counterparts.

This is more than a $122,000 difference in compensation in a single year.

However, the Doximity 2023 Physician Compensation Report found a slightly smaller gap in payments, with female physicians earning 26% or $110,000 less than their male counterparts.

As for radiation oncology, women earn just 9% less than their male counterparts, making it the 3rd top specialty with the lowest gender wage gap.

Male radiation oncologists earn an average of $547,000 per year. Meanwhile, female radiation oncologists earn an average of $498,000 per year.

Performance Also Affects Your Salary

Depending on your employer, you may also be eligible to earn bonuses in addition to your base salary, either in the form of signing bonuses or performance incentives based on wRVUs.

wRVU is an acronym for the Work Relative Value Unit of every service or procedure you provide.

Every medical procedure and interaction has a different wRVU based on the amount of skill, time spent working, and effort it takes to provide the proper patient care for that service.

Most physicians are required to reach a minimum number of wRVUs in a given month or payment period.

Some hospital groups offer radiation oncologists who exceed their minimum wRVUs an added incentive bonus.

Learn more aboutwRVUs here orCPT codes here.

For additional data on salary trends by specialty, region, and gender, check out our 2023 Physicians Compensation Report.

The Importance of Contract Review

Regardless of your gender, years of experience, or region, there is one way to ensure that you are being paid fair market value as a radiation oncologist:

A contract review.

Almost all physicians in all settings will be presented with a physician employment contract when offered a position with a new hospital, practice, or medical group.

The burden lies on each individual physician to conduct a thorough contract review in order to protect their financial interests, future income, and earning potential.

Now, how much radiation oncology physicians make varies by region and experience.

A contract review specialist will know if your contract indicates fair market value and includes a fair signing bonus for a physician in your region with your credentials.

What Does a Contract Review Specialist Do?

A contract review specialist doesn’t just review your contract to make sure that you’re being paid fair compensation.

They’ll look at everything.

Termination clauses, hours, scheduling, responsibilities, insurance premiums, vacation days and paid time off, relocation expenses, benefits, retirement savings plans, and CME requirements and reimbursements—contract review specialists look at all of it.

A contract includes all of the relevant terms of your employment, as well as the terms relevant to ending a contract or renewing one.

A contract review specialist will review your contract in-depth and may even be able to negotiate better terms for you before you sign.

And while you might be excited at the prospect of starting a new job, especially when you’re just out of residency, a contract review specialist can also let you know when it’s time to walk away from a job offer.

Furthermore, it’s important to know that a contract review specialist will work for you, not the employer.

Thinking about seeking employment as a locum tenens physician? Contract review specialists can also help you negotiate an independent contractor agreement.

How to Manage Your Salary and Build Wealth

Many radiation oncologists enter medicine because they’re passionate about patient care and treating cancer patients with radiation therapy.

However, choosing to work in this field also offers the excellent potential to build wealth over the course of your career.

Regardless of their specialty or area of medical expertise, physicians must do four things to protect their assets and build wealth.

1. You need to have a sound retirement plan.
2. You need to devote some time to tax planning.
3. You need to work with a financial planner or financial consultant to guide you in making the best investments.
4. You must protect your income with disability insurance.

As a radiation oncologist, you have the potential to earn tens of millions of dollars throughout the course of your career.

It’s crucial to know what steps to take to protect your own interests, build wealth, and protect your financial future both for yourself as well as your dependents and heirs.

Learn more about income protection. Start by reading our Full Guide to Disability Insurance for Physicians.

Plan for Retirement Early in Your Career

Most radiation oncologists finish their residencies and training around the age of 30.

Professionals in other fields who start working full-time right out of college could be 10 years ahead of you in terms of retirement savings by the time you sign your first employment contract and start your first full-time job.

However, with the large salary you can earn as a radiation oncologist, you can save millions more for your retirement if you take the right steps.

Invest in retirement accounts, such as 401ks, and deferred compensation plans, such as the 457(b) and 403(b).

Maximize contributions in order to reduce your taxable income. Diversify and grow your savings by putting funds into varying investment vehicles, especially ones that provide tax-free income.

Take advantage of all tax-saving strategies and secure your future income with disability insurance.

Moreover, there are many components to protecting your future income, building wealth, and providing financial security for your family.

Accordingly, a financial planner can help you accomplish all of those goals.

Learn all of the many ways you can save on your taxes by checking out ourtax planning library!

Final Words

How much does a radiation oncologist make? The average radiation oncologist’s salary hovers at about $400,000 per year.

Additionally, annual salary figures vary based on your level of experience, certifications, and region.

Moreover, the need to fill radiation oncologist jobs is growing, as is the case with physicians in general.

Whether you’re finishing your residency or looking for a new position with decades of experience behind you, hiring a contract review specialist is the best way to ensure that you’re being paid fair market value for the work you do.

Subscribe to our  email newsletter for expert tips about finances, insurance, employment contracts, and more!