Above tables/graphs from Medscape survey show most recent trends in Oncology. This Oncology numbers. Combined hematology oncology salary may be little higher. Numbers are very satisfactory. I hope this helps for furture oncologist who are still scared to go into this field due to rumors of low reimbursement.
Gutonc and others comments on this survey are welcomed and awaited........
Thank you for the posts! Some very interesting information.
http://www.medscape.com/viewarticle/741760
Oncologists Are Among the Best Compensated Physicians
April 28, 2011 — Oncologists in the United States are earning an average of $285,000 per year, and are among the best compensated specialties, according to new figures from Medscape's 2011 Compensation Survey.
However, among oncologists, there was a huge variation in reported income, with 9% reporting that they earned less than $100,000, and 14% reporting that they earned more than $500,000.
The top earning oncologists work in a hospital or healthcare organization (where the median salary was $375,000), in a multispecialty group ($355,000), or in a single specialty group ($352,500).
Oncologists were in the top half of specialties for compensation. At the very top were orthopedic surgeons, with an average salary of around $350,000 per year, followed by radiologists, anesthesiologists, and cardiologists.
At the other end of the scale, compensated at less than half these levels, were pediatricians and primary care physicians, with average salaries of around $150,000 per year.
Also at the lower end, with reported earnings of less than $200,000 per year, were endocrinologists, rheumatologists, infectious disease specialists, and psychiatrists. Neurologists were marginally higher, at just over $200,000.
The Medscape Compensation Survey collected information from more than 15,000 physicians across 22 specialties. Survey respondents were 68% male, and 40% were employed. The majority (23%) were in primary care, and oncologists comprised 2% of the survey respondents (i.e., approximately 300 oncologists were surveyed).
For employed physicians, compensation consists of salary, bonus, and profit-sharing contributions. For partners, compensation consists of earnings after tax-deductible business expenses but before income tax. Nonpatient-related activities, such as speaking engagements and expert witness fees, were not included in these compensation reports.
Impact of Recession
Despite the poor economic climate, half of all physicians — and about half of all oncologists — reported that their income remained the same in 2010 as it was in 2009. Of the remainder, 27% of all physicians said their income had increased, whereas 23% reported a decrease. Among oncologists, there was an equal split between those who reported an increase and those who reported a decrease (about 23% each).
Most oncology practices have not reduced office operating costs, but 38% of oncologists reported that they managed to reduce practice overheads by 10% to 30% during the past year. Likely explanations include the use electronic health records and the streamlining of pharmaceutical inventory. Joining a community oncology network, merging with a larger group, or becoming a hospital-owned practice might also have helped to reduce overhead.
Is Compensation Fair?
More than half of all the physicians surveyed said that overall, they felt that they were fairly compensated. A notable exception was primary care — more than half of those surveyed said they would not choose this specialty if they had it to do over again.
In contrast, oncologists were overwhelmingly positive about their career choice, with 75% of respondents saying they would choose medicine again, and 80% saying they would choose oncology again.
Just more than half of oncologists (55%) felt that they were being fairly compensated. Employed oncologists were slightly more likely than those in private practice to feel that they were being paid fairly.
"Don't we all at times feel undercompensated?" asked Kathy Miller, MD, associate professor of medicine, Indiana University School of Medicine, Indianapolis. Dr. Miller, who posts a regular videoblog, Miller on Oncology, on Medscape Medical News, commented on the survey findings in a slide show.
"We are not paid for some of the most critical aspects of what we do," she said. "Time spent educating patients and their families, detailed discussions about treatment options, potential benefits and toxicities, and planning end-of-life care are all daily aspects of an oncologist's life. They take real time, but they are reimbursed poorly, if at all."
One of the oncologists who responded to the survey, Robin Zon, MD, from South Bend, Indiana, pointed out that the economic downturn has created problems getting compensated for some work.
"In areas hit by the recession, the rate of uninsured and underinsured patients has increased dramatically, yet those patients still need care," Dr. Zon said. "There is a considerable time donated trying to find resources for these patients who may never qualify for government aid."
Paperwork Takes Time
Paperwork and other nonpatient-care obligations, including billing, administrative issues, managerial work, and clinical reading, take up a significant amount of time, the survey reveals. About 20% of oncologists reported that they spend 5 to 9 hours each week on such professional but nonpatient-care activities; a further 20% said this took 20 to 25 hours each week.
One physician respondent, reflecting his frustration at reimbursement issues, said that he was tempted to abandon medicine and would like to become "an assassin of insurance company executives."
The majority (64%) of oncologists in the survey reported working 30 to 50 hours each week. However, nearly 20% on oncologists reported working 51 to 65 hours each week, and 5% reported that they were seeing patients for more than 65 hours each week.
Most oncologists reported that they saw patients for 30 to 40 hours each week, although this differed by practice setting, with more oncologists who are employees than those who are in private practice putting in that kind of time.
The average number of patients seen during a week was around 50 to 75, although 6% of respondents said that they saw 125 to 200 patients each week.
About half of the oncologists surveyed said that they spent between 13 and 20 minutes with each patient.
Women Earn Less
Across all specialties, female physicians reported earning 41% less than men, although this difference fell to 21% in primary care.
"The vast majority of women physicians are in primary care or obstetrics, so it's natural that they would earn less," said Travis Singleton, senior vice president of AMN Healthcare, a physician staffing firm in Irving, Texas, who commented on the survey findings. There are fewer women in some of the higher-paying specialties, he added.
In addition, many women physicians are more likely to work fewer hours than their male counterparts, choosing part-time schedules to balance work and family/lifestyle needs, he noted.
The sex difference seen in oncology reflects that seen in all specialties. The pay gap was substantial, with male oncologists reporting an average salary of $320,000 and female oncologists reporting $225,000.