Background: Coordinated MD lung cancer care, with all key specialists concurrently providing input to develop a consensus care plan with patients and their caregivers, is much-advocated over the usual SC model but lacks rigorous evaluation. Methods: Prospective comparative effectiveness trial enrolled newly-diagnosed lung cancer patients receiving MD or SC within the same US healthcare system. At baseline, 3 and 6 months, patients completed several satisfaction measures from the Consumer Assessment of Healthcare Providers and Systems, and the National Health Interview Survey ‘Perceived Financial Burden of Care’ instrument. All Group (MD v SC), time (baseline, 3, 6 months), and group by time interactions were analyzed in mixed linear models. Associations were adjusted for insurance, race, clinical stage, and ECOG performance status. Results: The 456 patients (159 MD, 297 SC) were similar in sex and health insurance. The MD cohort was slightly older (69 vs. 66) and had more racial minorities (37% vs. 29%). Statistically significant group by time interactions, indicating greater improvement over time for MD, were observed for satisfaction with treatment plan (p = .0036) and quality of care received from the whole care team (p = .0377). However, perceived financial burden of care increased slightly over time for MD but decreased slightly for SC (p = .0352). Collapsed across time, MD patients were more likely to perceive their cancer care to be better than that received by other patients (p = .0025). Collapsed across treatment group, depression increased significantly from baseline to 3 months (p = .0118), and improvements over time occurred for satisfaction with length of time to diagnosis, length of time to complete treatment, and communication from physicians, nurses, and about disease-specific information. Conclusions: Compared with SC, MD patients perceived their care to be better than that received by other lung cancer patients, and had greater improvements over the course of treatment in satisfaction with their treatment plan and care team. These positive patient-reported outcomes occurred despite slightly greater perceived financial burden of care. Clinical trial information: NCT02123797