Mayo Clinic Sets Financial Performance Record in 1st Quarter
Rochester, MN (KROC-AM News) - The financial performance of Minnesota’s largest public employer is now exceeding pre-pandemic levels.
A required regulatory filing by the Mayo Clinic shows its income from current activities, after removing revenues with donor restrictions, hit a new record high in the first quarter of this year. The $243 million total is $2 million above the health care giant’s previous record for the first three months of the year that was set in 2019. It also represents a nearly $280 million improvement from the January through March period last year when the COVID-19 outbreak resulted in a $35 million loss as Mayo shut down almost all of its elective procedures and treatment. Another telling statistic from the financial report to the Municipal Securities Ruling Board is Mayo’s cash flow from its operating activities. It grew to $442 million from $254 million in the first three months of 2020.
The report indicates Mayo Clinic’s overall revenues were up $542 million from a year ago at over $3.7 billion, which is also $327 million higher than the organization’s overall revenues from the first quarter in 2019. Over $3.1 billion of the 2021 first-quarter revenues came from providing medical care, while the remainder was due to income from investments, charitable contributions, and other sources. Those other sources, which include Mayo’s fast-expanding laboratory businesses, added $309 million to the revenue total compared to $111 million last year.
The Mayo Clinic reported $3.46 billion in expenses for the three-month period, which was up nearly $270 million from the 2020 first-quarter report. Salaries and benefits, Mayo’s largest expense, rose about $213 million to over $2.1 billion.