Another Record Quarterly Financial Performance For Mayo Clinic
Rochester, MN (KROC-AM News) - The financial measurement that most closely resembles profit for the non-profit Mayo Clinic rose almost 90-percent in the second quarter of this year.
A required filing submitted by the Mayo Clinic to a federal regulatory agency shows the health care provider's net income from operations hit $300 million for the three-month period that ended June 30th. That’s up 88.7-percent when compared to the second quarter in 2018 when Mayo’s expenses were higher than normal due to the implementation of the EPIC medical records system.
The quarterly total was the highest reported by the Mayo Clinic for the April through June period since the required filings were first made public in 2009. It also followed the $270 million in net income from operations reported for the first quarter of this year, which was also the highest ever reported by Mayo for that three month period.
The Mayo Clinic’s second-quarter operating revenues grew 9.6-percent and the over $300 million gain pushed the total to over $3.43 billion. Overall net income grew 16.7-percent to $493 million.
For the six months of the year, net income from current operations was reported at $542 million, which is up 72-percent when compared with the first half of 2018. The Mayo Clinic’s overall revenues were up 8-percent to just under $6.8 billion, while expenses grew about 5.2-percent to a bit over $6.2 billion.
The unaudited report was filed with the online Electronic Municipal Market Access site, a service of the Municipal Securities Rulemaking Board. The report is required because of municipal bonds sold by Mayo to finance various economic development projects.