Forty-two Mayo Physicians Now Earn Over A Million Yearly

New IRS filings show that 42 Mayo Clinic physicians now earn $1 million or more annually.

The disclosure, tied to the Rochester-based health system’s latest financial reporting, comes as executive compensation at Mayo has climbed sharply. Yahoo Finance reports that raises for top leaders ranged from 13% to 24% this year, pushing the number of seven-figure earners to its current level.

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At the top of the list is Mayo Clinic President and CEO Dr. Gianrico Farrugia, who was paid $4.88 million in 2024 — a 13% increase from the prior year. Farrugia also received a 15% raise the year before. Other highly paid leaders include Florida clinic CEO Dr. Kent Thielen at $3.21 million, Arizona clinic CEO Dr. Richard Gray at $3.2 million, and Executive Dean of Practice Dr. Amy Williams, who earned $2.34 million. Each received raises of roughly 24% in 2024, following similar increases in 2023.

Mayo Clinic’s operations span a wide network, including 21 hospitals, multiple clinical facilities, three assisted living sites, seven chemical dependency treatment centers, a nursing home, an ambulance service organization, and a support services arm. The organization is Minnesota’s largest employer, with roughly 82,000 workers worldwide and more than 42,000 based in Rochester.

Administrators say the pay increases align with Mayo’s compensation model, which starts new physicians below market rates and accelerates pay growth during their first several years. That approach has not been applied evenly across all roles. Non-union nurses, for example, received a 4% raise in 2024, with similar increases planned for 2025 and 2026.

Financially, the organization remains strong. The Mayo Clinic Group’s 990 filing reports a net income of $1.61 billion for 2024.