Rochester, MN (KROC-AM News) – The financial performance of Minnesota’s largest public employer is now above pre-pandemic levels.
A regulatory filing required by the Mayo Clinic shows that its revenue from current operations, after removing revenue with donor restrictions, hit a new record in the first quarter of this year. The total of $ 243 million is $ 2 million above the health giant’s previous record for the first three months of the year that was set in 2019. This also represents an improvement of nearly 280 million dollars between January and March of last year, when the COVID-19 outbreak resulted in a loss of $ 35 million, with Mayo shutting down nearly all of his elective procedures and treatments. Another revealing statistic from the financial report to the Municipal Securities Ruling Commission is Mayo’s cash flow from its operating activities. It went from $ 254 million to $ 442 million in the first three months of 2020.
The report says Mayo Clinic’s overall revenue increased from $ 542 million from a year ago to more than $ 3.7 billion, $ 327 million more than the organization’s overall revenue in the first quarter of 2019. More than $ 3.1 billion of revenue in the first quarter of 2021 came from providing medical care, while the remainder was due to income from investments, charitable donations and other sources. These other sources, which include Mayo’s fast-growing lab business, added $ 309 million to total revenue, up from $ 111 million last year.
The Mayo Clinic reported $ 3.46 billion in spending for the three-month period, an increase of nearly $ 270 million from the report for the first quarter of 2020. Salaries and benefits the most expensive Mayo’s major investments grew from about $ 213 million to over $ 2.1 billion.
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