Mayo Clinic 3rd Quarter Financials Were Strong
Rochester, MN (KROC-AM News) The Mayo Clinic’s financial outlook got a big boost from its third quarter of this year.A required financial filing shows Mayo’s net income for July through September grew 111-percent from a year ago to $182 million dollars, with the giant health care provider’s income from medical services rising one and a half percentage points faster than expenses, and a strong performance by Mayo’s investments.
The report puts Mayo’s medical revenues for the three-month period at $2.46 billion, which was up $171 million, or 7.5-percent from the third quarter in 2016. The organization’s overall expenses grew 6-percent to just under $2.8 billion, with salaries and benefits accounting for $1.8 billion of that amount, which was up 5.6-percent from a year ago and down slightly when compared to the second quarter of this year.
The Mayo Clinic’s financial numbers for the first nine months of the year were not quite as strong. The filing with the Municipal Securities Rulemaking Board shows increases in Mayo’s expenses have slightly outpaced revenues since January 1st. Still, overall net income rose 33-percent from a year ago to $455 million.
The report indicates revenue from medical services increased by 7.2-percent, or almost a half billion dollars, to $7.36 billion by the end of September. At the same time, overall expenses climbed 7.3-percent and the portion stemming from salaries and benefits increased 7.8-percent when compared to the first nine months of last year.
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.
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