Mayo Clinic Reports Strong Financial Report for 2015
Rochester, MN ( KROC AM News) - Mayo Clinic has released a summary of its 2015 financial performance.
It shows total revenue from all operations was just over $10.3 billion, up nearly 6 percent from 2014. But its net income fell from 2014’s total of $834 million to $526 million. In its release. Mayo said the lower number was expected as the 2014 figure was a record.
Mayo says its operating margin of 5.1 percent was in line with its goal of 5 percent. Expenses during 2015 climbed nearly $1 billion to a total of $9.8 billion.
Mayo also received $277 million from benefactors during 2015, about $10 million lower than in 2014. The patient total of 1.3 million was the same as in 2014.
During the year, Mayo spent more than $600 million on capital projects. One of the projects that was completed was Mayo Clinic Square in Minneapolis that serves as the headquarters for the Minnesota Timberwolves and Lynx professional basketball teams.
Mayo increased its overall employment total to 64,000, which is 4500 higher than in 2014. That was the first increase since 2012.
“When we look at these numbers, we see people — our patients and our dedicated employees,” says John Noseworthy, M.D., president and CEO, Mayo Clinic. “We believe Mayo Clinic has a moral responsibility to provide compassionate care to patients who put their trust in us. We’re not just treating a symptom; our team of experts delivers a seamless, integrated experience that patients expect. Our results solidify our ability to deliver complex care to our patients and provide a secure future for our staff.”
Here's the summary.