Mayo’s Revenues Increase – But So Do Expenses
Rochester, MN (KROC-AM News) - Mayo Clinic is reporting higher revenues during its first financial quarter but its net income fell due to higher expenses, led by a $100 million increase in salaries and benefits.
Mayo’s documents show revenue from all its operations during the January-March period totaled just under $2.5 billion. That’s $130 million higher than the 2014 first quarter.
Expenses totaled just under $2.4 billion, or $200 million higher than during the same period last year. Salaries and benefits accounted for 65 percent of the expense total.
The end result was a quarterly net income total of $88 million, compared to $155 million a year ago.
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