Mayo Clinic Net Income Rose Nearly 50% in 2017
Rochester, MN (KROC-AM News) - The Mayo Clinic saw its net operating income rise $232 million last year.
The nearly 50-percent increase from 2016 pushed the total to around $707 million for an operating margin of nearly 6-percent. The strong financial report for 2017 also shows the Mayo Clinic’s revenues last year climbed 9-percent to $12 billion while expenses rose almost $800 million to just under $11.3 billion. $7.3 billion of that amount, or 65-percent of Mayo’s expenses, involved the cost of salaries and benefits for the organization’s employees. That includes the $556 million that was contributed to the Mayo Clinic staff pension plan in 2017.
Mayo reported over $423 million in contributions from benefactors last year, which included donations to the seven-year-long YOU ARE...The Campaign for the Mayo Clinic fundraising effort. The campaign was wrapped up a year early after bringing in $3.76 billion. The donations helped the Mayo Clinic fund over $1 billion in research, with over half of that total covered by Mayo Clinic resources.
Capital expenses last year hit $714 million last year, which included new construction, remodeling, equipment, along with net security upgrades and costs associated with the new EPIC medical records system. For the past three years, Mayo’s capital spending has been above $600 million.
See the KROC-AM story on last year's financial report.
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