Mayo Clinic's latest quarterly report continues strong income trend

Jeff Kiger, Post-Bulletin, Rochester, Minn.
·2 min read

Aug. 20—Mayo Clinic's recovery from last year's pandemic-dampened financial results continued in the second quarter, with an operating income of $451 million — up a whopping 364% compared to the $97 million tallied for the same quarter in 2020.

An "Unaudited Condensed Consolidated Financial Report" for the second quarter of 2021 filed with the Municipal Securities Rulemaking Board stated that Mayo Clinic generated $3.99 billion in revenue for an operating margin of 11.3%. The operating margin for the same quarter in 2020 was 3.1%.

The revenue climbed by 26.2% from $3.16 billion in the second quarter of 2020.

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Net income — excess revenue over expenses — skyrocketed to $1.25 billion, up 209% compared to 2020.

"Mayo Clinic's second quarter 2021 financial report continues a trend of strong revenue and income performance," reads the summary of the report. "This is a direct outcome of the efforts of our committed staff who have been on the front lines caring for COVID-19 patients, developing lifesaving treatments, and conducting the testing and research that is essential to finding therapeutics, while advancing our mission to cure, connect and transform health care for the digital age."

Net assets for the second quarter bounced up 190% to $1.32 billion, up from 2020's $455 million.

Revenue from medical services was $3.34 billion for the quarter, an increase of 37.9% over $2.4 billion in 2020.

As far as patient numbers, the report showed a jump in clinical volumes from the first six months of 2020, when services were limited by COVID-19 restrictions.

Surgeries climbed to 68,318, up 21.5% from 2020 and 3.4% from 2019. Unsurprisingly, outpatient visits ratcheted up to 2.36 million from 1.97 million in 2020. However, the visits were down compared to 2.41 million in the first six months of 2019.

Likewise, admissions were up for the first six months of 2021, to 60,468 from 56,680 in 2020. However, admissions were down from 2019's 64,940.

Medical service revenue was $3.34 billion for the quarter, up from $2.23 billion in 2020. Revenue from external lab services was $452 million for the year-to-date, an increase from $374 million in 2020.