Mayo announces $1K bonuses, plus back pay for staff whose wages were reduced
A stronger-than-expected financial recovery is allowing Mayo Clinic to reinvest some of its revenue back into its employees.
Mayo leadership announced Monday it will be making $1,000 ‘thank you’ payments to allied health staff, along with eight weeks of back pay for staff who experienced a Covid-related pay cut this past spring.
News of the forthcoming payments was first shared with employees in an email from Mayo CEO and President Dr. Gianrico Farrugia and Mayo Chief Administrative Officer Jeff Bolton.
“We are exceedingly proud of our staff and grateful for how they have remained focused on our patients, mission and values throughout the COVID-19 pandemic,” they wrote. “While the pandemic continues and additional uncertainly remains ahead, we want to express our deep gratitude to our staff, who keep Mayo Clinic strong and provide the compassionate care, life-saving research and innovation that is needed now more than ever.”
In August, Mayo reported bringing in revenues of $3.2 billion in the quarter from April 1 to June 30, with net operating income of $154 million and a 4.8 percent operating margin. While those numbers are down from 2019, they do represent a quick recovery for the Clinic, which had to effectively shut down its practice to elective procedures for about six weeks of the quarter.
In addition to returning to pre-Covid capacity, Mayo’s budget benefited from $173 million in CARES Act funding and $900 million in advance Medicare payments. Mayo also made hundreds of millions in spending cuts.
Cover photo: File / William Forsman
