Mayo Clinic reports record patients, earnings in 2021
Mayo Clinic topped $1 billion in net operating income for the second time ever in 2021 as the hospital system saw a record 1.4 million patients, according to an annual financial report released Monday.
The $15.7 billion in revenue Mayo brought in also eclipsed its previous high from 2020 of $13.9 billion. Expenses totaled $14.5 billion, including $8.7 billion in salaries and benefits, an 8 percent year-to-year increase.
Mayo’s $1.2 billion in net income was roughly 65 percent higher than in 2020, and consistent as a proportion of revenue with what Mayo had recorded in 2019, the year before the pandemic took hold.
"Our accomplishments in 2021 in patient care, research and education are a testament to the hard work and commitment of our staff," Dr. Gianrico Farrugia, Mayo’s president and CEO, said in a written statement. "Mayo Clinic staff have persevered heroically through more than two years of the pandemic and provided the highest-quality care for the historic numbers of patients who have trusted us with their health care."
Other notable highlights from the report include:
Telehealth: Mayo conducted more than 1 million outpatient appointments virtually in 2021. Additionally, Mayo staff provided 4,902 inpatient and acute care video consultations.
Covid: Mayo treated 160,000 patients with Covid-19 in 2021. It also tested more than 1.1 million people for the disease and administered more than 500,000 Covid-19 vaccinations.
Capital: Mayo invested a record $880 million in capital projects in 2021. Notable project announcements included a $200 million expansion to its Proton Beam Therapy Program in Rochester.
Research: Expenditures on research topped more than $1 billion, with Mayo and donor gifts covering 40.3 percent of expenses and the rest originating from external sources, such as grants.
You can find Mayo’s full 2021 financial report here.
Sean Baker is a Rochester journalist and the founder of Med City Beat.
