by Dave Muoio | November 19, 2021
Steadily recovering clinical volumes helped Mayo Clinic post $324 million in net operating income on just over $4 billion in total revenue during its third fiscal quarter ending Sept. 30, the system reported in its latest quarterly filings.
The quarterly results translate to an 8.1% operating margin, a 12.5% year-over-year increase in net operating income and a 10.1% year-over-year increase in total revenue, according to the system.
At the same time, expenses for the quarter increased 9.8% year over year to nearly $3.7 billion and included an 8.3% jump in salaries and benefits costs, a 12.5% increase in supplies and services expenses and a lump $91 million bonus payout to Mayo Clinic employees in recognition of their pandemic efforts.
These increases were greater across the board when comparing the first nine months of 2021 to 2020.
According to the filing, 2021 net operating income up to Sept. 30 increased 186.8% from $355 million to just over $1 billion, revenue grew 17.4% to $11.7 billion and expenses increased 11.2% to about $10.7 billion.