Mayo Clinic 2024 “Profit” Hit Record High of Nearly $1.3 Billion
Rochester, MN (KROC-AM News) - Mayo Clinic is reporting a nearly 20% increase in what would be categorized "profit" in the business world.
The Rochester-based healthcare giant, in a required federal regulatory filing, indicated its net income from current activities rose to $1.293 billion in 2024. It's a new all-time high for the key measurement of the organization's financial performance, which totaled just under $1.1 billion in 2023.
The annual report filed by Mayo Clinic shows that its revenue from operations increased 10.6% to nearly $18.8 billion last year, while expenses rose 9.7% to around $18.5 billion with salaries and benefits increasing 8.4% and accounting for nearly $10.5 billion of that total. That puts Mayo's income from operations last year at $275 million compared to $120 million in 2023.
The filing shows Mayo Clinic took in $772 million through grants and contracts, another $540 million through contributions, while revenues from investments decreased nearly 11%. Besides the $16.5 billion generated from medical services, Mayo Clinic's second largest revenue source was categorized as "other" and totaled about $1.45 billion.
Mayo Clinic reported nearly $1.4 billion in capital expenditures in 2024, including more than $700 million for major projects. Those included the completion of the Anna-Maria and Stephen Kellen Building and the ongoing proton beam expansion project in Rochester.
Driving the strong operating performance was continued growth in both outpatient visits and surgical patients. Outpatient visits grew by nearly 5% to almost 5.5 million, while the number of surgical patients increased approximately 3.3% to around 155,000.
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