Rochester, Minn.-based Mayo Clinic recorded a net operating income of $728 million in 2020, a 23.5 percent decrease compared to 2019, according to recently released financial documents.
"During a year of remarkable challenge, the organization produced very strong results, and in fact, finds itself stronger on most financial metrics than it was a year earlier," Mayo Clinic said.
For the 12-month period ended Dec. 31, the 51-hospital system recorded revenue of $13.9 billion, a 1.5 percent increase from the same period one year prior. Mayo Clinic saw its medical service revenue drop slightly year over year to $11.5 billion, down from $11.6 billion recorded in 2019.
Mayo Clinic saw its expenses rise year over year to $13.2 billion, a 3.3 percent increase year over year. The health system attributed the expense increase to the unpredictability of the pandemic.
For 2020, Mayo Clinic received $355 million in grants from the provider relief fund and $915 million in accelerated Medicare payments and deferrals of certain payroll taxes. Mayo Clinic returned all of the accelerated payments in July. The health system also returned $156 million in provider relief funding in December along with all deferred payroll tax payments.
At the end of the year, Mayo Clinic had $12.4 billion in net assets, including donor restrictions.