Mayo Clinic's financial and operating performance was strong in 2021, with revenue gains offsetting higher expenses, according to financial documents released Feb. 28.
Rochester, Minn.-based Mayo Clinic's revenue totaled $15.7 billion last year, up from $13.8 billion in 2020. Net medical service revenue was up 7.7 percent year over year.
The health system, which has hospitals in Minnesota, Arizona, Florida and Wisconsin, said more surgeries were performed at its facilities in 2021 than in the previous two years. Outpatient visits and admissions were up from 2020 but lower than in 2019.
Mayo Clinic's operating expenses climbed 11.1 percent year over year to $14.5 billion in 2021. The health system saw expenses increase across several categories, including salaries and benefits.
Mayo Clinic ended 2021 with an operating income of $1.2 billion, up from $728 million a year earlier.
"Mayo Clinic's 2021 financial performance was remarkable in many ways, especially considering that it occurred during an ongoing pandemic of historic proportions," the health system said in an earnings release. "Although Mayo Clinic experienced surges of COVID-19-admitted patients at different time frames in different geographies, the pandemic was a constant factor and our 2021 performance is a reflection of the commitment and tireless work of Mayo Clinic staff."
After factoring in nonoperating income and one-time adjustments, net income for 2021 was $3.6 billion, up from $2.5 billion a year earlier.