Mayo Clinic operating income more than doubles

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Mayo Clinic's financial and operating performance was strong in the first nine months of this year, with revenue gains offsetting higher expenses, according to financial documents released Nov. 18. 

Rochester, Minn.-based Mayo Clinic's revenue totaled $11.71 billion in the first three quarters of this year, up from $9.98 billion in the same period a year earlier. Net medical service revenue was up nearly 19 percent year over year. 

The health system, which has hospitals in Minnesota, Arizona, Florida, Wisconsin and Iowa, said more surgeries were performed at its facilities in the nine months ended Sept. 30 than in the same period of the previous two years. Outpatient visits and hospital admissions were up from 2020 but lower than in 2019. 

The health system's operating expenses climbed 11.2 percent year over year to $10.7 billion in the first three quarters of 2021. Mayo Clinic saw expenses increase across several categories, including supplies and salaries and benefits.

Mayo Clinic ended the first nine months of this year with operating income of $1.02 billion, up from $355 million a year earlier. 

After factoring in nonoperating income and one-time adjustments, net income for the first nine months of this year was $2.86 billion, up from $767 million in the same period of 2020.

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