Second-quarter revenue increased 12.1% year over year to $5 billion while expenses grew by 9.4% to $4.6 billion, according to financial documents published Aug. 19. Solid patient volumes and increased donor contributions drove revenue growth during the second quarter.
Labor costs increased 7% year over year to $2.6 billion while supplies and services expenses rose 13.3% to $1.6 billion. The 7% increase in labor costs — which accounted for 56.9% of total second-quarter expenses — is attributed to staff growth to accommodate higher volumes and a 4% annual salary increase for all allied health staff.
After factoring in nonoperating items, including philanthropy and returns from investments, Mayo reported a net income of $613 million in the second quarter, compared to $547 million in the second quarter of 2023.
“Our strong second-quarter results enable the organization to invest in its staff, enhance its physical and digital infrastructure, and advance its strategic goals to cure, connect and transform healthcare,” the health system said in its financial report.
Days of cash on hand was 361 as of June 30, 2024, up from 358 on Dec. 31 and 346 on June 30, 2023.
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