Epic Completion Leads to Better Bottom Line for Mayo Clinic
Rochester, MN (KROC-AM News) - The Mayo Clinic’s financial performance rebounded this summer after experiencing a modest dip in the second quarter while the health care giant transitioned to the new Epic medical records system.
A required filing shows the Mayo Clinic’s income from current activities grew to $244-million in the third quarter. That’s up $85-million from the second quarter and is up $62-million when compared to the same three-month period last year.
Overall revenues from July through September were just over $3.2-billion. Almost $2.7-billion of that amount was derived from medical services, which was up $46-million from the second quarter and increased $219-million when compared to the third quarter last year.
The filing indicates the Mayo Clinic’s total expenses for the third-quarter were just over $2.96 billion. That represents an increase of $176-million from the same quarter in 2017 but was down $8-million from the second quarter of this year.
Since the start of the year, the report shows Mayo’s overall revenues have jumped over $600 million from last year and totaled about $9.45 billion at the end of September. Revenues from providing medical services were responsible for nearly 90-percent of the increase and reached $7.9-billion. Mayo’s expenses grew by $466 to just under $8.85 billion. Mayo’s largest expense, salaries and benefits, have increased $314-million this year to $5.8-billion.
The unaudited report was filed with the online Electronic Municipal Market Access site, a service of the Municipal Securities Rulemaking Board. The report is required because of municipal bonds sold by Mayo to finance various economic development projects.