Despite the challenges of the COVID-19 pandemic, Mayo Clinic’s financials are on the increase with a reported revenue of $3.65 billion for the third quarter, up by $43 million from the previous quarter.
Mayo Clinic sent out a statement about its third quarter report today. The full financial report is expected to be posted online soon and the Post Bulletin will update its stories.
In the brief statement, Mayo Clinic officials reported that the net operating income for the third quarter was $288 million, up from a net operating income of $154 million in the second quarter.
Total revenue for the first nine months was $9.98 billion, 1.5 percent below the same period a year ago. Net operating income for the first three quarters was $355 million, 51.4 percent below the same period a year ago. This equates to an operating margin of 3.6 percent.
"Due to our staff's perseverance and innovation, we have been able to continue providing the patient care, the extraordinary research, and the training and education that we're known for," stated Mayo CEO Dr. Gianrico Farrugia in the release. "Our resilience is a testament to the hard work of our staff and the enduring strength of our values."
The third-quarter results include $156 million in one-time staff payments, retroactive pay and benefits restoration, which was recorded in August. These payments compensated staff for cuts made in May and June.