Mayo Clinic posts a strong 2014 financial report; income up 36 percent
(THE MED CITY BEAT) - The Mayo Clinic increased its income by more than $200 million in 2014, according to an annual financial statement released on Tuesday.
Mayo's operating margin of 8.5 percent, the highest since 1986, was made possible by a 4 percent increase in revenue coupled with almost no growth in expenses.
The Rochester-based nonprofit brought in nearly $9.8 billion in total revenue and served about 1.3 million patients in 2014. It employed a total of 59,497 workers, about the same as the year before.
“Whether viewed through the lens of quality, patient outcomes, research advances, operational performance or sharing our knowledge with the world — by all measures, we had an extraordinary year,” said Dr. John Noseworthy, president and CEO of Mayo Clinic, in a news release.
The strong financial performance allowed Mayo to contribute an additional $190 million to its pension fund, bringing the total 2014 contribution to $410 million.
The company also plans to invest $1.5 billion in coming years to improve its information technology infrastructure.
Some of the notable achievements in 2014 included:
- Research proving that oncolytic virus therapy can be effective against multiple myeloma
- Expansion of the Mayo Clinic Sports Medicine Center in Rochester and Minneapolis and the new Mayo Clinic Healthy Living Program in Rochester
- The addition of seven new members to the Mayo Clinic Care Network
The Destination Medical Center initiative, which centers around Mayo's expansion over the next 20 years in downtown Rochester, also took a major step forward in 2014 with the release of the first full draft of the development plan.
Click here to view the full financial report.
I. Number of employees
II. Number of patients
III. Revenue and expenses (billions)
(Cover photo: The Med City Beat)