The Mayo Clinic has recovered from a bad start through 2022 with a strong first quarter this year, the nonprofit health system reported Thursday.
The Rochester, Minnesota-based company generated $420 million in net income in the first three months of 2023 after a loss of $177 million a year earlier. Operating income rose 4.9% to $149 million. Revenue rose 8.8% to $4.27 billion. Expenses rose 9% to $4.12 billion, including an additional 7.7% for wages and benefits and an additional 11.3% for supplies and services. Cash and investments totaled $17.65 billion, up 2% from the fourth quarter, largely due to investment returns.
Mayo is at odds with Minnesota lawmakers and other providers in the state over a law requiring inpatient care units to form committees with caregivers and executives to personnel level setting.
However, the state legislature is poised to exempt the Mayo Clinic after the health system threatened to pull billions of dollars in investments from Minnesota — a power game that has left smaller providers in angry state.
