Mayo Clinic is the latest nonprofit health system seeing the benefits of improved patient volumes.
The Rochester, Minnesota-based system saw a 10.4% year-over-year jump in patient service revenue, to $3.54 billion in the second quarter, and a 10% increase to $6.96 billion in the first half of the year, according to financial results released Thursday.
For the second quarter, Mayo Clinic reported net income of $547 million, a nearly 200% improvement from the same quarter in 2022, when the health system experienced steep losses. Investment returns totaled $211 million, compared with a $1.05 billion loss a year ago.
Quarterly revenue rose 10.8% year-over-year to $4.47 billion, and expenses increased 7.5% to $4.17 billion.
For the first six months of the year, Mayo Clinic, which also has campuses in Phoenix and Scottsdale, Arizona, and Jacksonville, Florida, reported increases of 6.5% in outpatient visits, 8.4% in surgeries and 2.4% in admissions. The results fall in line with other healthcare systems reporting their latest quarterly results, as more patients return for deferred procedures and outpatient volumes show particular improvement.
Amid growing volume, Mayo Clinic continues to invest in facilities in its major markets. The system spent $261 million on capital projects and equipment in the second quarter, most of which went toward large infrastructure projects, including investments in an integrated oncology facility in Florida, a research and education building in Arizona and an expansion of the proton beam facility in Minnesota.
Earlier this year, Mayo Clinic announced a larger redevelopment project at its downtown Rochester campus and plans to start construction in 2024.