Rochester, Minn.-based Mayo Clinic saw an operating income of $363 million (7.7% operating margin) in the first quarter of 2024, up 143.6% from $149 million (3.5% margin) posted over the same period last year, according to its May 20 financial report.
The health system posted revenues of $4.7 billion in the quarter ended March 31, up 10.9% from the $4.3 billion it posted over the same period last year. Mayo Clinic said the revenue growth was driven by strong volumes, reimbursement yield and an increase in donor contributions. Medical service revenue grew 8.6% year over year to $4 billion.
Operating expenses were $4.37 billion in the quarter, up 6.1% from the $4.1 billion it saw in the saw period last year. Salaries and benefits increased 5.5% year over year to $2.6 billion, reflecting an increase in staff. Supply and service expenses rose 8.5% to $1.5 billion. Mayo said this increase was due to pharmaceutical pricing and utilization. Facility expenses decreased by 0.8% and finance and investment expenses decreased by 2.1%.
The system posted a net income of $927 million in the quarter, up from $420 million posted over the same period in 2023.