Rochester, Minn.-based Mayo Clinic ended the second quarter of 2018 with higher revenue and lower operating income.
Mayo Clinic reported revenue of $3.1 billion in the quarter ended June 30, compared to $3 billion in the same period the year prior, according to recently released unaudited financial statements. Medical service revenue contributed to the growth, as it rose 6.5 percent year-over-year.
At the same time, Mayo Clinic's expenses also grew year-over-year, from $2.8 billion to $3 billion. With expenses factored in, Mayo Clinic ended the second quarter of 2018 with operating income of $159 million. That's down 7.6 percent from operating income of $172 million reported by Mayo Clinic during the same period of 2017.
Mayo Clinic said it has various construction projects in the works related to patient care, research and educational facilities. The estimated $617 million in costs for those projects is expected to be expended in the next three to five years. Mayo Clinic said it also is working on replacing its EMR system at an approximate cost of $248 million. The project is expected to be complete this year.
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