Rochester, Minn.-based Mayo Clinic reported operating income of $526 million in 2015 — a 36.9 percent drop from the year prior.
Mayo said revenue increased 5.7 percent to $10.3 billion last year. However, the system's revenue gains were offset by a 9.7 percent increase in expenses, including an uptick in costs for salaries and benefits.
Mayo reported a slight year-over-year decrease in admissions. Outpatient visits, however, rose 2.6 percent in 2015 compared to the year prior. The system saw more Medicare and Medicaid patients and fewer self-pay patients last year than in 2014.
Mayo ended 2015 with an operating margin of 5.1 percent, down from 8.5 percent a year earlier.
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