Mayo Clinic posts $1.2B in profit for 2021 despite rise in labor expenses

Mayo Clinic posted a $1.2 billion profit last year, a 66% increase from its 2020 earnings thanks to a major recovery in patient volumes. Mayo’s $1.2 billion in net operating income is a 66% increase compared to the $728 million it generated in 2020. “The increase over 2020 was primarily due to the recovery from 2020’s COVID-19 impaired volume, but also due to higher expenses in 2021 related to the combination of pandemic-related spending, such as vaccine clinics and testing center; an incremental $97 million for employee recognition; and acceleration of facilities and select project expenses into the fourth quarter,” Mayo said in its earnings report.