Dive Brief:
- Operating income for Rochester, Minn.-based Mayo Clinic rose 55% for the year, from $395.4 million in fiscal 2012 to $612.1 million in 2013.
- Mayo's total revenue for 2013 grew to $9.42 billion, leaving it with a margin of 6.5%.
- Part of the reason revenue shot up was that Mayo saw growth across the board for its retail pharmacy sales, as well as its commercialization arm. It also got large gifts and federal health IT incentives.
Dive Insight:
Last year was a very busy year for Mayo, which saw the continued expansion of its Mayo Clinic Care Network, a loose network of hospitals and health systems working together in their regions. Leaders with Mayo have also been aggressively investing capital projects, including the system's $5 billion economic development initiative called Destination Medical Center, which is designed to keep Mayo as a global medical services hub. Given the financial results it achieved in 2013, their efforts seem to be working.