- Mayo Clinic reported a healthy three quarters of activity through Sept. 30, as medical service revenue climbed 8.9% and total revenue grew 8.1% compared to the first nine months of 2018.
- Net income more than doubled. Net assets also grew during that same time period by 21.8%, and topped $10.7 billion.
- Mayo's medical service revenue from its operations in the Southeast and Southwest both grew at more than an 11% annual rate, while its Midwest operations grew at an 8% clip. The system also announced a number of new strategic partnerships, including an expansion of services into the U.K.
The Minnesota-based operator of hospitals and outpatient clinics in the upper Midwest, Florida and Arizona is not only considered one of the best systems in the U.S., it is also solidly in the black.
Net income for the Mayo Clinic reached $1.5 billion through the first nine months of the year, compared to $708 million for the same time period in 2018, an increase of 112.9%. However, third-quarter net income was $375 million, up just 3.3% from the third quarter of 2018. "All indicators represent significant improvements from the same period in the prior year," Mayo noted in its report on its operations.
Inpatient hospital admissions have grown 1.9% for the first nine months of the year, while surgical patients grew 3.1%. Payer mix shifted more toward Medicaid and Medicare, whose revenue streams grew 13.3% and 0.83%, respectively. Private payer revenue grew 1.4%. Self-pay and other forms of payment dropped 10.7%.
Mayo also announced some new joint ventures. It opened a clinic in London in conjunction with the University of Oxford and the Oxford University Hospitals Trust in September. "A key component of Mayo Clinic's international strategy for care outside the U.S. is establishing an optimal physical presence, with facilities such as Oxford, in select countries and regions, with the potential for growth," the report said. It also announced an affiliation with the Saudi German Hospital in Cairo.
The hospital system also provided some more information regarding its selection of Google as its strategic partner for both cloud computing and healthcare innovation. It noted that it "will develop better technological capabilities to improve diagnoses, discover new cures, and make treatment accessible to patient in places beyond hospital walls or a doctor's office — all while enhancing data security."
Mayo said it is also teaming with Boston Scientific Corp. "to accelerate the development of medical technology and new minimally invasive treatments for many health conditions that impeded quality and longevity of life." That venture, known as Motion Medical, will be headquartered at the Discovery Square research district in Rochester, Minnesota.