February 22, 2019

Mayo Clinic income steady despite health record costs

By Karl W Oestreich

Star Tribune
By Christopher Snowbeck

Mayo Clinic’s operating income held steady in 2018 despite higher expenses with the switch to a new Star Tribune newspaper logocomputer system for electronic health records at its largest medical centers.

The Rochester-based clinic released 2018 financial results on Tuesday that featured operating income of $706 million, comparable to the 2017 earnings, on $12.6 billion in revenue.

Over the last several years, Mayo has been planning for a new electronic health record as part of a $1.5 billion technology upgrade. Last year, the transition to a new health record system took place at Mayo’s medical centers in Rochester, Arizona and Florida, prompting the clinic to reduce the volume of scheduled medical services starting about a week before the switch and for several weeks afterward.

Reach: The Star Tribune Sunday circulation is 518,745 copies and weekday circulation is 300,277. The Star Tribune is the state’s largest newspaper and ranks 16th nationally in circulation.

Additional coverage:

Post-Bulletin, Testing, tech and oil wells: Mayo is more than medicine

Post-Bulletin, More Mayo Clinic numbers for recent years 

KTTC, Mayo Clinic reports strong numbers for 2018

Fierce HealthcareFOX 47, Kaiser Health News, Healthcare Dive, Ortho Spine News, KXRA-Radio, KROC-Radio, Becker’s Hospital ReviewModern Healthcare

Context: Mayo Clinic reported strong operational performance in 2018, affirming its status as a national leader for clinical quality, medical education and research discoveries that improve lives.

In 2018, more than 1.2 million patients sought Mayo Clinic's expertise at its destination campuses in Arizona, Florida and Minnesota, as well as across Mayo Clinic Health System. The organization continues to advance its mission and serve as a trusted source of hope and healing.

“2018 was an extraordinary year for Mayo Clinic by all measures,” says Gianrico Farrugia, M.D., president and CEO, Mayo Clinic. “These achievements are a result of the strong commitment of staff across our entire organization to serving our patients and our communities,” Dr. Farrugia says. You can read more on Mayo Clinic News Network.

Contact:  Duska Anastasijevic

 

Tags: capital investments, Dennis Dahlen, financial results, Mayo Clinic 2018 performance report, Star Tribune, Uncategorized

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