Mayo Clinic makes $727M profits in 2020 despite pandemic
The clinic cited philanthropic gifts, investments and alternative revenue sources.
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Despite furloughs and pay cuts in the early months of the pandemic, Mayo Clinic finished the year with $727 million in profits in 2020.
Rochester-based Mayo Clinic’s 2020 financial report also showed $13.9 billion in total revenue, which is 1.5% higher than in 2019. The clinic cited investments, philanthropic gifts and alternative revenue sources for this growth despite the pandemic.
While the net profit was down on the $952 million made in 2019, it nonetheless marks a remarkable turnaround given it was projecting a $3 billion loss early in the pandemic, when elective surgeries were shut down in an effort to contain the virus's spread.