ROCHESTER, Minn. (AP) — Mayo Clinic said Wednesday it had a strong financial performance in 2012 as the health care provider added more employees and patients.
Mayo said it took in annual revenue of $8.8 billion last year, with expenses of $8.4 billion. According to the clinic's annual report, Mayo maintained an operating margin of 4.5 percent, which "aligns with the clinic's long-term objectives" of 4 percent to 6 percent.
As part of Mayo's operational plan in 2012, the clinic said it expected expenses to grow faster than revenues. Expenses rose 9.6 percent last year.
"Even in a challenging environment, our employees continue to deliver by putting patients first," Dr. John Noseworthy, Mayo Clinic president and CEO, said in a statement Wednesday.
Mayo added more than 1,000 workers to its payroll at its home base in Rochester, for a total of more than 34,000 people who work at Mayo in Rochester alone. The not-for-profit clinic has more than 61,000 employees and treats more than 1 million patients each year from about 135 countries.
But the Post-Bulletin (http://bit.ly/YFiYeQ ) reports donations to Mayo dropped for the second year in a row. In 2010, Mayo received nearly $400 million in donations. That dropped to about $320 million in 2011 and about $250 million in 2012.
Mayo is seeking more than $585 million in state and city subsidies to defray public infrastructure costs associated with a multibillion-dollar private expansion. Mayo officials say the money wouldn't directly feed construction at the clinic itself. Mayo's vision is to make Rochester a destination city.
Information from: Post-Bulletin, http://www.postbulletin.com