ROCHESTER, Minn. — Fueled by strong performance across all activities in 2023, Mayo Clinic achieved remarkable progress toward its goal of transforming healthcare for people everywhere by making critical investments in valued staff, innovative facilities and pioneering digital technologies.
Key performance highlights include:
- Industry-leading rankings from Newsweek and U.S. News & World Report.
- A record high of more than 2,500 active clinical trials for patients seeking new cures.
- Delivering high-quality, convenient care to patients through more than 950,000 outpatient virtual appointments.
- Mayo Clinic Platform reaching more than 45 million people through earlier or more accurate diagnosis, personalized care, hospital-level care at home and enhanced access to quality care.
- Revenue of $17.9 billion against expenses of $16.8 billion, resulting in net operating income of $1.1 billion and a mission-sustaining 6% operating margin.
- Capital expenditures of $1.18 billion, with 47% allocated to major projects.
- Over $1 billion in philanthropic funding for the fifth consecutive year, including $608 million in outright support, with the rest in future commitments.
“By every measure, Mayo Clinic made excellent progress in 2023 towards our goal of creating a better healthcare system for the United States and globally,” says Gianrico Farrugia, M.D., president and CEO, Mayo Clinic. “Our dedicated staff have created and have used new tools and technologies to deliver transformation and are creating a brighter future of healthcare for our patients and ourselves.”
In 2023, Mayo Clinic continued its investment in Mayo Clinic Platform, the first true platform in healthcare. Mayo Clinic Platform is curating the world’s healthcare data in a privacy protected, ethical and culturally sensitive way. The Platform brings together solution developers, large and small, around these rich data to accelerate healthcare innovation, and 28 solution developers have utilized the Platform in 2023. Through this work, Mayo Clinic Platform is connecting healthcare systems nationally and globally to these solutions, with an impact on 45 million lives.
Mayo Clinic also invested in the physical component of its strategy to transform healthcare. The organization announced the largest capital investment in Mayo Clinic’s history, Bold. Forward. Unbound. in Rochester, which will create innovative spaces incorporating digital technologies and novel care concepts to transform both the patient and staff member experience.
Additional projects underway across the enterprise include Arizona Bold. Forward., which is more than doubling the size of Mayo’s Phoenix campus; expansion of the Mayo Clinic hospital in Florida to meet increasing patient demand for complex care; a plan to increase access for patients and spur significant growth in Mayo’s cancer practice in Florida; and new Mayo Clinic Health System hospital bed towers in La Crosse, Wisconsin, and Mankato, Minnesota. Mayo Clinic also opened the Anna-Maria and Stephen Kellen Building in Rochester, which provides 176,000 square feet of new research space on the campus.
Investing in staff
Last year, 80,221 Mayo Clinic staff cared for 1.3 million patients from over 130 countries. To support patients, growing campuses and new service lines, Mayo Clinic welcomed about 14,000 staff into new roles in 2023, a 4.9% increase from 2022.
Mayo Clinic 2023 staff investments include:
- $10.5 billion in staff salaries and benefits.
- Expanded benefits to support staff financial health and well-being, including a 403(b)/401(k) Plan Loans and Hardships Withdrawals program, a Mayo 403(b) Student Debt Match Program and increased access to well-being tools.
- Enhanced educational and professional development opportunities, offering more than 250 Career Investment Programs for critical and emerging roles and new flexible pathways to meet staff education needs.
- More than $30 million in community programs in regions where staff live and work.
“Our staff deliver excellent care to patients today and innovate to design the care of tomorrow,” says Christina Zorn, chief administrative officer, Mayo Clinic. “Together, we’re beginning 2024 in a position of strength and with a spirit of purpose of putting the needs of our patients first.”
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About Mayo Clinic
Mayo Clinic is a nonprofit organization committed to innovation in clinical practice, education and research, and to providing compassion, expertise and answers to everyone who needs healing. Visit Mayo Clinic News Network for additional Mayo Clinic news.
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