Mayo Clinic continues strong performance in 2022 thanks to staff, ‘Bold. Forward.’ strategy
ROCHESTER, Minn. — Mayo Clinic is positioned to achieve its vision to transform health care and remains committed to its mission to serve patients and invest in staff. With careful planning and the support of Mayo's dedicated staff, the organization enters 2023 financially strong and focused on leading the transformation of health care through its "Bold. Forward." strategy.
In an industry facing significant financial pressures as well as staffing challenges, Mayo Clinic staff have stepped up to meet the evolving needs of patients while living Mayo Clinic values every day. Key highlights from Mayo Clinic's 2022 performance report include:
No. 1 ranked hospital in the nation for the seventh consecutive year in U.S. News & World Report's 2022-2023 "Best Hospitals."
$16.3 billion in revenue and $15.7 billion in expenses with a net operating income of $595 million.
Mission-sustaining 3.7% operating margin.
More than $1 billion in philanthropic gifts from generous benefactors for the fourth straight year, of which $562 million was provided in outright support and the remaining in future commitments, to accelerate the future of medicine through investments in practice, education and research.
"We have planned for and continue to invest in our future – sharing our insights and knowledge with more people and transforming health care for the benefit of all," says Gianrico Farrugia, M.D., Mayo Clinic president and CEO. "We will keep our focus on strategic areas that use innovative, platform-based approaches to solve health care challenges."
Leading the transformation of health care from within
Mayo is leading innovation to benefit patients as the organization remains committed to achieving its vision, including investing in staff, communities, and digital and physical transformation.
Mayo Clinic is investing in long-term innovations to retain talented staff, meet critical staffing needs and help staff learn the new skills needed to serve patients in the future. In 2022, Mayo invested a record $9.9 billion in its staff, with staff receiving almost $200 million in salary and wage increases.
Mayo Clinic's "Bold. Forward." strategy is to Cure disease, Connect people with data to create new knowledge, and Transform health care, by delivering the first scalable, AI-enabled care transformation platform. Examples include:
Groundbreaking new therapies — A Mayo Clinic patient with cancer was infused with the first chimeric antigen receptor-T cell therapy, or CAR-T cell therapy, cells manufactured at Mayo. Mayo Clinic's Center for Regenerative Biotherapeutics' work to develop, manufacture and deliver therapies like CAR-T make them more accessible for patients.
Collaborating to drive discovery — In 2022, Mayo Clinic and Mercy health care system announced a 10-year collaboration that will use deidentified patient data across both organizations to help diagnose disease earlier and drive new insights.
Transforming clinical trials — "Cures at Home" is making clinical trial participation easier and more accessible for remote patients, including those in underserved populations. The initiative uses off-site and in-home health care professionals and technology to communicate with study participants and collect data.
Transforming — digitally and physically
Mayo accelerated efforts in 2022 to transform from within, both digitally and physically, to improve health care for patients and staff. Patients experienced Mayo Clinic's signature care on its campuses as well as through new and emerging care delivery models. With the advent of platform technology and functionality, 15–20% of Mayo's patient visits are now virtual.
In 2022, Mayo Clinic continued expanding virtual care to emergency medicine, ICU and neonatology, providing real-time expertise from Mayo Clinic sites to local providers caring for critically ill patients at rural hospitals across the Midwest.
Mayo Clinic cared for:
900,000 outpatients through virtual appointments.
12,615 patients enrolled in remote patient monitoring and interactive care plans.
2,443 postoperative patients through Mayo's Advanced Care at Home program and Care Hotel, which gives low-risk surgical patients access to transitional care in an on-campus hotel following procedures.
As Mayo Clinic leads digital advances and transforms health care by moving to a platform model, there is still a need for physical hospitals and clinics. Mayo is working to transform these physical spaces as well:
Investing $200 million in a new facility to expand the proton beam program in Rochester to meet the growing demand for this leading therapy.
Construction of the Anna-Maria and Stephen Kellen Building, a new 11-floor research building, providing critical space in Rochester for talented researchers to discover the cures of tomorrow.
Expanding advanced biomanufacturing facilities and capabilities to expedite patient-ready regenerative therapies, advancing cures faster than ever before.
Breaking ground on visionary hospital projects in Mankato, Minnesota, and La Crosse, Wisconsin, to expand local services and elevate patient experience as part of Mayo's commitment to transforming community care and being the most trusted partner for Midwest patients seeking care close to home.
Approving a five-story hospital expansion adding 121 beds to Mayo Clinic in Florida and incorporating digital advances and an innovative, human-centered design to enhance patient care.
Acquiring 210 acres adjacent to the Mayo Clinic in Florida campus to meet growth needs into the next century.
Opening Mayo Clinic in Arizona's hospital expansion, bringing hope and healing to more patients with 99 new patient rooms, operating rooms with advanced technology, a highly automated diagnostic laboratory and an emergency department that doubled in size.
Breaking ground on an Integrated Education and Research Building in Arizona, strengthening Mayo Clinic’s integration of practice, research and education to accelerate new discoveries and deliver educational excellence.
Nearly 4.5 million people benefitted from Mayo Clinic's philanthropic support in 2022. Examples of community contributions include:
$613 million in unreimbursed cost providing services to patients enrolled in Medicaid programs, up from $601 million in 2021.
Nearly $8 million in support to nonprofit organizations that partner with Mayo to address community health needs, social determinants of health disparities and support for those in need.
$1 million to the Blue Zones Jacksonville project, which will work with community partners over the next six years to improve health and well-being through care access, equity and inclusion, treating chronic disease and mental illness, and promoting healthy lifestyles in Jacksonville, Florida.
$3 million to organizations advancing equity, inclusion and diversity in the communities Mayo Clinic serves.
In 2022, Mayo Clinic launched Mayo Clinic Cares to support staff volunteerism. Mayo staff provided over 3,500 volunteer hours to area nonprofits and organizations.
About Mayo Clinic Mayo Clinic is a nonprofit organization committed to innovation in clinical practice, education and research, and providing compassion, expertise and answers to everyone who needs healing. Visit the Mayo Clinic News Network for additional Mayo Clinic news.