Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Mayo Clinic's operating income fell by half last year on rising labor costs


February 28, 2023

GLEN STUBBE � Wednesday, April 21, 2007 - Rochester, Minn. -The Mayo Clinic's Gonda Building in downtown Rochester. // Mayo Clinic //

Rising labor costs dampened earnings across Mayo Clinic's health system in 2022 as Minnesota's largest employer confronted staffing problems being felt across the industry.

The Rochester-based nonprofit reported Monday an operating income of $595 million last year - a 50% drop from 2021 when it reported a record $1.2 billion in operating income.

Contract labor costs for supplementary staff, like traveling nurses, rose significantly while the health system also saw inflation in nonlabor costs.


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