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

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.

https://www.startribune.com/mayo-clinics-operating-income-fell-by-half-last-year-on-rising-labor-staffing-costs-2022-rochester/600254781/