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 � gstubbe@startribune.com 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.

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

 

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