Mayo Clinic generated $451 million in profits in the second quarter as it saw surgery admissions blow past pre-pandemic levels.
The hospital system posted nearly $4 billion in revenue in the second quarter, according to its latest earnings report released Friday. For the first half of the year, Mayo generated $694 million in profit on $7.69 billion in revenue.
A major driver of the profits was an increase in net medical service revenue, which was $3.34 billion in the second quarter, a nearly 40% increase from the same period in 2020.
Overall Mayo saw a rebound in patient care compared to major declines in 2020 due to the onset of the COVID-19 pandemic. But the rebound was uneven.
Overall admissions were up nearly 7% in the first half compared to the first half of 2020.
The rebound was buoyed by a major increase in surgeries, which saw a 21.5% increase from the same period in 2020. Hospital surgery volumes plummeted in the first half of 2020 as facilities canceled or postponed elective procedures to preserve capacity to fight the virus.
But while surgery volumes rebounded for hospitals, for several they remained below pre-pandemic levels.
However, Mayo reported that surgery cases increased 3.4% compared to the same period in 2019.
That wasn’t the case though for outpatient care, which also suffered from volume declines as patients were concerned about going to get care for fear of contracting the virus.
Outpatient visits for Mayo in the first half increased nearly 20% compared to 2020 but were down nearly 2% compared to 2019.
Mayo is the latest hospital chain to post positive earnings in the second quarter. HCA Healthcare posted a $1.4 billion profit in the second quarter thanks to a 20% rebound in patient volumes, and Tenet posted a $120 million profit thanks to a nearly 14% bump in admissions compared to 2020.