The Mayo Clinic has posted annual operating profits that for the first time exceed $1 billion.
The Rochester-based health system, one of the leading healthcare providers in the world, had a total revenue of $13.82 billion in 2019, a 9.7 rise on 2018.
Its net operating income was $1.06 billion, a 72 percent increase on the $617 million it made in 2018.
The Mayo notes that out of its $13.82 billion revenue in 2019, some $549 million was donated by "generous benefactors," a 9 percent increase on 2018.
"2019 was a year of remarkable growth and reinvestment in Mayo Clinic's mission," said Gianrico Farrugia M.D., who became the Mayo's president and CEO in January 2019.
"Through this period of rapidly accelerating change, our staff has maintained our commitment to the highest quality care for our patients, while conducting life-changing research and providing medical education that will shape the future. Our exceptional team members will continue to distinguish Mayo Clinic as a truly world-class health care organization."
While the health system enjoyed a lucrative 2019, it didn't stop it from announcing the closure of several clinics from its outreach network in southern and southeastern Minnesota.
The Mayo confirmed in December its plans to one hospital and one clinic in Springfield, and a clinic in Lamberton, which followed a review of "patient volumes" and "ongoing staff challenges."
It announced the closure of another Minnesota clinic, in La Crescent, last August.
The hospital system's profit announcement comes at a time when medical debt is under increased scrutiny in what is a presidential year, with CNBC reporting in November that 137 million Americans are currently struggling with medical debt, and two-thirds of bankruptcies in the U.S. are linked to medical costs.
Given its well-founded reputation for world class care that sees patients fly in from across the globe for treatment, it's no surprise that the Mayo Clinic topped this list of average medical costs per visit out of all Minnesota hospitals and clinics.
The Mayo has been expanding its reach internationally, announced last year a joint venture that will see the Mayo assist in the operation of the Sheikh Shakhbout Medical City in oil-rich Abu Dhabi, in the United Arab Emirates.