Revenue at the Mayo Clinic grew almost 10 percent in 2007, to $6.9 billion.
Mayo -- which has its headquarters in Rochester and facilities in Jacksonville, Fla., and Scottsdale, Ariz. -- said that income from current activities was $198 million, a profit margin of 2.9 percent.
"The 2007 financial performance was in line with long-term targets," Chief Financial Officer Jeff Bolton said.
Mayo officials say that the clinic faces significant challenges in the next few years, including falling Medicare payments, an upsurge of aging baby boomers and a shortage of health care workers.
In 2007, income from patient care went up by 5 percent, to $294 million. Patient numbers were flat, at 520,000.
As a not-for-profit organization, the famous clinic plows profit back into its practice, education and research.
Mayo officials have complained in the past that Medicare has cut payments across the board without taking quality into account. Through its new health policy center, Mayo is proposing a formula for Medicare payments that weighs outcomes and cost over time, two measures that Mayo scores particularly well on nationally.
The clinic's leaders continue to warn of a looming crisis if the government doesn't step in to shore up Medicare, which is spending itself into insolvency.
