Mayo Clinic stated Monday it has given again to the federal authorities almost half of the COVID-19 stimulus grants it obtained as a result of it recovered sooner than anticipated.
The Rochester, Minn.-based well being system stated it has returned $156 million of its $338 million price of Supplier Reduction Fund grants, efficient Dec. 21. The cash was a part of the Coronavirus Support, Reduction, and Financial Safety Act, or the CARES Act.
Mayo’s working margin was virtually eight% within the quarter ended Sept. 30, 2020, effectively forward of lots of its friends. The well being system generated $288 million in working earnings within the quarter, up 18% over the 2019 interval.
Of the $182 million in grants Mayo is retaining, it has already booked $173 million as income. The remaining $9 million will probably be acknowledged by the 12 months’s finish, Mayo spokesperson Jay Furst wrote in an electronic mail.
Mayo additionally had totally repaid all of its $915 million in Medicare advance funds in July, which is effectively forward of the federal government’s compensation timeline. Suppliers aren’t required to start compensation till one 12 months after receiving it, with a recoupment charge of 25% for the primary 11 months, beneath relaxed phrases accredited in September.
Investor-owned HCA Healthcare stated in October it deliberate to return all $1.6 billion in aid grants it obtained. The Nashville, Tenn.-based hospital chain has boosted its revenue to date this 12 months. Web earnings was up 9% year-over-year within the third quarter, which ended Sept. 30, even with none grant funding.