Mayo Clinic mentioned Monday it has given again to the federal authorities almost half of the COVID-19 stimulus grants it acquired as a result of it recovered quicker than anticipated.
The Rochester, Minn.-based well being system mentioned it has returned $156 million of its $338 million price of Supplier Aid Fund grants, efficient Dec. 21. The cash was a part of the Coronavirus Assist, Aid, and Financial Safety Act, or the CARES Act.
Mayo’s working margin was nearly 8% within the quarter ended Sept. 30, 2020, properly 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 maintaining, it has already booked $173 million as income. The remaining $9 million can be acknowledged by the yr’s finish, Mayo spokesperson Jay Furst wrote in an e-mail.
Mayo additionally had totally repaid all of its $915 million in Medicare advance funds in July, which is properly forward of the federal government’s compensation timeline. Suppliers aren’t required to start compensation till one yr after receiving it, with a recoupment price of 25% for the primary 11 months, underneath relaxed phrases accredited in September.
Investor-owned HCA Healthcare mentioned in October it deliberate to return all $1.6 billion in aid grants it acquired. The Nashville, Tenn.-based hospital chain has boosted its revenue to date this yr. Web earnings was up 9% year-over-year within the third quarter, which ended Sept. 30, even with none grant funding.