In November, Mayo confirmed local media reports that it planned to layoff 82 employees who provided transcription services at seven hospitals. Those services are being outsourced. Mayo is one of a number of providers trying to contain growing salary and benefit costs.
Sixteen of the system's hospitals are in Medicaid expansion states. Across the group, Mayo reported that write-offs in the first half of 2014 declined to $36.1 million compared with $37.5 million last year.
Self-pay revenue composed 4.8% of total medical service revenue, slightly below the 5% seen in the first half of 2013. The system did not break out other operating metrics in its quarterly earnings report.
Mayo issued $300 million in three series of bonds in the second quarter, which received Aa2 ratings with a stable outlook from Moody's Investors Service. The system has increased its debt 69% since 2010, increasing its borrowing at recent low interest rates, in part to fund its pension obligations, Moody's said.
In addition, Mayo is planning to spend $700 million annually over the next four years on capital projects, according to the agency.
Follow Beth Kutscher on Twitter: @MHbkutscher
