Rochester, MN (KROC-AM News) - The Mayo Clinic is on track to reach a major milestone in its financial performance by the end of this year.

A required filing shows the Mayo Clinic’s income from current activities totaled about $271 million for the three month period that ended on September 30. That was down from $300 million in the previous quarter but it represents an 11-percent improvement when compared to the third quarter in 2018. Mayo’s third-quarter revenues were up about 7-percent from a year ago at $3.42 billion, while expenses in the third quarter grew by a smaller 5.5-percent and totaled $3.12 billion.

Through the first nine months of this year, Mayo’s income from current activities was about $813 million, which was up over 30-percent from 2018. It should be noted Mayo saw a spike in its expenses last year from the implementation of the EPIC medical records system, but the 2019 total is also up over 40-percent when compared to the end of the third quarter in 2017.

Income from current activities is considered a measurement similar to profit for a non-profit organization and this year’s tally is already over $50 million above the total for all of last year and is over $100 million higher than the year-end total from 2017. At the current pace, the Mayo Clinic is on track to cross a major milestone by recording $1 billion annual income from current activities by the end of the year.

The unaudited report was filed with the online Electronic Municipal Market Access site, a service of the Municipal Securities Rulemaking Board. The report is required because of municipal bonds sold by Mayo to finance various economic development projects.

Read More: Mayo Clinic Posts Strong First Quarter Financial Report |

More From KDHL Radio