LONDON — Mayo Clinic recently reported that its London facility lost $13.3 million in 2024, bringing its total losses in the past five years to $103 million.
Mayo Clinic Healthcare LLP, which started as
a joint venture with Oxford University
in late 2019, filed public financial reports July 11 in the United Kingdom for 2023 and 2024. The finances have been converted from pounds to dollars under the current exchange rate.
The 2024 loss of $13.3 million is 21% larger than 2023’s loss of $10.9 million. Mayo Clinic’s London site at 15 Portland Place also reported
in 2022,
and $11.5 million in 2020.
Mayo Clinic reported an impairment charge of $1.12 million due to 2024 losses. An impairment charge of $79,493 was also reported in 2023 due to that year’s losses. An impairment charge is an accounting entry that reflects a decline in value.
Despite the consecutive losses, Mayo Clinic filed “an unconditional letter of financial support” to cover the London clinic’s operating losses and liabilities “for a period of at least 12 months from the signing date” of the July 11 report.
Mayo Clinic did not respond to questions about the London facility’s performance and its future.
“Located in central London, Mayo Clinic Healthcare offers care tailored to your patients’ needs, with state-of-the-art diagnostic tests on site that provide results quickly, usually on the same day,” according to the London clinic’s website. “We accept physician referrals for specialist services, diagnostic imaging, including MRI and CT, as well as into our endoscopy suite.”
The London site employed 57 people, with 37 working in clinical areas, in 2024. That’s up from 51 employees in 2023 and 45 in 2022. It is currently advertising for six open jobs in London. The lease for the facility in a historic six-story building in the city’s high-profile Harley Street Medical Area is good until June 17, 2038. The lease of the medical equipment in use in London runs through July 2026.
Mayo Clinic’s entry into the UK market started as
“This agreement represents a commitment to collaboration among recognized leaders in health care,” stated Mayo Clinic CEO Dr. Gianrico Farrugia in 2017, when he was CEO of the Jacksonville, Florida campus. “As culturally aligned organizations, Oxford University, Oxford University Hospitals and Mayo Clinic will work together to drive advances for patients in all areas of medicine.”
That partnership ended in 2020
with Mayo Clinic taking sole control of the project.
“Following a detailed review of Mayo Clinic Healthcare in partnership with Oxford University Clinic LLP’s business plan, the Trust concluded that its aims and risk appetite as a public sector entity were no longer closely aligned with the partnership,” stated Dr. Bruno Holthof, chief executive of Oxford University Hospitals NHS Foundation Trust, in 2020. “Oxford and Mayo Clinic decided jointly to end the partnership. We wish Mayo the very best with making the clinic a success going forward.”
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Jeff Kiger writes a daily column, “Heard Around Rochester,” in addition to writing articles about local businesses, Mayo Clinic, IBM, Hormel Foods, Crenlo and others. The opinions of my employer do not necessarily reflect my opinions. He has worked in Rochester for the Post Bulletin since 1999. Send tips to jkiger@postbulletin.com or via Twitter to @whereskiger . You can call him at 507-285-7798.