Posted by mayonewsreleases (@mayonewsreleases) · Feb 27, 2013
Mayo Clinic Reports Solid 2012 Financial Performance
ROCHESTER, Minn. — Mayo Clinic today reported a solid 2012 financial performance as it works to provide high-quality care at lower cost, strengthen its destination medical center practice and deliver expertise to patients and physicians in new ways.
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Mayo Clinic reported annual revenue of $8.8 billion for 2012. Mayo, a not-for-profit, has more than 61,000 employees and treats more than 1 million patients each year from roughly 135 countries. As part of our operational plan in 2012, Mayo Clinic expected expenses to grow faster than revenue; expenses rose 9.6 percent, to $8.4 billion.
"For nearly 150 years, our employees have done everything possible to provide our patients with safer, better and more efficient health care," says John Noseworthy, M.D., Mayo Clinic president and CEO. "Even in a challenging environment, our employees continue to deliver by putting patients first."
Mayo's 2012 accomplishments include growth of the Mayo Clinic Care Network. Care Network members have access to Mayo knowledge and physicians to help them care for their patients closer to home whenever possible. Physician collaboration also helps enhance health care in member communities. The network spans 10 states, from Arizona and Montana, through the Midwest, to New Hampshire and south to Florida and the Caribbean. Mayo Clinic now reaches more than 3.3 million patients through the Care Network.
Mayo Clinic is developing mobile applications to connect physicians with patients wherever they are. For physicians, Mayo Medical Laboratories introduced an app that enables physicians to search for tests by disease, test name or test ID and provides direct access to educational resources such as videos, articles and testing algorithms. For patients, Mayo Clinic introduced Anxiety Coach and Mayo Clinic on Pregnancy. Anxiety Coach, available for Apple iPhones, iPads and iPod Touch users, is a tool that helps people cope with a variety of fears and worries, from extreme shyness to obsessions and compulsions. Mayo Clinic on Pregnancy, available for Windows 8 users, is a guide to pregnancy, childbirth, and a baby's first three months. The app leverages the medical and lifestyle expertise of Mayo experts in obstetrics and gynecology, genetics, nutrition, midwifery and lactation.
"Mayo Clinic is redesigning its practice to create higher quality of care at lower costs," Dr. Noseworthy says. Examples include:
Mayo Clinic is accelerating the transition of research discoveries to patient care. For example, Mayo Clinic was the first facility approved by the U.S. Food and Drug Administration to produce and administer Choline C11 injections. C11 helps detect recurrent prostate cancer earlier, giving those patients more immediate access to new individualized and targeted treatments.
A remote monitoring system developed at Mayo Clinic also received FDA clearance last year. BodyGuardian Remote Monitoring System allows physicians to monitor key biometrics of patients as they go about their daily lives. A small body sensor attaches to the patient's chest and collects information, including ECG, heart rate, respiration rate, and activity level, then transmits it to his or her health care provider via mobile phone technology. The monitoring system will be available to physicians in 2013.
Shirley Weis, Mayo Clinic vice president and chief administrative officer, says Mayo's strong performance allows it to invest in initiatives that will transform health care, ensure Mayo's future and drive economic growth in the states where it operates. Weis highlighted these accomplishments in 2012:
While Mayo Clinic reports another solid year, health care organizations are facing significant challenges, and change is accelerating faster than anticipated.
"We are not immune to external pressures, but Mayo is making progress toward its vision of strengthening its destination medical center practice," Dr. Noseworthy says. "It will require deliberate focus and the ability to change as we position ourselves for the future."
Some key 2012 financial highlights:
Income from current activities (millions)$395.4$610.2$515.3
|Total number of employees*||61,125||58,322||56,077|
|Rochester, Minn., employees||34,223||33,156||31,998|
|Total clinic patients**||1,165,000||1,113,000||1,081,000|
|Clinic patients (Rochester, Florida, Arizona)||588,600||554,000||533,000|
|Clinic patients (Mayo Clinic Health System)***||576,400||559,000||548,000|
|Development gifts (millions)||$245||$318||$397|
|Total revenue from current activities (millions)||$8,843.9||$8,318.2||$7,942.0|
|Total expense from current activities (millions)||$8,448.5||$7,708.0||$7,426.7|
|*Total also includes New England lab employees.
**Individual patients are counted once annually.
***Reported for first time in 2010.