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ROCHESTER, Minn. ─ Today, Mayo Clinic released a societal impact report demonstrating the powerful effect the organization has on medical practice, patients and the American economy. The report ─ a first-of-its-kind study for Mayo Clinic ─ shows that Mayo Clinic contributed $28 billion to the U.S. economy and created 167,000 jobs nationwide through its business expenditures and the employer multiplier effect. TEConomy Partners, LLC, a consulting firm that provides econometric analysis, conducted this study.
While the study confirms that Mayo Clinic is a national economic force, the report, Remarkable Moments of Sharing, details how Mayo Clinic also provides many additional benefits to households, businesses, government and other organizations across the U.S. Mayo Clinic’s unique integration of clinical care, research and education creates connections that lead to a meaningful impact on patients, researchers, medical students and communities.
“Mayo Clinic’s foundation is based on our compassion for the sick,” says John Noseworthy, M.D., president and CEO, Mayo Clinic. “For more than 150 years, we have worked together to improve the lives of people in our neighborhoods and around the world. Each year, our team-based, patient-guided approach to clinical care benefits more than 1.3 million patients from nearly 140 countries. We partner with our communities to advance community health, fuel economic growth, embrace diversity and inclusion, and promote environmental sustainability.”
Highlights of the report include:
TEConomy Partners LLC used an industry standard Industrial Organization (I/O) model through the IMPLAN software system. It uses detailed region- and sector-specific data sets to estimate the outcomes and gauge the economic potential. The model incorporates detail of 536 individual industry and economic sectors that cover the entire regional, state or national economy. This allowed TEConomy to model more precisely the true impact of Mayo Clinic operations and differentiate its health care, research and educational functions using an analysis-by-parts impact modeling approach. Total expenses are used, instead of revenues, as they are a truer measure of total direct impact.
About Mayo Clinic
Mayo Clinic is a nonprofit organization committed to clinical practice, education and research, providing expert, comprehensive care to everyone who needs healing. For more information, visit mayoclinic.org/about-mayo-clinic or newsnetwork.mayoclinic.org.
Duska Anastasijevic, Mayo Clinic Public Affairs, 507-284-5005, email@example.com