- News Releases
ROCHESTER, Minn. — Mayo Clinic reports a strong 2014 performance, including providing direct care for more than 1.3 million people, contributions of $410 million to its pension plan as a commitment to employees, and plans for a $1.5 billion investment to fund information technology infrastructure.
“Whether viewed through the lens of quality, patient outcomes, research advances, operational performance or sharing our knowledge with the world — by all measures, we had an extraordinary year,” says John Noseworthy, M.D., president and CEO, Mayo Clinic. “That success allowed us to reinvest in our people, our infrastructure and our mission so we can better serve our patients.”
“As a nonprofit organization, it’s important for us to not only reinvest in our technology infrastructure, but also invest in our employees,” says Jeff Bolton, vice president, administration, Mayo Clinic. To that end, Mayo Clinic made an additional contribution of $190 million to its pension fund, bringing the total 2014 contribution to $410 million. This additional investment was necessary to ensure Mayo Clinic will meet its commitment to current and future retirees.
“Our financial performance gives us the flexibility to invest in new initiatives that will help our patients,” says Kedrick Adkins Jr., Mayo chief financial officer. These funds are committed to mission-advancing projects. The funding includes five areas of focus, Adkins says:
Extending Mayo Clinic information, guidance and care to people everywhere
Besides providing in-person care for more than 1.3 million patients in 2014 through its destination centers and integrated community care model with Mayo Clinic Health System, Mayo continues to share its knowledge and provide virtual consultations to providers and patients through Mayo Clinic Care Network, its international network of member practices. With the addition of seven members in 2014, there are now 32 members of Mayo Clinic Care Network in the continental U.S., Puerto Rico and Mexico. More than 9 million patients and their care teams have access to Mayo Clinic knowledge, clinical protocols, e-Tumor Boards and consultations through Mayo’s expanding connected care platform.
Shaping the future of health care through research, education and thought leadership
Mayo Clinic’s transformative Centers for Individualized Medicine, Regenerative Medicine and the Science of Health Care Delivery, its multisite Cancer Center and medical research across all departments and sites, continue to keep Mayo at the leading edge of scientific discovery and innovations in patient care:
Supporting local community vibrancy, economic development and health needs
“Proton beam therapy will benefit patients with tumors located next to sensitive, critical organs with potentially fewer severe side effects and complications, compared to other forms of radiation therapy. This is especially important for children with cancer,” says Sameer Keole, M.D., Radiation Oncology, who is the proton beam medical director in Arizona.
2014 Mayo Clinic Financial Highlights
Mayo also reported a solid 2014 financial performance as it works to strengthen its destination medical center practice and deliver expertise to patients and physicians in new ways.
“As we look back at all the accomplishments in 2014, and the strong momentum we’ve built to advance our strategies in 2015 and beyond, I want to take this opportunity to thank every Mayo Clinic employee for making it all possible,” says Dr. Noseworthy. “We all share a deep and abiding commitment to do what is right for our patients and for each other. In the midst of great challenges and unprecedented change, the spirit of the clinic shines through in the compassion of our tremendous staff. It is a privilege to be part of the team that is writing the next chapter of Mayo Clinic’s story of hope and healing.”
Mayo Clinic Operational Performance in Selected Categories
Mayo Clinic Consolidated Financial Report 123114
# # #
About Mayo Clinic
Mayo Clinic is a nonprofit organization committed to medical research and education, and providing expert, whole-person care to everyone who needs healing. For more information, visit http://www.mayoclinic.org/about-mayo-clinic or https://newsnetwork.mayoclinic.org/.
MEDIA CONTACT: Karl Oestreich, Mayo Clinic Public Affairs, 507-284-5005, email@example.com
ROCHESTER, Minn. — Fasting during Ramadan involves abstaining from food and drink from dawn to sunset. Depending on geography and the time of year when ...
ROCHESTER, Minn. — Senescence is an aspect of aging that involves a biological dysfunction that occurs in response to repetitive stressors. Biological aging is associated ...
ROCHESTER, Minn. — Artificial intelligence (AI) has the potential to become a valuable tool for transplant to save more patients' lives. Recent studies have already ...