Throwback Thursday Time!
We posted this entry originally on February 24th, 2012. We’re almost at the 5-year mark the article references regarding Mayo’s growth! Crazy!
What do you think of Mayo’s progress so far?
By Jeff Hansel
The Post-Bulletin, Rochester MN
Mayo Clinic’s net income and revenue both increased for the second consecutive year in 2011, leading the nonprofit to announce an ambitious construction schedule for the next five years.
With $610.2 million in income in 2011, Mayo plans $600 million in capital projects in 2012 and $700 million per year for the next five years systemwide.
“We anticipate that the next three to five years will be marked by higher-than-average job growth and continued capital spending as we execute a set of strategic initiatives designed to meet patients’ evolving needs,” said Chief Administrative Officer Shirley Weis.
Projects will include some of Mayo’s newest ventures, including the Center for Regenerative Medicine, the Center for Individualized Medicine and the Center for the Science of Health Care Delivery.
“These three new centers represent strategic investments in the future of health care,” CEO Dr. John Noseworthy was quoted as saying. “By making these investments, we can reduce costs, advance medicine and enhance both individual and population health.”
Mayo left its modesty behind and got bold instead, proclaiming that it “has evolved to become a vast not-for-profit national and international medical organization that treats 1 million patients each year, with revenues of $8.5 billion. Mayo’s 58,000 employees provide essential health-care services to patients from more than 135 countries.”
Mayo added 2,245 jobs nationwide in 2011. It maintains a non-profit status by reinvesting revenue in excess of expenses back into patient care, education and research.
Mayo in 2011 received $318 million from benefactors who were “primarily grateful patients,” said spokesman Karl Oestreich said.