Hospital Administration
The Mayo Clinic: A Not-for-Profit Organization
The Mayo Clinic In Rochester, Minnesota is one of a network of Mayo clinics devoted to providing top-notch care for all patients. The clinic's mission is "to provide the best care to every patient, everyday through integrated clinical practice, education and research" (Mayo Clinic). According to the clinic's 2001 Annual Report, on November 28,2001 the Mayo Clinic in Rochester saw its 6 millionth patient.
According to the Mayo Clinic's website at www.mayoclinic.org, the primary value of the clinic is to tend to the needs of the patients. The clinic has a core financial principle of using revenue to service present and future necessities, and not for the creation of wealth. The Mayo Clinic is, therefore, operating as a not-for-profit organization.
The founding members of the Mayo Clinic, Dr. Will and Dr. Charlie Mayo, gave the name and earnings of the clinic over to a charitable, non-profit organization in 1919. The Mayos stated that any earnings accrued by the clinic should be used only for further operation, research and education. Profit sharing is not an option available to staff members of the Mayo Clinic.
According to the Annual Report, the Mayo Clinic in Rochester accounted for 43% of the revenue earned by the Mayo Foundation that year. Funds are primarily gained through patient care and donations. This income is used towards expenses, education and research. In 2001, the Mayo Foundation contributed $104.3 million to education programs and $127.9 million to research endeavours. These contributions ultimately benefit the care of patients through the training of health care professionals and the acquisition of further knowledge of diseases and their possible treatments and cures.
References
Mayo Clinic. Mayo Foundation For Medical Education and Research 2001-2002. http://www.mayoclinic.org.
Seasons For Growth: 2001 Mayo Foundation Annual Report. Mayo Foundation For Medical Education and Research 2001-2002. http://www.mayoclinic.org.
