Mayo Clinic
Is This Your Business?2.6
2.6
Author: Kaitlyn Short
LAST UPDATED: June 27th, 2023
Mayo Clinic is one of the most respected research hospital networks in the world, with locations in Minnesota, Florida, and Arizona. In addition to providing care for patients and researching the latest treatment options, they also function as a medical school with a vigorous training for the physicians of the future. The Mayo Clinic is 100 percent non-profit and relies on donations and government grants in addition to returns on their investments to run their facilities. Active in their community and online, the Mayo Clinic has an extensive community outreach and education departments, including a comprehensive question/answer resource online which provides helpful information on most diseases.
Top Ranked Companies
The Good
- Widespread network
- Respected medical school and online source
- Awards and recognition
- Endocrinology - 1st
- Gastroenterology and GI Surgery - 1st
- Geriatrics - 1st
- Nephrology - 1st
- Neurology and Neurosurgery - 1st
- Pulmonary - 1st
- Urology - 1st
- Cardiology and Cardiac Surgery - 2nd
- Ear, Nose and Throat - 2nd
- Orthopedics - 2nd
- Cancer - 3rd
Total Income
Mayo Clinic publishes their financial reports online. Reports are available for 2011-2015, with 2013 being absent. Mayo Clinic has shown increased income from donors, grants and investments. Total revenue (in millions)- 2011 - $8.3182
- 2012 - $8.8439
- 2013 - missing
- 2014 - $9.671
- 2015 - $10.315
Donor Communication
Donors are sent a confirmation of their contribution for their income taxes and those who include their email address receive communication from Mayo Clinic about current happenings with the hospital.Awards
Mayo Clinic recognized as a DiversityInc Top Hospital and Health System each year since 2011. The hospital is measured on its talent pipeline, equitable talent development, CEO/Leadership, and diversity of its suppliers. 2013 - Top Hospital for Hispanics by Hispanic Network Magazine. Mayo Clinic is recognized for their efforts to provide the Spanish-speaking population care in their own language. Several of their physicians have been recognized for their individual achievements. Mayo Clinic is regularly recognized for their contribution to digital healthcare with the comprehensive internet resources on diseases, symptoms, etc. Since 2001, Mayo Clinic has received over 60 awards recognizing their excellence in providing information to the public online.What Customers (Patients) Are Saying
For as many who are reporting negative experiences with Mayo Clinic, there are many thousands more people who have been treated and had positive outcomes. Mayo Clinic patients are often those who have been diagnosed with serious and complex medical conditions, and the care received at Mayo Clinic involves a team of doctors. This is a frustrating time for patients, and the hospital has been recognized by many for their empathy and the ways that their staff approaches healthcare, as the team approach is one of the more important aspects of care at Mayo Clinic.The Bad
- Transparency with administrative expenses
- High percentage of income goes to salaries
- Negative press
Administrative Expenses
In 2015, Mayo Clinic spent $6.371 million on salaries and benefits according to their financial statement. The company does not disclose the salaries of their top administrators online or in their financial statement. Becker's Hospital Review reports that in 2011, the top administrators each earned over $1 million. High Percentage of Salaries to Income When looking at Mayo Clinic's financial reports, it is clear that one of the first and largest expenses is that of salaries and benefits for their employees. It is important to remember that the employees working at Mayo Clinic include doctors, RNs, LPNs, and other certified medical professionals, which are among higher-paying jobs. These professionals receive a salary + benefits package with is often below the medical industry average. Difficulty Finding Financial Information Online Mayo Clinic's website is filled with information, which is almost too much to digest. There is a sizable difficulty in finding information online about the company's financial records. Although it is there, it is not easily found. The Review Team was not able to locate financial information for 2013 online. Mayo Clinic's financial reports do not separate their expenses for others to see what falls under services and supplies. It is difficult to ascertain the exact percentage of income to their program costs.Fundraising Expenses
Mayo Clinic does not disclose the percentage of their budget which is dedicated to fundraising. They do state that their fundraising cost is 8.5 cents per dollar received from donors.Program Percentage
Mayo Clinic offers several figures which without further explanation, do not make sense. The Review team was unsuccessful in getting information about the inconsistencies from hospital representatives. On the company's financial statement and background publication for 2015, there is an entry for "Services and Supplies" which is not clear as to what these include. For 2015, this figure was reported as $2.621 million. With this figure, Mayo Clinic spends 39% of their revenue on their program costs.Accessible Financial Information
Mayo Clinic publishes their annual reports and comprehensive financial statements online, but they can be difficult to find. For some reason, there is no information for 2013. 2011-2012 and 2014-2015 are available, but require some effort to find.Negative Press
Most of the complaints about Mayo Clinic are from disgruntled or frustrated patients. Frustrations of patients are frequently about the billing and collection practices of Mayo Clinic, with several stating that they were refused care until they had paid their bill. Press coverage about Mayo Clinic is generally positive.What Customers (Patients) Are Saying
When it comes to a person's health or the health of one of their family members, one wants the best possible care. Because Mayo Clinic has developed a strong name for themselves over the last century, many people expect a certain level of care. The hospital's status as a not-for-profit institution seems to have caused some confusion for many who seem to expect that their care will be free of charge. This is simply not the case and many complaints stem from the hospital's collection practices or refusal to see patients who have large outstanding medical bills. While it seems harsh, the reality is that the facility cannot maintain their current care if no one pays for it. Mayo Clinic offers a small relative percentage of charity care, but this should never be assumed to be automatic or available to all patients or their families. Prospective patients should be prepared to pay for their portion of services or seek assistance before receiving medical treatment. There are reports of patients being misdiagnosed or even being treated by non-doctors when they expect to see a physician. These reports, while tragic, are not exclusive to patients of Mayo Clinic; they exist throughout the medical field and in doctor's offices and hospitals every day.The Bottom Line
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