Financial Management at Mayo Clinic Term Paper

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Financial Management

A major part and linchpin of any medical and/or research firm is the financial management aspects of the organization. Financial management of any major medical outfit would be overseen by the officers of the treasury and finance departments. They would, by extension, also direct the financial activities of the clinic. The activities completed would include bookkeeping, investing, and developing projects. The depth and breadth of these operations would touch upon a number of important things such as the methods of funding to be used, research issues, quality control, ethics, accreditation, awards, regulation, marketing, strategic management choices, branding and involvement with the employees and community. All of the above applies to the organization that is being focused on in this report, that being the Mayo Clinic. While all businesses and organizations have to focus on financial matters of some degree or form, the complexities and intricacy of the Mayo Clinic and their financial operations is staggering and vast.

Financial Management Aspects

The Mayo Clinic is a non-profit organization, so all funding comes from donations. The revenue it does collect through services (current activity puts revenue at more than $10 billion, with income generated through services being at $526 million and contributions from benefactors coming in at $277 million) goes to fund its development and expansion projects, including research, education, and clinical studies (Mayo Clinic Facts, 2015). The Mayo Clinic provides financial assistance for patients who meet criteria of federal poverty guidelines, and it also accepts Medicare and Medicaid, which are federally funded programs for low-income families. Moreover, the company is actively pushing for these federally funded programs to cover telemedicine, which is advanced eHealth services technology that allows patients to communicate with health care providers via digital technology and alleviates much of the stress and overwork of nurses, who otherwise are stretched thin; telemedicine is an innovative method of patient quality care that the Clinic embraces, which sets it even further apart from the standard health care providers across the nation that have yet to adopt eHealth services (Hiers, 2015).

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Thus the main method of funding for the Clinic is through services provided, as the revenue is put back into the Clinic and its locations to serve the needs of the community and the greater global public. It also receives charitable donations which are tax-deductible. Further, these donations generate cash-flow in the form of income revenues. The research issues it is currently committed to covering include topics in neurology (which it is best known for), but essentially the Clinic covers everything from advanced liver disease to Alzheimer's to zebrafish genetics. Thus, it is not limited in terms of scope and encourages its researchers to push the envelope in terms of making new progress in various areas of medicine (Laboratories, 2015).

The Mayo Clinic Health System is accredited by The Joint Commission, which is a national accreditation organization for hospitals. Every three years, onsite reviews are conducted by the Commission in order to ensure that the Clinic remains compatible with criteria established by the Commission (Accreditation, 2015). Awards received by the Mayo Clinic range from institutional to individual types. The Mayo Clinic has been recognized as a Diversity Inc. top hospital, a top hospital for Hispanics in 2013 and individual awards have been given to surgeons and physicians at the clinic by the American Academy of Orthopedic Surgeons and the Rochester Heritage Preservation Committee (Awards, 2015). Its marketing and branding strategies are evident in its websites and its….....

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