Mayo Clinic
Transcript: Masters of Profit and Health...and the Universe RoJo Martinez Ryan Peterson Joelle Tansey & Marcus Johnson CPH 569 Type of Organization Not-for-profit 501(c)(3) Clinics in AZ (Phoenix & Scottsdale), Florida & Minnesota "To inspire hope and contribute to health and well-being by providing the best care to every patient through integrated clinical practice, education and research." "The needs of the patient come first." Accrual Accounting Services need to be provided regardless of whether or not the money has been received. This is seen in the most recent, available the financial statements for fiscal years 2006 to 2007, with projected finances for 2008 and 2009. The Mayo Clinic does not make a distinction between fixed and variable costs in their financial statements. $4,796.7 in salaries & benefits and $574.8 in facilities. $1,677.4 Supplies & Services Overhead - ? Total of $6,552.7. Integrity and Compliance Program Integrity and Compliance Program Covers 9 main areas of concern: College of Medicine 2,014 students 1,483 residents/fellows EMR Radiology Equipment Laboratory Technologies The Balance Sheet Cash Flow Statement Activity Statement Ratio Analysis Debt to Asset '08 = 0.16 '09 = 0.14 '10 = 0.1 Financial Statements highlight Mayo's Financial Health Financial Health of Mayo Clinic If the financial position of Mayo Clinic continues to persist, one can be assured that the needs of its patients will always be at the forefront of its practice. The operations of Mayo Clinic should serve as a model to other healthcare organizations as their financial health enables the physical health of their patients. Capital Budget Why When Accounting System Costs 5. Dealing with Suppliers and Referring Providers – kickbacks and rebates, reciprocity, gifts or gratuities from businesses, food from businesses, gifts from patients, business meals, entertainment by businesses, payment to agents, representatives, outside consultants, payments to government employees, international activities and export control laws Results of Operations Overall improvement in... Clinic 3. Use of Mayo Funds and Assets – government investigations, false claims act Robust Code of Ethics 9. Employee Relations - Equal opportunity in employment and education at Mayo Clinic is a moral and legal obligation. Average Collection Period '08 = 378 '09 = 365 '10 = 369 Business Plan 8. Safety, Health, and Environment – safe operating procedures, protect personal and coworkers health, use pollution control systems Consolidated Statement of Cash Flows 2. Conflict of Interest and Outside Activities – personal financial gain/outside activities (cc) photo by theaucitron on Flickr Where *Note: Assets at beginning of 2008 = $4,312.4, representing a net decrease in assets of 1% from beginning of 2008 to end of 2009. 1. Ethics - All employees, business partners, and the public must understand that Mayo cares how results are obtained, not just that they are obtained. Mayo expects honesty in all aspects of every employee’s work — patient care, records, bookkeeping, budget proposals, economic evaluation of projects, etc. “ I would admonish you, above all considerations, to be honest. I mean honesty in every conception of the word: let it enter into all the details of your work…” Dr. William J. Mayo, 1920 Mission Today Reveals that the organization has experienced much growth {2009 to 2010} Total assets increased by $590.5... while total liabilities only increased by $47 Updating the clinic’s currently outdated equipment will pay dividends in several regards including increasing patient volume, increasing projected revenue, and providing increased quality of care for Mayo Clinic patients. The new linear accelerators will provide a cost-effective means of remaining flexible in the current health care market, allowing the clinic to remain competitive as one of the premiere health care providers in the U.S. Moreover, the increased specificity and targeting capabilities of the new linear accelerators will not only bring an unsurpassed level of quality care to patients, but is also expected to reduce the incidence of malpractice suits brought against the clinic, thus reducing potential legal costs. Furthermore, due to the increased efficiency and effectiveness of the new machines, they will cost less to operate and maintain, saving the clinic time and resources, ultimately increasing throughput and revenues. Consolidated Statement of Financial Position Current '08 = 1.14 '09 = 1.03 Accountability Not applicable. Assumed to be slight, possibly exceeding budget goals. A linear accelerator is used as a stereotactic radiosurgery that precisely focuses radiation beams to treat tumors and other abnormal growths in the body. This allows for a high dose of radiation to the tumor with minimal damage to healthy tissue. Cutting Edge of Treatment :: Linear Accelerator Care for 1,050,000 patients. 8,000 human research studies. The Balance Sheet 2008 Great Recession The cash flow from 2009
Prezi Present
Prezi Video
Prezi Design
