Mayo expansion comes at a price; earnings drop 35 percent

  • Article by: Jackie Crosby , Star Tribune
  • Updated: February 22, 2013 - 9:08 PM

Mayo Clinic’s net income dropped 35 percent after it made acquisitions and borrowed to fund projects.

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gemie1Feb. 23, 13 8:07 AM

Buying up medical facilities and investing more money into Mayo Clinic, Rochester is only one part of the equation. If people are no longing buying a product, then the organization needs to see where the problems are within the system.

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ebenezerFeb. 23, 13 8:46 AM

Here is some simple advice for the Mayo: (1) With $1.2 billion in unfunded pension obligations, get your employees to contribute more and/or reduce the payout amounts until you are fully funded. (2) Don't come to the taxpayers looking for what I see, on the basis of the simple numbers presented in this article, as a bailout for overambitious expansion or poor operations management. If management and your medical professionals want to pursue personal dreams and expansion, do it at your own expense, adjust salaries and benefits, and earn your own way. In the meantime, honor your core mission, and responsibly and cost effectively take care of your patients and respect your community.

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YoganaziFeb. 23, 13 9:32 AM

The twin cities has medical providers that far exceed the services of Mayo Clinic. Why do my tax dollars need to provide infra- structure for a high- buck, bloated health care organization that over- expanded? Learn to tighten your belt. Close down your pension and give your staff 401k's. The hospitals and clinics in the metro area that over- expanded tightened their belts and made organizational changes. Mayo should stop whining.

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angedigitaleFeb. 23, 13 2:30 PM

So let me get this straight- a highly profitable company providing large numbers of high paying jobs, and a year-round international draw is whining and looking for a bailout when it asks the state to put in $585 million in infrastructure while the company itself is investing $3.5 billion into expansion? You people apparently only choose to see what you want when reading these articles.

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gemie1Feb. 23, 13 5:06 PM

Angedigitale, it also makes good business sense to see why patient registration is way down. They also have to do something about the huge burden of their pension plan that is no longer feasible. I am for tax payer money for the Rochester infra-structure, but the powers that be at Mayo need to really aim for being the top regional facility and stop thinking in global terms of 25 years ago. Mayo is not that relevant anymore, but we cannot loss all those jobs. It is now about keeping Mayo profitable and people employed. There are many good medical facilities globally and around the country. We also see more medical advances coming out of the U of M then from the Mayo Clinic. Besides having their heads in the clouds, what has Mayo Clinic been doing the past 10 years?

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bxdr56aApr. 4, 13 3:43 PM

Mayo Clinic is a world renown medical research center and health care provider envied and admired world wide. People literally travel to Rochester Mn from all four corners of this world and all the states in this union for what they consider the best health care in the nation. To not support expansion of this "Crown Jewel" of Mn would be a shame. Other states such as Az and Fl will be watching closely how this situation develops.

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