Study puts Mayo Clinic's economic impact at $22B
The Mayo Clinic is responsible for $22 billion in healthcare spending nationwide, according to a study conducted by the Battelle Memorial Institute.
About $9.6 billion of that figure is tied to the Mayo Clinic's home base in Rochester, Minn., where it employs roughly 1,900 doctors and scientists and operates Rochester Methodist Hospital, St. Mary's Hospital and the Mayo Eugenio Litta Children's Hospital.
Billed as the largest integrated, not-for-profit group practice in the world, the Mayo Clinic also has locations in Jacksonville, Fla. (370 doctors and scientists), and Scottsdale/Phoenix, Ariz. (400 doctors and scientists), which collectively treat more than 50,000 people a year.
Mayo employs more than 57,000 people, including 37,000 in Minnesota, and creates an additional 94,000 full-time jobs through its business expenditures and the employment multiplier effect of these.
"What's particularly interesting is the size and scope of not only their clinical practice, but also research and educational activities," said Simon Tripp, senior director of the Battelle Technology Partnership Practice. "Mayo Clinic is particularly well positioned for continued leadership in the science and technology-driven 21st Century economy; and the nation and Mayo Clinic home states and regions are likely to see significant further impacts.”
"While economic impact is an important part of our story, what's more telling is the work that Mayo Clinic staff do every day to care for those in need,” said John Noseworthy, MD, the Mayo Clinic's president and CEO. “This study illustrates our strong commitment to patient care, education and research, which combine to ensure that we meet the needs of all our patients every day."
According to the study:
- Every dollar spent by Mayo on operations, supplies and personnel generates an additional $2.05 for the national economy.
- Mayo directly and indirectly supports 144,468 jobs.
- Mayo generates nearly $1.9 billion in federal tax revenue and more than $1 billion in state and local tax revenue.
- Mayo invested $391 million of its own funds into research and education activities in 2008.
