Mayo Clinic

What it reported doing in 2024

Patient care (see schedule o)patient caremayo clinic, as an affiliated group of healthcare entities, is an integrated, not-for-profit group practice and has sites in rochester, Minnesota; scottsdale/phoenix, Arizona; jacksonville, Florida and also serves approximately 40 communities in the upper midwest through the mayo clinic health system. Mayo clinic is driven by its mission of providing the best patient care to every patient, every day through integrated clinical practice, education, and research. Doctors from every medical specialty work together to care for patients and are joined by common systems and a philosophy that the needs of the patient come first. There are 17 subordinate organizations from the mayo clinic affiliated group that are part of this group return. Operations include 21 hospital facilities (19 licensed hospitals), numerous clinical facilities, 1 nursing home, 3 elderly/assisted living facilities and 7 chemical dependency treatment centers, an ambulance service organization, 1 foundation-type organization and 1 organization that provides support services (shared services) to mayo clinic, its affiliates and patients.geographically, the subordinates are located in phoenix/scottsdale, Arizona; jacksonville, Florida; southern Minnesota; and western Wisconsin. For purposes of this statement, patient care encompasses patient services (hospitals, clinics & ambulances), housing for the elderly (nursing homes & elderly housing facilities) and the sale of medical products and health information. On an aggregate basis, the hospital subordinates had 4,174 licensed beds at year-end. For the subordinate hospital and clinical practices, the annual patient count (a distinct count of the medical record numbers that received billable medical services) in 2024 exceeded one million patients. In addition, housing for the elderly is provided through the operation of 4 facilities that provide independent living, assisted living and/or long-term care. The subordinates provide care to persons covered by governmental programs. Services are provided to both medicare and medicaid patients at substantial discounts from standard fees. Financial assistance is also provided for patients that are financially unable to pay for services provided. For 2024, the aggregate cost of uncompensated care provided to low income patients through medicaid was approximately $317,559,178. The aggregate cost of uncompensated care provided to patients through medicare was approximately $1,323,794,016. Financial assistance (at cost) provided to patients in 2024 on a combined basis was approximately $87,322,825.the subordinates received donated services from approximately 3,122 community volunteers, who provided approximately 262,450 hours of service in 2024, valued at approximately $9,130,638 based on the independent sector's average estimated hourly value of such services.

Financial Efficiency

• Mission deployment rate: 81.2%; rating input score 81
• Program expense ratio: 85.1%; rating input score 85
• Fundraising efficiency: $241.65 raised per $1 spent on fundraising; rating input score 91; 91st percentile among comparable filings

Transparency & Controls

• Consistency checks: 93.3%; rating input score 93; 21st percentile among comparable filings
• Pay-setting controls: 0 of 6 controls in place; rating input score 0
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Missing
  • Board or committee approval: Missing
• Foreign activity oversight: 1 of 8 controls in place; rating input score 12
  • Claims monitoring procedures: Pass
  • Requires narrative reports: Fail
  • Conducts field audits: Fail
  • May suspend future funding: Fail
  • Requires financial reports: Fail
  • Conducts site visits: Fail
  • Requires grant agreements: Fail
  • May require repayment: Fail
• Grant itemization coverage: 100%; rating input score 100; 50th percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Yes; rating input score 100

Accountability

• Independent voting board: 25.3%; rating input score 25; 10th percentile among comparable filings
• Governance controls: 7 of 9 controls in place; rating input score 78
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Fail
  • Other executive compensation review process: Fail
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 3.8%; rating input score 51; 51st percentile among comparable filings
• Total-asset coverage ratio: 1.25; rating input score 47; 47th percentile among comparable filings
• Liabilities to assets ratio: 0.51; rating input score 35; 35th percentile among comparable filings
• Officer compensation ratio: 0.9%; rating input score 76; 76th percentile among comparable filings

Growth

• Program expense growth: 5.1% per year; rating input score 100; 41st percentile among comparable filings
• Revenue growth: 4.8% per year; rating input score 100; 40th percentile among comparable filings
• Asset growth: 7.3% per year; rating input score 100; 53rd percentile among comparable filings