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...
Mayo Clinic organization based in Rochester, Minnesota, with campuses there as well as in Scottsdale and Phoenix, Arizona, and Jacksonville, Florida. Founded by Dr. William Mayo and his family in the 19th century, the hospital has grown to become one among an elite community of health care providers in the nation (Fye, 2010). Not only is it an efficient medical non-profit organization, but it is also described by Fortune
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