Report Claims Mayo Clinic’s Economic Impact is HUGE
Rochester, MN (KROC AM News) - A first of its kind study shows Mayo Clinic’s impact on the national and Minnesota economies.
According to the report, Mayo’s operations contribute $28 billion to the US economy and support nearly 170,000 jobs around the country. More than half those jobs are in Minnesota. Total taxes generated through Mayo and its staff were nearly $4-billion.
“Mayo Clinic’s foundation is based on our compassion for the sick,” says John Noseworthy, M.D., president and CEO, Mayo Clinic. “For more than 150 years, we have worked together to improve the lives of people in our neighborhoods and around the world. Each year, our team-based, patient-guided approach to clinical care benefits more than 1.3 million patients from nearly 140 countries. We partner with our communities to advance community health, fuel economic growth, embrace diversity and inclusion, and promote environmental sustainability.”
Highlights of the report include:
Mayo Clinic generates $28 billion within the overall national economy.
Mayo Clinic directly and indirectly supports 167,000 jobs nationwide, including more than 92,000 in Minnesota, more than 13,000 in Arizona and more than 12,000 in Florida.
Mayo Clinic, its suppliers and its staff generated nearly than $3.9 billion in total tax revenue, which includes $2.2 billion in federal, state and local tax revenue its Minnesota operations.
Mayo Clinic provided more than $952 million to the broader community in 2015 through a combination of charity care, donations, research and education.
Mayo Clinic‘s Rochester campus supported about 100 nonprofit community organizations over the past year.
The consulting firmTEConomy Partners developed the report, which is called “Remarkable Moments of Sharing.”
TEConomy Partners LLC used an industry standard Industrial Organization (I/O) model through the IMPLAN software system. It uses detailed region- and sector-specific data sets to estimate the outcomes and gauge the economic potential. The model incorporates detail of 536 individual industry and economic sectors that cover the entire regional, state or national economy. This allowed TEConomy to model more precisely the true impact of Mayo Clinic operations and differentiate its health care, research and educational functions using an analysis-by-parts impact modeling approach. Total expenses are used, instead of revenues, as they are a truer measure of total direct impact.