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6 posts categorized "Mayo investments"

September 09, 2016

Foreign patient numbers trending down at Mayo Clinic


I'm wading through a 216 page statement Mayo-clinic-logo for issuance of $220  million bonds by the City of Rochester for Mayo Clinic.

While that might not sound very exciting, there are a lot of interesting details. This document is looked at bond buyers who are judging Mayo Clinic's stability.

Here's one thing that jumped out at me:

Foreign patients, not including Canadians, accounted for 1 percent of the patient population in Rochester in 2013.

That dropped to .03 percent in 2014 and 2015.

I don't know how many patients that accounts for or why the numbers are down. Plus I don't know if t
hat trend is continuing in 2016. I have submitted those questions to Mayo Clinic.

I realize this is a random fact, but it interests me. And there there a lot more little tidbits like this in the bond statement.

 

August 26, 2016

Mayo Clinic employment numbers are up and down

The number of Mayo Clinic employees has swung dramatically up and down since the passage of the Destination Medical Center legislation. 
 
Mayo-clinic-logoOn Thursday, Mayo Clinic leaders touted Rochester job growth to the Destination Medical Center Corp. board, saying the clinic has added 3,370 new positions in the last 12 months. However, that growth didn't quite carry the clinic's Rochester employee numbers out of the low point they were in last year.

"We are growing," said Jeff Bolton, Mayo Clinic's chief administrative officer and chairman of the Destination Medical Center Economic Development Agency Board. "Mayo is all in and committed." 

Bolton said Mayo Clinic had 34,175 employees in Rochester at the end of July. That is an increase of 3,370 jobs from the low point of 30,805 Rochester employees in August 2015.

While Mayo Clinic is adding local jobs, its employment numbers still are well below the 34,562 employees the Rochester clinic recorded at the end of 2015.

The figures show that 3,390 jobs were lost in 2015 between January to July. Then the numbers rose 3,757 by the end of December.

"It’s difficult to point out any trends in a 12-month cycle," Mayo Clinic spokesman Karl Oestreich said via email. "Mayo Clinic usually experiences about an average 2 percent annual growth. This rate varies each year — some years (like last year) more and other years less. Last year’s growth is ahead of that clip."

During his report to the board, Bolton said the increase in the past 12 months is because of patient demand being "extremely strong." He cited that new jobs are "a broad range of positions."

When asked what the average salaries are for the new jobs and what type of jobs they are, Mayo Clinic did not have that information available.

"We haven't done that analysis as to what job codes comprised most of the new/incremental positions. Good question, but unfortunately we don’t have a quick answer," Oestreich said. 

The DMCC board was impressed by Mayo Clinic's Rochester employment increases.

"We're asked all the time about what is going on in Rochester. We may not be doing too much on the brick and mortar, but you're on track," said board member and former Wells Fargo Minnesota CEO Jim Campbell. "You got about 10 percent in a year, which is pretty incredible job growth in the state. You have to be almost at the top."

After the meeting, State Sen. Dave Senjem proudly shared the employment numbers on his Facebook page.

"Quietly done without boasting or fanfare. Pretty amazing, more to come," he wrote.

At the end of his report, Bolton emphasized that Mayo Clinic is growing in Rochester as part of the DMC pact with the state.

"We're extremely bullish," he said. "We're really enjoying the opportunity to partner with the EDA, the city, the county and state in realizing the vision of DMC."


Mayo Clinic employees

in Rochester


• 34,175 - July 2016

• 34,562 - December 2015

• 30,805 - August 2015

• 34,200 - December 2014

• 33,197 - December 2013

• 34,223 - December 2012

• 33,156 - December 2011

• 31,998 - December 2010

• 31,966 - December 2009

 

August 23, 2016

Mayo's Noseworthy vs Cleveland Clinic's Consgrove

While Mayo Clinic and Cleveland Clinic vie for the top doctors and patients, their respective CEOs are also being compared.

Here's the breakdown of how Mayo Clinic's Dr. John Noseworthy and Cleveland's Dr. Toby Cosgrove have scored in Modern Healthcare's annual "Top 100 Influential People" list plus the salaries they were paid each year.


Rank in 2011
* Noseworthy - 71, earned $2 million
* Cosgrove - 56, earned $2.5 million

Rank in 2012
* Noseworthy - 17, earned $1.7 milion
* Cosgrove - 21, earned $3.1 million

Rank in 2013
* Noseworthy - 15, earned $1.9 million
* Cosgrove - 16, earned $3.2 million

Rank in 2014
* Noseworthy - 16, earned $2.3 million 
* Cosgrove - 72, earned $4.1 million

Rank in 2015
* Noseworthy - 8
* Cosgrove - 12

Rank in 2016
* Noseworthy - 30
* Cosgrove - 29

 

June 13, 2016

Future use of ex-postal center still unclear

Almost a year since buying a former Med City mail processing center for $2.11 million, Mayo Clinic still is working out what to do with it.

3939Valleyhigh DriveMayo Clinic purchased the former U.S. Postal Service facility at 3939 Valleyhigh Drive in July 2015. The 72,662-square-foot center closed in January 2015, when mail processing was transferred to the Twin Cities.

When asked this week about its plan, the Mayo Clinic was pretty much the same as when it bought the building.

“No decisions have been made regarding the use of space at 3939 Valleyhigh Drive NW,” wrote Kelley Luckstein of Mayo Clinic Public Affairs on Friday in response to the query about the building.

The 19-year-old building could be adapted for a variety of purposes, such as an industrial laundry, a distribution center or light manufacturing. The center is described as "constructed of pre-stressed concrete and steel frames for high volume load distribution and contains a total of 23 dock doors; 10 overhead doors, 12 semi-truck docks and one grade door." 

 

June 07, 2016

For $300,000 upfront fee, Mayo Clinic licences cancer vaccine technology

May 20, 2016

Mayo Clinic Ventures looks to Israel for collaborations

Looking to help boost a variety of medical start-up businesses, Mayo Clinic Ventures is targeting collaborations and investments in Israel with a new program.

The goal of the Mayo Clinic Israeli Startup Initiative is to work with companies either through sponsored research grants or co-development.  

Flags"Co-development can include licensing of Mayo Clinic know-how or an investment," explained Timmeko Love, of Mayo Clinic Ventures. "It's about matching the right opportunities with Mayo Clinic know-how for collaboration. It's all about finding the right strategic fit."

Candidates for the Israeli Startup Initiative can include very early stage companies to ones that are much further along in development. They can work in any area of health care. 

"We're not limiting our options," Love said.

The project announced this week actually is a new phase of an existing Mayo Clinic initiative.

It has been active in Israel for about a year, partnering with the philanthropic Merage Institute. The California-based Merage Institute awards up to $150,000 in annual research grants for Israeli companies working with Mayo Clinic. The most recent recipient was EyeYon Medical, which makes a noninvasive medical device to treat corneal edema.

Mayo Clinic Ventures recently took on the Israel initiative and that has put co-development on the table. That new approach is being launched next week in Tel Aviv at IATI-Biomed, Israel’s largest life sciences and technology conference. Mayo teams will meet start-ups to study their technology, and then consider making investments or collaborations.

This is first time Mayo Clinic Ventures has focused on one whole country for business opportunities, despite its long history of international projects. Many might not be aware of it, but Israel is a logical candidate for a such a relationship.

"It's a natural next step for us," Love said.

Israel is considered to be the worldwide leader in innovation in medical devices, biopharma, software and other types of health-care businesses. The U.S imported $600 million of Israeli medical devices in 2011. In 2015, Israel housed 725 medical-devices businesses with an overall total of 1,380 life-sciences companies.

While California's Silicon Valley is known as the hottest spot in the world for business start-ups, Israel is recognized as a close second. A 2009 book, "Start-up Nation," documents how Israel, with a population of 7.1 million, generates more tech businesses than many much larger countries.

"It's kind of a national sport in Israel," said Guy David, a professor of health-care management at University of Pennsylvania’s Wharton School. He was born and raised in Israel and tracks its medical businesses closely.

David said Israel's required military service coupled with an environment that encourages questioning and taking risks is a big factor.

"Israel is hugely innovative. The innovative spirit starts at a very young age," he said.

While launching technology companies is a big focus in the country, the entrepreneurs all know the market for their products or services is elsewhere.

"There is no market in Israel. Israel is tiny," said David. "If they invent something, they know it has to be a global product."

Does that mean businesses partnering with Mayo Clinic could open offices or build facilities in Rochester?

"That certainly could be a possibility. We do look at an economic development when considering companies," said Love. "But it has to make sense for that company. There would need to be a business reason for it."