Mayo Clinic expects to save $5.8 million in 2009 through "changes to holiday scheduling."
"Because patient volumes historically are low around the holidays, Mayo will extend holiday hours, closing some administrative areas or operating with reduced staffing on specific dates around the Thanksgiving, Christmas and New Year's holidays. These holiday hours will not compromise patient safety," clinic administrators wrote in an employee newsletter. Staffing will be cut to "50 percent or less if demand dictates" on Nov. 27, Dec. 24, Dec. 28, Dec. 29, Dec. 30 and Dec. 31, closing at 3 p.m. a couple of those days (Christmas Eve and New Year's Eve).
Employees are still allowed to use paid time off (PTO). Presumably, though, many workers will simply take the time off and save their PTO to pad their vacation time. Officials at the $7 billion (in terms of total revenue) nonprofit said earlier this year that they will need to decrease expenses and/or increase revenue by $142 million in 2009 to perform well financially. Mayo officials said they broke even in 2008 (and reported a 2008 profit margin of zero).
In 2005, Mayo said its profit margin goal was 3 to 4.5 percent.
In 2007, Mayo said its goal was 2.9 percent
In 2008, CEO Dr. Denis Cortese said Mayo would need an endowment of $6 billion to pay for all its activities.
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