Mayo Clinic Department of Finance

The Mayo Clinic Department of Finance comprises six divisions with approximately 300 employees who support all Mayo Clinic entities and the Mayo Health System. The six divisions within the department are:

Mayo Financial Services (MFS)

MFS has four distinct work units: Patient Account Services, Miscellaneous Billing and Accounts Receivable, Electronic Commerce, and Finance Services. Responsibilities include:

  • Patient collections and customer service
  • Maintaining and educating staff on accounting systems
  • Payor and invoicing systems
  • Nonhealth-care accounts receivable and disbursements
  • Electronic transmittal of healthcare claim and remittance systems
  • Maintenance of Foundationwide centralized patient demographic data

Foundation Accounting

Work units within Foundation Accounting include Corporate Tax, Medicare Strategy, Consolidated Reporting, Foundation Liaison and Development, and Treasury Services Accounting Services. Responsibilities include:

  • Tax strategy and planning, income tax compliance, and tax returns
  • Supporting Mayo entities, such as Mayo Medical Ventures, Mayo Health Plans and Research Compliance
  • Consolidation of financial statements, foundationwide accounting policies and procedures, year-end audits, and payroll accounting
  • Medicare laws and regulations, reimbursement enhancement strategies, and Medicare cost reporting

Treasury Services

This unit is responsible for managing the investment portfolios of Mayo Clinic and the Mayo Pension Fund. Treasury Services conducts general treasury operations on a systemwide basis, including:

  • Investment management
  • Cash management
  • Bank relations
  • Debt issuance
  • Management
  • Risk management
  • Property management
  • Planned giving

Financial Planning and Analysis (FPA)

The FPA work unit is responsible for ensuring that Foundation-level decisions are based on a clear and complete understanding of the financial considerations involved. This unit accomplishes this mission by performing such duties as:

  • Preparing summaries of financial materials
  • Overseeing short- and long-range planning of staff, capital expenditures, and financial performance
  • Reviewing and forecasting financial performance
  • Advising, preparing, and presenting financial analyses to operating entities and governing bodies

Supply Chain Management

Supply Chain Management ensures that Mayo Clinic achieves the greatest value and return from its supply expenditures, capital equipment acquisitions, and purchased services. The staff accomplishes this through:

  • Consolidated purchasing programs that reduce the cost of supplies, equipment, and services utilized
  • Implementation of best practices as it relates to supply chain management
  • Selection and implementation of new technologies to reduce supply chain process costs while better supporting patient care
  • Implementing strategic processes to ensure an integrated supply chain

Internal Audit Services

Internal Audit Services is organized into three units: Financial/Operational, Information Technology, and Compliance. The auditing staff takes an integrated approach to assessing the risks in audit projects. They serve Mayo departments as an independent and objective appraiser and in an advisory capacity for functions such as:

  • Internal control environment
  • Compliance with policies, procedures, laws, and regulations
  • Safeguarding of Mayo assets
  • Reliability and integrity of financial and operational information
  • Operational processes
  • Business risk