Department of Finance Mayo Clinic in Minnesota
The Rochester Department of Finance is composed of three divisions with approximately 1,000 employees supporting Mayo Clinic in Minnesota, Mayo Clinic Hospital, Saint Marys Campus and Mayo Clinic Hospital, Methodist Campus.
Rochester Financial Analysis Division (RFA)
RFA is a decentralized division in which finance professionals are located within the institutional departments they support. They work closely with these departments to understand and respond to the departments' financial needs and provide proactive financial reporting and analysis. Departments supported by RFA are as diverse as Laboratory Medicine and Radiology, Hospital Financial Management, Medical Specialties, Administration, Research, Mayo School of Graduate Medical Education and Internal Medicine.
Materials Management Division
The Rochester Materials Management Division serves Rochester sites in the purchasing, storage and distribution of supplies, equipment and services. Units within Materials Management include Purchasing, Inventory Centers, Distribution Centers and Records Management.
Patient Financial Services Division
Patient Financial Services is a major component of the Finance Department. It is composed of three sections that are collectively responsible for the "revenue cycle." These sections make up the Patient, Payor and Practice teams.
The Patient team has responsibilities ranging from inpatient and outpatient registration offices, Health Maintenance Organization/workers' compensation and pre-appointment review, and pre-certification and preadmission units. Staff assist Mayo patients in scheduling appointments, collecting demographic and insurance information, assisting with insurance authorizations, processing managed care requirements and providing financial counseling.
The Payor team is responsible for providing data for billing purposes to the Billing and Insurance Collections Division. They accomplish this task by providing services starting with revenue recognition, where they design and maintain systems to capture, document and code services provided to the patient. This data is then used to generate a bill. The clinical documentation function audits and reviews each service to ensure services are properly documented and coded for billing purposes. The quality assurance process includes consulting, evaluating and implementing controls to ensure efficient operations, billing practices and procedures, as well as compliance with all laws and regulations.
The Practice team is responsible for finalizing patient claims and achieving optimal billing and timely payment. The process is accomplished through various sections within Billing and Insurance Collections, including collecting data, generating claims and collecting payment. Sections within this team include Government Claim Services, Commercial Insurance Services, Billing and International Patient Financial Services.