A Review of Mayo Clinic's 2021-2023 Consolidated Financial Statements

Zhang Dongmei; Liu Shuwen; Wang Mingxiao

Abstract：Objective:Under the background of the National Health Commission's recent notice to focus on preventing and resolving risks in the economic operation of public hospitals,guaranteeing the healthy and sustainable operation of public hospitals,and the need for localities to pay close attention to the key risks of public hospitals'failure to meet expenditures and revenues,long-term debt,and salary arrearage,the study of the methods used by the Mayo Clinic in the US to maintain solid growth in its financial performance over the long term may serve as a lesson for the high-quality development of China's research-based hospitals.Methods:Mayo Clinic's audited consolidated financial annual reports and related information for the years 2021-2022 and 2022-2023 were collected,and descriptive statistics were analyzed for the financial statements for the years 2021-2023.Results:Mayo Clinic's overall financial position,results of operations,and ability to generate cash from operations for 2021-2023 are strong.Conclusion:The composition of diversified revenue sources helps Mayo Clinic's financial performance to sustain solid growth.This is driven by the values of putting patients'needs and interests first,bringing together a large pool of talented individuals,and adopting a teamwork approach to efficiently deliver a quality experience that exceeds patients'expectations.It is recommended that Chinese research hospitals emphasize international healthcare,patent transfer and investment,and community donations to diversify their revenue streams,which will help to maintain robust financial performance.