CFO Jeff Bolton: Keeping Mayo Clinic Finances Strong
When it comes to name recognition in healthcare, few compare to Mayo Clinic in Rochester, Minn. For Jeff Bolton, CFO of Mayo Clinic, he is tasked with making sure the health system's finances stay strong over time to keep the name prominent.
As CFO, Mr. Bolton oversees the major financial aspects, including balance sheet management, investment and all other big-picture budget items. This week, Moody's Investors Service assigned an Aa2 rating, one of the highest credit ratings, to Mayo Clinic's $300 million in recent bonds, indicating it has confidence Mr. Bolton and the executive team "will continue to generate operating margins that will support healthy debt service coverage and provide for capital investment in the future," according to its report.
Currently, Mayo Clinic has $2.4 billion of outstanding rated debt and more than $8 billion in annual revenue. Moody's analysts said Mr. Bolton and the health system had a lot of items in their favor, including a strong fiscal year 2011 across all of its markets and a "more centralized operating company model" that will "likely return financial benefits over the longer term," according to the report.
Before becoming Mayo Clinic's CFO in 2003, Mr. Bolton worked at Carnegie Mellon University in Pittsburgh for roughly 18 years. He held several positions while at Carnegie Mellon, including vice president for business and planning and CFO.
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