Mayo Clinic reviews cost-saving strategies amid coronavirus financial hit

Mayo Clinic leaders have adopted several strategies to manage expenses and better shield the Rochester, Minn.-based system from the financial hit of COVID-19, according to local news station KTTC.

Like many other U.S. health systems, Mayo has suspended elective procedures causing "significant declines in revenue," it said. 

As a result, the health system is reviewing all expenditures and implementing several cost-management strategies. 

Some strategies include deferring recruitment of new staff, cutting contractors and suspending the use of external services and vendors.

"These changes are being made to protect the financial resources necessary to support and maintain our workforce," Mayo Clinic said. 

Earlier this week, Mayo sent an email to 63,000 staff members, promising to protect their salaries through April 28. 

Read the full report here

More articles on healthcare finance: 
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Meadville Medical Center furloughs 225+ employees to ensure financial stability
Mission Health sends refunds to patients affected by billing change

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