Rochester, Minn.-based Mayo Clinic will focus on patient-centered care over the next decade and the health system will rely on new technologies and digital innovations to reach its goals, according to a Mayo statement.
In 2019, the health system launched the Clinical Data Analytics Platform, its first major digital venture. The platform lets researchers build artificial intelligence and machine learning models with the goal of gaining data insights and developing new therapies. According to the statement, Mayo also plans to accelerate investment in the digital transformation of healthcare, targeting both the patient and clinician experience.
Serious about its path to digital health, Mayo brought two new leaders on board: John Halamka, MD, as president of Mayo Clinic Platform, and Rita Khan as chief digital officer. Ms. Khan is also responsible for establishing the Mayo Clinic Center for Digital Health.
To fund their new vision for the future of healthcare, Mayo relies on several sources of income, including benefactors that contributed $549 million last year and made more than $500 million in future commitments to the health system. Mayo Clinic Ventures and Business Development, paired with Mayo Clinic Laboratories, reported $1.29 billion in revenue, which was an 8 percent annual increase.
The health system reported operating income exceeded $1 billion for the first time last year, and revenue increased 9.6 percent year over year, hitting $13.8 billion. In 2019, the health system spent $293 million on new facilities and technology as well as $430 million to maintain or replace equipment and technology.
Mayo plans to reinvest hundreds of millions of dollars into the people and facilities it serves in the coming years. It will also focus on curing complex medical problems and leading in the transformation of healthcare delivery and accessibility.
One of the ways Mayo Clinic Health System has begun to experiment with care improvements includes the Barron Model of Care in Barron, Wis., where a project to provide care — except surgical procedures in local critical access hospitals — through telemedicine and virtual visits is underway. The patients in and around Barron are able to visit their local critical access hospitals for consultations or diagnostic work instead of traveling to Mayo's location in Eau Claire, Wis., but still receive Mayo expertise. The health system is now analyzing the program and aims to replicate it in other communities.