Rochester, Minn.-based Mayo Clinic's new multi-billion economic development initiative goes beyond vying for more patients — it's a strategy to make Minnesota a global hub for healthcare, according to a Minnesota Public Radio report.
The system proposed a Destination Medical Center, a public and private investment that is projected to create up to 45,000 new jobs in Minnesota and more than $3 billion in tax revenue — making it the largest economic development initiative in the state and one of the largest in the country.
Steve Parente, PhD, chair of health finance at University of Minnesota's Carlson School of Management in Minneapolis, said Mayo is "competing for patients but, this maybe not [be] as obvious, they're also competing against international centers of excellence in medicine, too," according to the report.
Mayo Clinic's effort to compete with international organizations includes attracting medical talent from around the world. To become an international landmark for healthcare services, however, Rochester would need further development to better compete with major metro areas, like Baltimore and Cleveland, which are home to premier integrated health systems, according to Dr. Parente. But he said the Destination Medical Center plan is a steady start.
"[Rochester] is not a major metro area," says Dr. Parente. "Six-billion dollars will not turn it into the equivalent of a Baltimore or Washington, D.C., but it could make it more attractive to have the human capital stay and grow and really make it a destination city."
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The system proposed a Destination Medical Center, a public and private investment that is projected to create up to 45,000 new jobs in Minnesota and more than $3 billion in tax revenue — making it the largest economic development initiative in the state and one of the largest in the country.
Steve Parente, PhD, chair of health finance at University of Minnesota's Carlson School of Management in Minneapolis, said Mayo is "competing for patients but, this maybe not [be] as obvious, they're also competing against international centers of excellence in medicine, too," according to the report.
Mayo Clinic's effort to compete with international organizations includes attracting medical talent from around the world. To become an international landmark for healthcare services, however, Rochester would need further development to better compete with major metro areas, like Baltimore and Cleveland, which are home to premier integrated health systems, according to Dr. Parente. But he said the Destination Medical Center plan is a steady start.
"[Rochester] is not a major metro area," says Dr. Parente. "Six-billion dollars will not turn it into the equivalent of a Baltimore or Washington, D.C., but it could make it more attractive to have the human capital stay and grow and really make it a destination city."
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