Capstone Project - Section 5

Financial Management, Quality and Marketing Aspects of the Organization

Kurtis Gray

HA499

21 March 2016

Financial

Service Reimbursement

As part of the organizations total reward packages, its employees are subjected to a number of service reimbursements. They are given dental reimbursement with two dental insurance plan options with small deductions and co-insurance. In addition to that, they also get tuition reimbursement to encourage the employees seek educational opportunities and gain more skills and knowledge. Employee retirement plans is also part of the service reimbursement which offers employees a pension plan which is entirely paid by the employer among other compensations (Gapp, 2006).

Funding Methods

In order for Mayo Clinic to run its research and other activities, it requires funds. The sources of its funds are from different areas and people (Goldenstein, 1997). To begin with, the organization gets its funds from royalties and philanthropies which help in research process so as to advance the patient care. Besides that, it also gets its funding from the state and federal government which contributes a great percentage of the funds. The healthcare industry is also a big source of funding for the organization.

Research Issues

At Mayo Clinic, research involves various medical professionals who are committed to finding answers to complex medical problems so as to bring advanced care and new solutions to patients worldwide (Hopp, 2013). The clinic has been involved in researching and investigating medical mysteries in today’s world and generating new knowledge and discoveries into therapies in order to advance patient care.

Quality of Ethics

Accreditation

The Mayo Clinic health system is accredited the joint commission which is a national hospitals accreditation organization that conducts three-year interval onsite reviews. Various individual programs and departments also maintain accreditation through their respective regions, state and national associations. In addition to that, many staff members and physicians of the health system of Mayo clinic- Franciscan Healthcare have also attained personal recognition from their professional peers (Berry, 2008).

Awards

The clinic has been recognized for its ability to create a service environment which is caring where differences among the individuals is valued hence allowing then to attain and contribute to their potential. Outside the organization, Mayo Clinic has received various institutional awards. To begin with, it has been recognized as a top hospital and health system by Diversity Inc. the clinic has earned this rank every year since 2011 (Gapp, 2006). In addition to that, it was ranked through the use of an objective analysis of 183 factors based on 300-question survey data.

The main areas of measurement are equitable talent development, supplier diversity, and talent pipeline and leadership commitment. Besides that, it was also been named as a top hospital in 2013 for Hispanics in the Hispanic Network Magazine in its annual issue of the best of the best. The clinic is engaging audiences that speak Spanish globally through collaborating with patients around research, patient care and education. In addition to that, the clinic has launched a video story-telling campaign called Historias Mayo which shares some of the inspiring stories of its Hispanic physicians and patients. It has also been named in U.S News Best Children’s Hospitals. Among U.S news and world report, Mayo Clinic Children’s Center has been ranked as one of the best in the category of pediatric specialty (Hopp, 2013).

Individually, Mayo has also gotten the American Academy of Orthopedic Surgeons Diversity Award which was an individual award given to Franklin H. Sim of Mayo Clinic, Rochester in 2012. The Diversity award recognizes academy members who are distinct through their outstanding commitment to making orthopedics more accessible and representative to populations of patients that are diverse (Gapp, 2006). Besides that, Marion K. Kelly of Mayo Clinic, Arizona, was also recognized in the Champions of Diversity Award by DiversityBusiness.com for showing commitment to diversity issues solutions on national or regional level.

Regulations

Mayo Clinic Health System holds the policy of complying with the equal opportunity policy and standards of the health services departments, Wisconsin children and families department, workforce development department and all other federal and state regulations and statutes that relate to service delivery and non-discrimination in employment. Besides that, the clinic is committed fully to compliance with all security and electronic transaction code and privacy requirements of HIPPA. In addition to that, all its medical laboratories services that involve joint efforts are conducted in a way that enables their clients comply with Laboratory General Checklist, HIPPA and the College of American Pathologists. It also has the required permits, licensures and registrations by the state and federal government form Clinical Laboratory Improvement Amendments to Food and Drug Administration (Berry, 2008).

Ethical Issues regarding Care

Mayo Clinic has an Integrity and Compliance Program which formalizes the traditions of ethical behavior and honesty in the clinic. It hence provides an overview of the program and it also has a compliance hotline to help report any suspected violations of the clinic’s policies. In addition to that, its Biomedical Ethics Program helps assess any questions about morals in medicine (Hopp, 2013). Based on its ethics of care, their patients come first and that is why the Biomedical Ethics Program is committed to researching and integrating new technologies in medicine to help in patient care.

Strategies

Marketing

The main marketing strategy that Mayo Clinic has implemented is the online internet marketing through its website. Its website has hence been the cornerstone of its online marketing. The clinic was one of the early adopters of this strategy as its website domain was purchased back in 1997. Its design has however experienced some changes over the years with its current main message being that Mayo Clinic is where real people can get real answers. The design is quite elegant and it also enables people to access the website to a vast of various information from the homepage to other activities. Besides that, the clinic has also used the social network as a marketing strategy from Facebook links to YouTube and Twitter. Mayo Clinic holds various twitter accounts one of which has over 600,000 followers. This shows that social networking is very important in its marketing efforts. The clinic has used social media to come up with various campaigns for instance the One million Strong Campaign aimed at raising colorectal cancer screening which has made the clinic relevant in the market (Goldenstein, 1997).

Branding

Mayo brand has seen a lot of growth since the 1920s and 1930s when the Mayo brothers died. The services of Mayo Clinic mainly focus on combining excellent outcomes of patients that are produced by a powerful brand (Gapp, 2006). Therefore, the fact that the clinic is patient-centered makes its brand powerful. In addition to that, all its employees know that the core value of the clinic is putting the needs of the patient first and all its structure are created to support that value.

Community and employee involvement

The clinic has over the years partnered with the community to sustain and enhance it especially since its where its employees live and work in. it has hence ensured children in the community grow and flourish in good schools, new residents and visitors are well received and that employees are well educated and trained to meet future demands. On the other hand, the clinic encourages and includes the contributions of its diverse employees as it is critical for its future. Besides that, the clinic gains strategic advantages by leveraging the strengths of each diverse individual in the clinic (Berry, 2008).

References

Berry, L. L., & Seltman, K. D. (2008). Management lessons from Mayo Clinic: Inside one of the world's most admired service organizations. New York: McGraw-Hill.

Gapp, R., & Merrilees, B. (2006). Important factors to consider when using internal branding as a management strategy: A healthcare case study.Journal of Brand Management, 14(1), 162-176.

Goldenstein, D. (1997). Building and Managing Effective Physician Organizations Under Capitation. Journal for Healthcare Quality, 19(5), 44-46.

Hopp, W. J., & Lovejoy, W. S. (2013). Hospital operations: Principles of high efficiency health care.