Finance

Finance

Envision yourself working for a global leader in an industry fueled by innovation and growth. That’s Mayo Clinic. Take a closer look and you’ll find a world of business careers with the power to change lives. Whether you’re a new graduate or an experienced business professional, have advanced degrees or a high school diploma, the Finance Departments at Mayo Clinic have opportunities for you. These departments include the Mayo Clinic Finance Department and the Rochester Finance Department.


Finance Department staff work in a variety of locations and settings including Mayo Clinic, Mayo Clinic Hospital, Saint Mary’s Campus, Mayo Clinic Hospital, Methodist Campus, Mayo Clinic in Arizona and Mayo Clinic in Florida. In addition, Finance Department staff work with colleagues within the Mayo Health System, a network of hospitals, clinics and nursing homes in Minnesota, Iowa and Wisconsin.

The Finance Department provides world-class service to patients, staff, payors, and suppliers. We provide financial information and analysis that can be used with confidence, and ensure that everyone at Mayo Clinic always has the resources to carry out our mission.

Our Principles

  • Customer Service
  • Continuous Improvement
  • Effective Systems
  • Quality Information
  • Leadership
  • Staff Enrichment
  • Value Added
  • Resource Collaboration
  • Mutual Respect

The Mayo Clinic Department of Finance comprises six divisions with approximately 300 employees who support all Mayo Clinic entities and the Mayo Health System. These divisions are Mayo Financial Services, Treasury Services, Foundation Materials Management, Foundation Accounting, Financial Planning Analysis, and Internal Audit Services.

Mayo Financial Services (MFS)

The Mayo Clinic Department of Finance has four distinct work units: Patient Account Services, Miscellaneous Billing and Accounts Receivable, Electronic Commerce, and Finance Services. Responsibilities include:

  • Patient collections and customer service
  • Maintaining and educating staff on accounting systems
  • Payor and invoicing systems
  • Non-health care accounts receivable and disbursements
  • Electronic transmittal of healthcare claim and remittance systems
  • Maintenance of Foundation-wide centralized patient demographic data
Foundation Accounting

Work units within Foundation Accounting include Corporate Tax, Medicare Strategy, Consolidated Reporting, Foundation Liaison and Development, and Treasury Services Accounting Services. Responsibilities include:

  • Tax strategy and planning, income tax compliance, and tax returns
  • Supporting Mayo entities, such as Mayo Medical Ventures, Mayo Health Plans and Research Compliance
  • Consolidation of financial statements, foundation-wide accounting policies and procedures, year-end audits, and payroll accounting
  • Medicare laws and regulations, reimbursement enhancement strategies, and Medicare cost reporting
Treasury Services

This unit is responsible for managing the investment portfolios of Mayo Clinic and the Mayo Pension Fund. Treasury Services conducts general treasury operations on a system-wide basis, including:

  • Investment Management
  • Cash Management
  • Bank Relations
  • Debt Issuance
  • Management
  • Risk Management
  • Property Management
  • Planned Giving
Financial Planning and Analysis (FPA)

The FPA work unit is responsible for ensuring that Foundation-level decisions are based on a clear and complete understanding of the financial considerations involved. This unit accomplishes this mission by performing such duties as:

  • Preparing summaries of financial materials
  • Overseeing short- and long-range planning of staff, capital expenditures, and financial performance
  • Reviewing and forecasting financial performance
  • Advising, preparing, and presenting financial analyses to operating entities and governing bodies
Supply Chain Management

Supply Chain Management ensures that Mayo Clinic achieves the greatest value and return from its supply expenditures, capital equipment acquisitions, and purchased services. The staff accomplishes this through:

  • Consolidated purchasing programs that reduce the cost of supplies, equipment, and services utilized
  • Implementation of best practices as it relates to supply chain management
  • Selection and implementation of new technologies to reduce supply chain process costs while better supporting patient care
  • Implementing strategic processes to ensure an integrated supply chain
Internal Audit Services

Internal Audit Services is organized into three units: Financial/Operational, Information Technology, and Compliance. The auditing staff takes an integrated approach to assessing the risks in audit projects. They serve Mayo departments as an independent and objective appraiser and in an advisory capacity for functions such as:

  • Internal control environment
  • Compliance with policies, procedures, laws, and regulations
  • Safeguarding of Mayo assets
  • Reliability and integrity of financial and operational information
  • Operational processes
  • Business risk

The Rochester Department of Finance is composed of three divisions with approximately 1,000 employees supporting Mayo Clinic in Minnesota, Mayo Clinic Hospital, Saint Marys Campus and Mayo Clinic Hospital, Methodist Campus.

Rochester Financial Analysis Division (RFA)
RFA is a decentralized division where finance professionals are embedded within the departments they support. They work closely with these departments to provide proactive financial reporting and analysis. Departments supported by RFA are as diverse as Laboratory Medicine and Radiology, Hospital Financial Management, Medical Specialties, Administration, Research, Mayo School of Graduate Medical Education and Internal Medicine.
Materials Management Division
The Rochester Materials Management Division serves Rochester sites in the purchasing, storage and distribution of supplies, equipment and services. Units within Materials Management include Purchasing, Inventory Centers, Distribution Centers and Records Management.
Patient Financial Services Division
Patient Financial Services is a major component of the Finance Department. It is composed of three sections that are collectively responsible for the "revenue cycle."
  • The Patient Team is responsible for inpatient and outpatient registration offices, Health Maintenance Organization/workers' compensation and pre-appointment review, and pre-certification and preadmission units. Staff assist Mayo Clinic patients in scheduling appointments, collecting demographic and insurance information, assisting with insurance authorizations, processing managed care requirements and providing financial counseling.
  • The Payor Team provides data to the Billing and Insurance Collections Division. This starts with revenue recognition, where they design and maintain systems to capture, document and code services provided to the patient. This data is then used to generate a bill. The clinical documentation function audits and reviews each service to ensure proper coding and documentation. The quality assurance process includes consulting, evaluating and implementing controls to ensure efficient operations, billing practices, and procedures, as well as compliance with all laws and regulations.
  • The Practice Team is responsible for finalizing patient claims and achieving optimal billing and timely payment. This includes various sections within Billing and Insurance Collections collecting data, generating claims and collecting payment. Sections within this team include Government Claim Services, Commercial Insurance Services, Billing and International Patient Financial Services.
Sonia D. Winslett, Internal Audit Services

"Internal Audit, with input from leadership, identifies potential institutional risks, reviews the processes of departments, determines whether adequate internal controls are in place and performs tests to determine whether a department's processes are yielding the desired results. Therefore, Internal Audit works proactively to contribute to the stability of Mayo Clinic."

"The Internal Audit work is performed in teams. It is through teamwork that we move in one focused direction with a successful outcome. I continue to work at Mayo because there is much diversity in opportunities at Mayo. Mayo is an experience; the patient comes first."

Jay Ness, Rochester Management Accounting

"As an analyst, I work on the Internal Medicine team and support the Divisions of Cardiovascular Diseases, Infectious Diseases and the Vascular Center. My job responsibilities include reporting on financial results, advising leadership on financial implications of decisions made, and working with administrators on financial issues. The divisions I support have had some technology advances recently that provide better patient care. Working with physicians and administrators in predicting the financial implications of these new technologies has been satisfying for me."

"The best part of my job is coming to work every day with a great group of people. That includes my team members, physician leadership and administrators. I would describe working at Mayo as very fulfilling and I look forward to many more opportunities here. It's a great place to work and a great community."

Binal Patel, Procurement Coordinator
"I began my career at Mayo Clinic as a finance trainee and have had many opportunities to grow within the organization. At Mayo, you can have multiple professions in your lifetime within the same organization. I am now working in Materials Management/Purchasing as procurement coordinator. In my current role and as I rotated throughout the Finance Department as a trainee, I have worked in team environments where I can ask questions to reach conclusions. This environment helps me make the best decisions."
Scott Wilde, Foundation Patient Account Services

"I am the managing supervisor of Patient Account Services. Some of my responsibilities include coordinating and overseeing company and collection agency services, consulting with personnel regarding collection processes and account management, and analyzing, designing and managing workflow and staffing processes of the work teams. Much of my work contributes directly to patient care. In PAS we want to make sure that our phones are staffed appropriately so that we can answer patient calls promptly and provide efficient customer service."

"I recently had a very satisfying work experience with a project where I had staff form committees to look at standards and come up with measurements for performance. The committees developed the standards, presented the information to all staff and were very successful. It was rewarding to have such a successful outcome."

Jennifer Marine, Coder
"My major responsibilities are reviewing medical records to apply diagnosis and procedure codes in compliance with current regulations, policies and procedures. I must understand medical terminology, anatomy, physiology, surgical technology, pharmacology and the disease process to fulfill my role. I learn something new on my job every day because every medical record is different."

Current Jobs

Job Title Location
Logistics Associate - Supply Chain Management Jacksonville - Florida
Logistics Supervisor - Supply Chain Management La Crosse - Wisconsin
Executive Development and International Financial Specialist Scottsdale - Arizona
Performance Consultant Associate - Supply Chain (Limited Tenure) Rochester - Minnesota
Finance Analyst III - FAS Jacksonville - Florida
Finance Analyst III - FAS Rochester - Minnesota
Finance Analyst II Rochester - Minnesota
Registration Clerk-Days Mankato - Minnesota
Patient Account Representative - Diversified Business (Part Time) Rochester - Minnesota
Finance Representative - Revenue Cycle Phoenix - Arizona

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