Mayo Clinic in Rochester, MN Anchors Minnesota Health-Care Industry
The future of medicine and health is being written in Minnesota,
The future of medicine and health is being written in Minnesota, where renowned academic and research resources combine with a cadre of top-ranked providers to bring high-quality care, expertise and facilities to every corner of the state. Minnesota’s 143 hospitals and health systems employ more than 121,000 people.
The state continues to be a leading venue for the medical device industry, and the expertise it has developed in health care and biotech is generating new opportunities in health care information technology, diagnostics and therapeutics.
Mayo Clinic in Rochester, Minn. – where more than 1 million people from around the world come each year for leading-edge medical care – is the epicenter of health care innovation. Mayo Clinic was ranked the best hospital in the country for 2014-2015 by U.S. News and World Report.
Overall, Mayo Clinic employs more than 37,200 people in Minnesota and generates more than $9.6 billion in economic impact to the state. It’s home to more than 4,200 staff physicians and scientists. Breakthrough research at Mayo Clinic runs across every spectrum of medicine, and its extensive clinical trials give state residents access to leading-edge treatments.
“We have a highly trained and very motivated workforce, and groups like ours at Mayo are willing to be very flexible and understand the needs of business,” says Jim Rogers, chair of Mayo Clinic Ventures, the technology transfer and economic development arm of the organization. “We’re helpful in translating the needs of our institution, so we can find win-win deals.”
See why Rochester, MN is the Best Place to Live in America
The presence of Mayo Clinic – along with the new enterprises that spring from it and the companies that want proximity to it – are transforming Rochester. The $6 billion Destination Medical Center (DMC) initiative, launched in late 2014, aims to make Rochester a global health care hub. Anchored by Mayo, the plan includes Discovery Square, a subdistrict of DMC to house science, technology and bio-business startups and research groups.
The DMC initiative aims to attract 35,000 to 45,000 new jobs and generate $7.5 billion to $8 billion in new net tax revenue over 35 years, says Lisa Clarke, executive director of DMC’s Economic Development Agency. The DMC plan was approved by the Rochester City Council in March 2015. Meanwhile, input from various community groups and stakeholders is being gathered on an ongoing basis.
Nationally recognized hospitals blanket Minnesota with high quality care. For example, in addition to Mayo Clinic – Abbott Northwestern Hospital in Minneapolis and St. Cloud Hospital in St. Cloud, Minn., were nationally ranked in certain specialties by U.S. News & World Report. Mayo Clinic ranked in 15 specialties, Abbot Northwestern in five specialties and St. Cloud Hospital in two specialties.
Overall, the health-care and social assistance sector employs more than 430,700 workers in the state and has added more than 105,000 jobs since 2004. Four of the 10 largest employers in the state are in health care delivery.
Minnesota Is The Best State For Business
Minnesota ranks among the top four in the nation for high-quality and low-cost hospital and health care, according to the federal Agency for Healthcare Quality and Research (AHRQ) and the Centers for Medicare and Medicaid Services, says Lawrence Massa, president and CEO of the Minnesota Hospital Association.
“Minnesota’s leadership on patient safety and quality is recognized throughout the nation, and other states look to us to create their own patient safety programs,” Massa says. “Minnesota’s hospitals are leading dozens of patient safety initiatives to improve care, including a nation-leading adverse health events reporting system, multiple patient safety calls to action and development of new methods of measuring quality.”