Mayo Clinic pauses all construction to combat $3B deficit — 4 insights

Rochester, Minn.-based Mayo Clinic has a $3 billion systemwide deficit that is forcing a series of operational changes, the Jacksonville Business Journal reports.

What you should know:

1. The health system is guaranteeing full pay and benefits for its employees through April 28, but will then furlough a portion of the staff and reduce salaries across the system.

2. Mayo had to stop elective surgeries due to the COVID-19 pandemic, which has affected revenues.

3. As a result of the decreased revenue, the health system is stopping all new construction, unless it would affect patient safety.

4. Mayo received approval to construct a $65 million facility in Jacksonville, Fla., earlier in April. The development would've added cardiology and gastroenterology services to the campus.

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