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Mayo hires new chief financial officer

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Mayo Clinic announced Thursday it has hired Dennis Dahlen as its new chief financial officer.

He will replace Kedrick Adkins Jr., who is retiring after almost four years in that role at Mayo and a 40-year career in health care.

Dahlen spent the last 11 years as Banner Health's senior vice president of finance and chief financial officer. Banner Health is located in Phoenix, Ariz.

"I'm thrilled to join Mayo Clinic, an organization with a 150-year legacy of providing expert care to each patient," Dahlen said via news release. "As the health-care industry faces enormous challenges, I'm confident that Mayo's capacity for discovery and innovation will provide an excellent platform for success."

Mayo says Adkins and Dahlen briefly will serve concurrently to "ensure a smooth transition." The chief financial officer is part of Mayo's executive leadership team, working "collaboratively with institutional and site leaders on strategic and tactical financial planning and management."

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Under Adkins' leadership, Mayo enjoyed strong financial performance and maintained its AA bond rating. Earlier this year, Mayo reported revenue growth of 6.6 percent to $11 billion in 2016 and net operating income of $475 million, which reflects an operating margin of 4.3 percent.

As a nonprofit organization, that income is reinvested in its practice, research and educational missions. For example, it contributed $466 million to its pension plan in 2016 and $600 million more in capital projects.

Adkins says Dahlen is "well-prepared" to built on that success.

"I'm grateful for the time I spent at Mayo and look forward to this next chapter ahead," Adkins said via release. "Dennis is well-prepared to take on the role of chief financial officer, and I'm confident he'll make a positive impact on Mayo Clinic."

Dahlen was selected after Mayo conducted a national search to replace Adkins. He earned his master's degree from Minnesota State University Moorhead and his bachelor's degree from the University of North Dakota. He's accrued more than 30 years in the health-care field, plus serving on the Arizona Chamber of Commerce board of directors.

Mayo vice president Jeff Bolton says Dahlen's experience and drive made him a natural fit.

"In addition to more than 30 years of health-care experience, he is driven to achieve mission-advancing financial performance and is passionate about patient care," Bolton wrote. "We look forward to the contributions he'll make as part of our leadership team."

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