There are celebrations at the Mayo Clinic today, after it received the biggest endowment gift in its history.
The world-renowned Rochester hospital will receive a massive $200 million gift from Jay Alix, a Michigan-based businessman and philanthropist.
He's the founder of the company AlixPartners, which specializes in corporate turnarounds.
His gift is designated to the Mayo Clinic School of Medicine, and is intended to be used to train the next generation of doctors "who will carry on Mayo’s tradition of solving the most serious and complex medical challenges – one patient at a time."
The gift will expand scholarship opportunities, improve innovation in the school's curriculum, and establish a professorship.
The school meanwhile will be renamed the Mayo Clinic Alix School of Medicine.
"My primary philanthropic interests are medicine and education. Mayo Clinic Alix School of Medicine will offer an ideal opportunity to advance both fields," said Alix in a press release.
"Genetics, artificial intelligence, virtual and augmented reality and other technologies are transforming medical research, education and practice.
"This gift will further enable Mayo’s medical school to recruit the best medical students and to create a curriculum that trains them to harness evolving radical advances in medical science and technology to the greatest benefit of patients."
Alix, a former patient of the Mayo, is also a member of its Board of Trustees and is the co-chair of its Global Advisory Council.
The donation comes as the Mayo says America is facing a doctor shortage of as many as 121,000 by the year 2030, based on data from the Association of American Medical Colleges.
"Mayo Clinic is honored to be the recipient of this transformative endowment,” said Mayo president and CEO John Noseworthy, M.D. "It enables faculty and students to explore new academic fields to better patient care, conduct research, apply new technologies and develop innovative teaching methods far into the future."