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Cleveland Clinic CEO: Challenges Ahead For Health Care Industry

Wednesday, February 26, 2014 at 5:35 PM

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The Cleveland Clinic

The Cleveland Clinic held its annual staff meeting Wednesday. Chief Executive Dr. Toby Cosgrove reported the hospital system is in strong financial shape, despite changes in the health care market.

The Cleveland Clinic held its annual staff meeting today and reported it is in strong financial shape, despite changes in the health care market.

Clinic Chief Executive Dr. Toby Cosgrove told hundreds gathered at the Clinic during a 7 a.m. meeting that the system’s total revenues increased 4 percent to $6.5 billion last year.

Cosgrove warned, though, that the staff must work together to find more cost-savings.  He said the Clinic, like all health care providers, faces changing payments from the federal government and insurance companies. 

“We have created our own crisis.” Cosgrove said.  “We’ve allowed people to live longer, and the expense of doing this and the expense of technology has increased the cost of health care to the point where it is now 18 percent of GDP.  The response to this from all of the payers has been to reduce the payments as we go forward and change the economics of health care.”

The Clinic is the region’s largest employer with more than 43,000 workers.  It announced earlier this year that 700 staff members had taken early retirement offers, 200 were laid off, and 500 open positions would be left unfilled. 

Cosgrove says no further staff changes are expected in the coming year.

(More details at Crain’s Cleveland Business)

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