State of the Clinic: Mihaljevic Discusses Financial Rebound, Future in Telemedicine
Cleveland Clinic CEO Dr. Tom Mihaljevic delivered his first State of the Clinic address Wednesday. Mihaljevic announced a 35 percent increase in the hospital’s operating income in 2017, and discussed his plans for his first year as CEO.
The Clinic’s operating income reached $328 million after experiencing a significant drop a year earlier. Mihaljevic says the hospital’s growth and $800 million in reduced costs the last few years contributed to the upturn.
"It’s our responsibility to do financially well in order to be able to do good," Mihaljevic said during an interview with reporters after the event. "Every single dollar that we’ll ever make gets invested into the organization for the benefit of our patients."
Mihaljevic also discussed new initiatives including continuing the hospital’s financial rebound, improving patient safety, and lessening caregiver stress and burnout. He emphasized technology and telemedicine, with virtual visits through the Express Care online app rising 163 percent in 2017.
"Most of our plans for the future will depend on digital platforms," Mihaljevic said. "Digital technology will allow us to deliver smarter, more affordable, and more accessible care. Today, we can provide care for a variety of conditions anywhere on earth. That means that a patient’s bedside is changing, and the walls of hospitals are coming down in this new and virtual world."
Mihaljevic cited the Clinic’s commitment to “responsible growth” as it rolls out a new hospital in London in 2020, a Health Education Campus in Cleveland next year, and a 75-bed hospital in Florida, scheduled to open this August.