Hospitals across the country face financial struggles in the economic downturn. Fewer patients are seeking care and more need help paying for care, the American Hospital Association said in a report last month.
The report also noted that hospitals are having difficulty borrowing money for capital projects because of the credit squeeze.
"Although Cleveland Clinic continues to be financially strong, we must take proactive measures to do all that we can to deliver on our mission and help minimize the negative impact of the current economic crisis on Northeast Ohio," Cosgrove said in his e-mail.