Cleveland Clinic Reports "Extraordinary" Financial Year
The Cleveland Clinic reported an "extraordinary" financial year last year, the health system's Chief Executive Dr. Toby Cosgrove said during his annual "State of the Clinic" meeting with staff members early Wednesday morning.
Cosgrove told the audience that 2014 was the best financial year in more than a decade, and he credited their efforts.
"Everybody in the organization contributed from whether we were turning off the escalators at night or not doing duplication of lab studies. But it was a total organization involvement in this and it was very gratifying to see people step to the plate," Cosgrove says.
The Clinic reduced its expenses by nearly half a billion last year with cuts in energy usage, employee health insurance costs and staff. It now employees about 45,000 in Northeast Ohio and Florida.
The health system's operating income increased 60 percent to $466 million in 2014 compared with 2013. The Clinic reported of $6.7 billion in revenues for last year.