Financial

Cleveland Clinic rebounds with 2019 financials

February 26, 2020 / LYDIA COUTRÉ

In 2019, Cleveland Clinic reported strong financials, improved patient safety measures, served more patients than ever before and continued to expand its footprint, President and CEO Dr. Tom Mihaljevic highlighted in his annual State of the Clinic address on Wednesday morning, Feb. 26.

Last year the Clinic earned $390 million in operating income—up 47% from the year prior—on $10.6 billion in operating revenue, up 18.7% from 2018.

Mihaljevic credited caring for more patients, a strong economy and growth in Florida for that growth, which followed a 19% dip in operating income in 2018 and a slight growth in operating revenue compared to 2017. Finances in 2019 were also bolstered by a record $261 million gift from the Lord Foundation of Ohio.

“Throughout generations, we’ve always stayed true to who we are. Patient-centered, organized as a team, led by clinician. We have accomplished so much together,” Mihaljevic told the crowd of roughly 800 employees in attendance at the Intercontinental Hotel. “In 2019, Cleveland Clinic cared for more patients and families than ever before. Your dedication made it a year to remember.”

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Josh Sandberg

Josh Sandberg is the President of Ortho Spine Partners and Partner for The De Angelis Group. He also serves as Co-Founder and Editor of OrthoSpineNews.

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