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Cleveland Clinic CEO Discusses Financial Picture at State of the Clinic Address

A photo of Mihaljevic from the State of the Clinic address
YU KWAN LEE
/
CLEVELAND CLINIC CENTER FOR MEDICAL ART & PHOTOGRAPHY
Cleveland Clinic CEO Tom Mihaljevic delivers his state of the clinic address.

Cleveland Clinic’s CEO painted a rosy financial picture for the global health care organization during his state of the Clinic address Wednesday. The hospital system is growing in facilities, patients and revenue.

Clinic President Dr. Tom Mihaljevic says operating income increased by 47% in 2019 over the previous year to $390 million.

Mihaljevic attributed the financial rebound to the clinic's ability to bring in more patients.

“First of all we are growing here in Northeast Ohio. We are growing more in northeast Ohio than we have historically and we are growing in other locations, Florida in particular.”

He says the clinic added four new hospitals in Florida in 2019.

The hospital system had a record-breaking year with a 20 percent increase in the number of new patents.

The CEO says expansion plans for Northeast Ohio include a new hospital in Mentor and expansion at the Fairview Hospital site.