Dr. Mihaljevic said that more than half of hospitals lost money in 2022 despite patient demand because of healthcare services pausing during the pandemic, labor shortages and associated higher wages, and inflation affecting supply and pharmaceutical costs.
“This year we put forward a plan to serve more patients efficiently,” he said during his speech. “Some administrative hiring has been put on hold and discretionary expenses reduced.”
Despite the expected losses, Dr. Mihaljevic said he expects that the system will “come out of these times even stronger.”
“We have been able to fulfill our mission for more than 100 years — despite wars, recessions, pandemics and the tragic fire of 1929 on our campus,” he said. “Cleveland Clinic is persistent in good times and in hard times. We stay true to our goals, even when it is most difficult, and have never compromised our care.”
Dr. Mihaljevic also gave an update on several upcoming and recently completed projects:
- Mentor (Ohio) Hospital will open in July.
- The main campus’ Cole Eye Building expansion project is under construction and the construction of the Neurological Building will break ground in May.
- A master plan is being designed for Cleveland’s Fairview Hospital to enhance care for patients and caregivers.
- The fifth floor of Weston (Fla.) Hospital is now serving patients.
- Cleveland Clinic London opened less than a year ago and is serving more patients every month. A second outpatient facility will open in September.
- Cleveland Clinic Abu Dhabi opened a new cancer center.
A video of Dr. Mihaljevic’s speech can be found here.
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