Cleveland Clinic generated more than $14 billion in revenue last year and finished the year with a 0.4% operating margin, an improvement from the $13 billion and -1.6% margin recorded for 2022.
The record count of patient encounters comes through nearly 300 locations — including 23 hospitals — on three continents under the Cleveland Clinic umbrella. Outside of Cleveland, the Clinic has footprints in Florida; Las Vegas; Toronto, Canada; Abu Dhabi, UAE; and London. The health system has expanded its services to patients by 55% since 2017.
President and CEO Tom Mihaljevic, MD, shared the results Jan. 23 in his annual State of the Clinic address. He said Cleveland Clinic is “more productive than ever,” but expressed ongoing reservations about reimbursement models and finances.
“In the past, these results would assure a healthy financial foundation for Cleveland Clinic, but all hospitals, including us, are challenged by inflation,” Dr. Mihaljevic said. “The rising cost of wages, supplies and pharmaceuticals has greatly outpaced nominal increases in reimbursement.”
Cleveland Clinic posted a $1.2 billion net loss in 2022. The full annual financial report has not yet been released. The system is targeting $15.8 billion in operating revenue and a 2.7% operating margin in 2024, according to figures released at the J.P. Morgan Healthcare Conference in San Francisco earlier this month.
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