Cleveland Clinic saw an operating loss of $200M in 2022

CLEVELAND, Ohio (WOIO) - During the annual State of the Cleveland Clinic address, CEO Dr. Tomislav Mihaljevic announced that the Cleveland Clinic lost $200M in operating losses during the 2022 fiscal year.

Dr. Mihaljevic announced that the losses will not lead to a fundamental change as far as patient care goes, however, “some administrative hiring has been put on hold and discretionary spending has been reduced”. Dr. Mihaljevic said these changes are for the “greater good” as other ideas are being floated to close the loss gap.

The Clinic also addressed the need to increase hiring during the staffing shortage, while lessening the impact of inflation on the cost of care. In 2023, the Clinic says they will work to lessen the effects of lead paint, infant mortality and hunger on the Cleveland community. An estimated $1.4B was spent by the Cleveland Clinic in community benefits.