In a punishing recession, no one is spared--not even the high-profile Cleveland Clinic. In fact, the Clinic lost $62 million on $4.9 billion revenues for last year, largely due to tanking investments. In recent times, it was forced to cut spending to right its ship and impose a hiring freeze. In fact, execs had to cut 35 percent more than anticipated in 2008 and 2009.
Next year, though, things are looking a lot rosier for the organization. In fact, the Clinic is so much healthier that it expects to add 1,800 full-time jobs next year, a 5 percent growth rate.
Its quick recovery was doubtless helped by the fact that, though it was battered by the lousy state of the financial markets, it still saw its patient volume and operational revenue increase in '08 and '09. Those increases were driven in part by its investment in one million square feet in new facilities, a "family pavilion" and urological/kidney center.
Since it got burned by the financial markets, Cleveland Clinic has instituted a more-conservative investment strategy. And with its core northeast Ohio market suffering from a weakened economy, the clinic is expanding to Las Vegas and Abu Dhabi (United Arab Emirates).
To learn more about the Clinic's turnaround:
- read this Cleveland Plain Dealer piece
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