Keeping an eye on the prize, Cleveland Clinic President and CEO Delos "Toby" Cosgrove told employees Wednesday that the health system plans to seriously look at acquiring other healthcare institutions.
With strong financials, Cleveland Clinic is in a position to grow the Ohio-based nonprofit academic medical center to other parts of the country and around the world.
In 2011, it had an operating revenue of about $6.2 billion, including consulting and affiliation agreements of approximately $10 million in revenue and distance health initiatives worth $6 million, according to Crain's Cleveland Business.
"We've had a number of people from around the country approach us about some sort of merger and acquisition," Cosgrove said at the annual state-of-the-Clinic address. "We are carefully looking at each one of those and will continue to do so going into the future."
Cleveland Clinic is the region's largest health system, The Plain Dealer reported. Outside of Ohio, it already has stakes in Florida, the Lou Ruvo Center for Brain Health in Las Vegas, Cleveland Clinic Canada, and as of 2013, it will be launching Cleveland Clinic Abu Dhabi, according to a February announcement.
This national and international growth is necessary to support its operations and patient services, Cosgrove said, according to the Plain Dealer. Cosgrove also explained that further growth will help ensure the system's financial stability, increase its relevancy and recruit top talent, Crain's noted.
The CEO declined to provide more details on any deals.
"We believe in the future," Cosgrove said. "And probably one of the best ways to demonstrate your belief in the future is by building."
For more information:
- read the Plain Dealer article
- read the Crain's Cleveland Business article
- see the Cleveland Clinic fact figures (.pdf)
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