In his annual state of the clinic speech, Cleveland Clinic CEO Delos "Toby" Cosgrove, MD, said the hospital network reported a record operating income of $481 million in 2015, reports The Plain Dealer.
Below are four things to know about Cleveland Clinic's latest financial results.
1. The hospital network reported total revenue of $7.2 billion in 2015, a 7 percent increase over 2014.
2. The $481 million in operating income represented a 3 percent increase over the year prior.
3. Dr. Cosgrove largely attributed the record operating income to cost-saving measures implemented across its facilities, including a program in which employees and physicians were encouraged to share cost-saving suggestions for administrative and clinical procedures.
"Over the last three years, we have reduced the cost of providing care some $600 million," Dr. Cosgrove said in his speech, according to The Plain Dealer. "Had we not been able to make that reduction in our cost and efficiency, we would have had one of the worst financial years that we have ever had."
4. Thanks to Cleveland Clinic's continued expansion efforts, the hospital network saw outpatient visits increase by 13 percent, inpatient admissions increase by 17 percent and emergency visits jump 29 percent during 2015.
Last year, Cleveland Clinic added Akron (Ohio) General Hospital to its network. The system is expanding in Ohio, building new facilities in Cleveland and Avon, and it is also extending its footprint internationally with a new facility in London.
More articles on finance issues:
Access Healthcare names VP of coding services: 3 things to know
5 more thoughts on balance billing from the President of ACEP
Study shows consumers, payers saved money on 4 procedures in outpatient setting