CLEVELAND, Ohio — The Cleveland Clinic plans to spend a whopping $848 million on renovations and construction at its health system this year, in addition to looking for more ways to expand nationally and internationally, according to media reports.
Dr. Delos “Toby” Cosgrove, the Clinic’s president and chief executive, announced the plans during his State of the Clinic speech Thursday morning, according to Crain’s Cleveland Business.
The Clinic has spent $1.2 billion in recent years on building projects, including its $506 million heart hospital–the Sydell and Arnold Miller Family Pavilion–opened in 2008, Crain’s reported.
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This year’s spending would pay for construction projects ranging from renovations of six buildings at the Clinic’s main campus to an expansion at Huron Hospital to development in Abu Dhabi, Cosgrove said, according to Cleveland’s The Plain Dealer.
In November, the Clinic broke ground on a $96 million, 190,000-square-foot health and surgery center in Twinsburg. In December, Cleveland’s largest employer said it would hire 1,800 workers–from doctors to support staff–this year.
The planned investment–up from $300 million last year–comes at a time when the Clinic is seeing some effects from the recession, The Plain Dealer reported. Despite stable in-patient occupancy rates, and 10 percent increases in Cleveland and Florida out-patient visits in 2009, the Clinic’s admissions fell slightly in January.
The Clinic also is seeing more patients using federal insurance programs Medicare and Medicaid–and fewer patients using private insurance–a shift that subtracts $50 million from its bottom line with every 1 percent move, The Plain Dealer reported.
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Although Ohio’s unemployment rate was 11 percent in December, according to the Ohio Job and Family Services Department, the unemployed have been eligible for extended COBRA benefits. Now that those benefits are ending, the Clinic is starting to see a drop in admissions, Cosgrove said, according to Crain’s.
“We’re starting to see the results of the recession, and the unemployment that is associated with it, beginning to affect admissions,” Cosgrove told employees during his speech, The Plain Dealer reported. “The storm has not passed.”
