In an annual State of Clinic address this week, Cleveland Clinic President and CEO Dr. Tom Mihaljevic said the nonprofit academic medical center will be investing about $1.3 billion in capital projects this year, including new hospitals, buildings and renovations to current facilities.
Speaking directly to the health system’s 70,000-plus employees worldwide, Mihaljevic praised the Cleveland Clinic workforce for staying committed to the organization’s mission despite facing an especially difficult year, referring to the still-ongoing COVID-19 pandemic.
Despite the coronavirus and its endless variants, 2021 yielded Cleveland Clinic’s strongest financial performance and highest clinical activity recorded in its history, Mihaljevic said. Total operating revenue reached $12.4 billion, with an operating income of $746 million. The health system performed 10.4 million outpatient visits – a 17% increase from 2020 – and more than 22,800 COVID-19 admissions.
Due in part to that strong financial showing, the health system will be targeting a number of projects and investments in 2022, including the opening of Cleveland Clinic London hospital, a building in central London that will encompass eight stories and 324,000 square feet.
On Cleveland Clinic’s main campus in Cleveland, Ohio, the system will construct its first integrated neurological hospital, which will consolidate neurological care that currently takes place in eight different locations. The system will also open a new hospital in Mentor, Ohio, which is slated to open its doors sometime in 2023.
Also on tap is an expansion of the Cole Eye Institute, which is slated to have an additional 100,000 square feet built onto it to accommodate the growth in patient visits; Fairview hospital in Cleveland, meanwhile, will be renovated to address the needs of patients and caregivers.
In addition, the Cleveland Clinic location in Weston, Florida will see its bed tower expanded, and the system will open a new oncology center in Abu Dhabi later this year, which will serve as a hub for treatment and research.
