- During his annual State of the Clinic address, Cleveland Clinic CEO Toby Cosgrove reported that the Clinic had a banner year financially in 2014.
- In late 2013, the Cleveland Clinic health system underwent a $330-million budget cut, which eliminated several hundred open positions and resulted in approximately 700 early retirements.
- Due to the budget cut and other changes implemented by the system, Cleveland Clinic took in $466 million in operating income in 2014, which was a 60% increase over 2013.
Cleveland Clinic has made several strategic moves that have allowed them to thrive financially despite industry challenges. In addition to the budget cuts, they have developed a number of "care paths" that are designed to eliminate unnecessary testing and reduce costs while improving quality of care. The Clinic also implemented a "My Two Cents" initiative among employees that generated 800 cost-reducing ideas that resulted in $2.5 million in savings.