Cleveland Clinic’s Community Benefit Tops $1B in 2018
CLEVELAND, Ohio – Cleveland Clinic invested more than $1 billion in community benefit in 2018, the most in the health system’s history, the company announced.
Community benefit is a measure of a hospital’s investment in its community through outreach programs, medical education, research, financial assistance, coverage of Medicaid shortfalls and subsidized care, according to a company release.
In 2018, the clinic’s total community benefit increased to $1.04 billion, up 6% from $981.4 million in 2017. The figures reflect all health system operations for Cleveland Clinic in Ohio, Florida and Nevada, according to the release.
“We want every community we serve to be the healthiest community possible,” said Dr. Tom Mihaljevic, president and CEO of Cleveland Clinic, in a statement. “Our community benefit demonstrates our focus on creating a healthier population.”
As a nonprofit hospital system, Cleveland Clinic is a community asset with no owners, investors or stockholders. Any and all extra funds from operations are invested back into the health system to support patient care, research, education and long-standing charitable efforts, according to the release.
Community benefit data is calculated in accordance with IRS Form 990 reporting guidelines and includes activities that improve access to health services, enhance public health, advance general knowledge and relieve government burden, the company stated. The primary categories for assessing community benefit include financial assistance, $130.7 million; Medicaid shortfall, $471.0 million; subsidized health services, $26.3 million; outreach programs, $39.2 million; education of health professionals, $293.2 million; research, $77.7 million.
“Our community benefit is just one measure of Cleveland Clinic’s commitment to our neighbors,” Mihaljevic said. “We are intent on giving back, uplifting our neighborhoods and remaining a critical part of our communities’ social fabric.”
Cleveland Clinic was founded in 1921 by four physicians with a vision of providing patient care based upon the principles of cooperation, compassion and innovation. Among Cleveland Clinic’s 66,000 employees are more than 4,200 salaried physicians and researchers and 16,600 nurses, representing 140 medical specialties and subspecialties.
Copyright 2020 The Business Journal, Youngstown, Ohio.