Cleveland Clinic’s chief executive, Dr. Toby Cosgrove, is retiring from one of the most influential health systems in the country in January. His imminent departure come at a time when hospitals are contending with an array of financial pressures, including rising pharmaceutical costs and government reimbursements that don’t cover costs.
Last year, the clinic saw its operating income drop 71 percent, from $480 million to $139 million. Cosgrove sat down with STAT recently to discuss the challenges behind those numbers, and what should be done to address them. This interview is lightly edited for clarity.