Cleveland Clinic Looks To Cut Costs Amid Revenue Shortfall
Cleveland Clinic officials said they are implementing cost-cutting measures after seeing a drop in revenue due to the COVID-19 pandemic.
The clinic reports a revenue shortfall of more than $500 million through April, according to a statement from the hospital system.
To cut costs, the clinic will not give pay raises to employees this year.
They also plan to restrict travel and make changes to paid time off.
Officials say some capital and growth projects have also been delayed as another cost-cutting measure.
In 2019, the Clinic’s operating income was $390 million dollars.
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