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Cleveland Clinic 'to explore acquisition options'

Cleveland Clinic is to look at options to expand its business through acquisitions.

01 March 2012

Cleveland Clinic is use negotiation strategies and will carefully examine opportunities for acquisitions in the future.

Crain's Cleveland reported that chief executive officer and president of the medical firm Delos Cosgrove said the clinic is to seriously look at possibilities to purchase other healthcare organisations.

He was quoted by the news source as saying a "number of people from around the country" have approached the firm discussing mergers and acquisitions.

"We are carefully looking at each one of those and will continue to do so going into the future," Dr Cosgrove added.

Expanding the company in this way would help it to grow its service lines, recruit a higher number of talented employees and boost the size of the region's health system.

In 2011, the clinic's revenue stream was improved by around $120 million (£75.26 million) due to its acquisitions of Medina Hospital and Sandusky's North Coast Cancer Care, the news source noted.

Presently, the healthcare group is valued at $5 billion and provides a range of services, including ambulatory surgery, family health, community hospitals and Las Vegas' Lou Ruvo Center for Brain Health.

Posted by Ron Maverick

Source: Crain's Cleveland, March 1st

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