The Cleveland Clinic has named Banner Health chief executive Dennis Laraway as its next chief financial officer, effective March 13, the system said Thursday.
Laraway has been CFO at Phoenix-based Banner since 2017. Prior to that, he was CFO at Memorial Hermann Health System in Houston; Scott & White Healthcare in Temple, Texas; Hospital & Medical Center St. Joseph of Phoenix; and the Seton Health System in Troy, New York.
Banner Health has not named a replacement.
Laraway will replace Tony Helton, who was named interim CFO in May after Cleveland Clinic’s longtime CFO, Steven Glass, was hired for the top job at Medical Mutual of Ohio. Helton will continue in his role as chief executive officer of revenue cycle management.
Cleveland Clinic is a 6,500-bed non-profit health care system with 21 hospitals and more than 220 outpatient facilities. The clinic has recently struggled with poor financial performance, following its strongest year in 2021. The clinic reported a net loss in excess of $1.5 billion for the first three quarters of 2022, due in part to labor costs increased. The clinic’s investment losses over the nine-month period totaled $1.26 billion.
In January, President and CEO, Dr. Tom Mihaljevic predicted an operating loss of more than $200 million for 2022. The system has not yet reported full-year results.
