Economic Development
The Cleveland Clinic is heavily involved in efforts to expand Cleveland's economy and produce growth for the region. The Clinic is the largest private employer in northeast Ohio, and the third largest in the state of Ohio, with over 36,000 employees all over the United States and revenues exceeding $4.4 billion annually. At $2.7 billion, the Clinic's endowment rivals those of top American universities. In addition to its clinical facilities and research institute, the Clinic operates a startup incubator known as CCF Innovations. CCF Innovations is charged with commercializing Clinic research and creating successful startup companies with such research. In addition to CCF Innovations, the Cleveland Clinic was awarded the State of Ohio's first "Wright Mega-Center for Innovation" award, totalling $60 million, to build a Global Cardiovascular Innovation Center. This center, funded as part of the state's "Third Frontier" program to generate economic growth for the state, will be charged with generating companies, jobs, and economic growth for the region based on the Clinic's expertise in heart disease. The clinic has provided funding to bring the HealthCorps program to Cleveland in an effort to combat teen obesity and improve the general health of local teens. The Economist magazine has reported on the hospital's impact on Cleveland.
In August 2011, Becker's Hospital Review listed the Cleveland Clinc as number two on the 100 Top Grossing Hospitals in America with $9.14 billion in gross revenue.
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