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Tuesday, December 27, 2011

Clinic Makes More Millionaires, Many of Whom Don't Work There Anymore

Posted By on Tue, Dec 27, 2011 at 5:10 PM

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Cleveland Clinic added to the roster of people it’s turned into millionaires in 2010, bringing the total to 15, up from 13 in 2009.

MedCity News slogs through the Clinic’s latest tax filing for the scoop, which reveals that CEO Toby Cosgrove made more than $2.3 million in 2010. However, Cosgrove got a smaller raise of only 8 percent, compared to an 11 percent bump in 2009.

The two new Clinic millionaires are neurosurgeon Teresa Ruch, and director of clinical space and equipment integration John Petre.

The most interesting tidbit gleaned from the tax paperwork is that five of the people the Clinic paid over $1 million to in 2010, no longer work there. In fact, former COO David Strand hasn’t worked there since mid-2009 but he was the Clinic’s fifth-highest paid employee in 2010 at $1.3 million. Strand even got an 18 percent raise in 2010,despite not having worked there one day.

MedCity News notes that Strand, who left under somewhat odd circumstances, must have had an attorney who is expert in negotiating severance packages.

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