Cleveland Clinic has named Banner Health 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; St. Joseph’s Hospital & Medical Center in Phoenix; and 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 resume his role as executive director of revenue cycle management.
Cleveland Clinic is a 6,500-bed nonprofit health system with 21 hospitals and more than 220 outpatient facilities. The clinic has recently grappled with poor financial performance, following its strongest year in 2021. It reported net losses exceeding $1.5 billion in the first three quarters of 2022, driven in part by elevated labor costs. The clinic's investment losses for the nine-month period totaled totaled $1.26 billion.
In January, President and CEO Dr. Tom Mihaljevic projected an operating loss of more than $200 million for 2022. The system has not reported its full-year results.