The Cleveland Clinic has announced that Dennis L. Laraway will join the healthcare system as Chief Financial Officer on March 13, 2023.
Since 2017, Laraway has served as executive vice president and chief financial officer at Banner Health, a $12 billion healthcare system based in Phoenix. Banner Health is one of the nation’s largest nonprofit healthcare systems, operating 32 hospitals in Arizona, California, Colorado, Nebraska, Nevada and Wyoming.
In his role at Banner Health, Laraway implemented payer-to-provider strategies; led the organization’s insurance and value-based care initiatives; managed Banner Health’s academic relationship with the University of Arizona; managed Banner Health’s capital markets programs, rating agency reviews and investor relations; and assumed financial leadership during the COVID-19 pandemic.
“We look forward to welcoming Dennis to our company,” said Tom Mihaljevic, MD, CEO and President of the Cleveland Clinic and holder of the Morton L. Mandel CEO Chair. “He is a proven leader with experience in developing business approaches for complex healthcare organizations. We share a commitment to build on our history of financial responsibility, which puts us in a solid position to meet financial challenges, provide quality patient care and support our communities.”
In previous positions, Laraway held positions as Chief Financial Officer at Memorial Hermann Health System in Houston; Scott & White Healthcare of Temple, Texas; St. Joseph’s Hospital & Medical Center in Phoenix; and Seton Health System, formerly a member of Ascension Health, in Troy, New York.
“The Cleveland Clinic’s clinical, teaching and research capabilities are world-class. I was equally impressed by the culture and leadership teams across the company,” said Laraway. “This is a compelling opportunity and I am honored to join the team as we lead the Cleveland Clinic through some of the most disruptive challenges facing the healthcare sector in our country (and around the world).”
Laraway holds a master’s degree in business administration from the Lally School of Management at Rensselaer Polytechnic Institute in Troy, New York. He has held teaching positions at Arizona State University and Rice University business schools.
Laraway succeeds Tony Helton, who has served as Cleveland Clinic’s interim chief financial officer since May 2022. Helton will return to his former role as executive director of revenue cycle management at the Cleveland Clinic.