Cleveland Clinic more than quadruples operating income

Cleveland Clinic's revenues and operating income increased year over year in the second quarter of 2019, according to unaudited financial documents.

Cleveland Clinic's revenues climbed to $2.7 billion in the second quarter of this year, up 20 percent from $2.2 billion in the same period of 2018. The boost was largely attributable to higher net patient service revenue, which increased 20.5 percent year over year.

The system's operating expenses were up 16 percent year over year in the second quarter of 2019. Expenses grew across all categories, including supplies, administrative services, and salaries, benefits and wages.

Cleveland Clinic ended the second quarter of 2019 with operating income of $116.2 million, up from $25.1 million in the second quarter of last year. The system's operating margin was 4.4 percent in the second quarter of this year, compared to an operating margin of 1.1 percent in the same period of 2018.

During the second quarter of this year, Cleveland Clinic's nonoperating gains totaled $110.3 million. That's compared to the second quarter of 2018, when the system reported nonoperating gains of $55.6 million. The system said the increase was primarily attributable favorable changes in the financial markets.

Cleveland Clinic ended the second quarter of 2019 with net income of $226.5 million, up from $80.7 million in the same period a year earlier.

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