Cleveland Clinic more than triples operating income in Q2

Fueled by higher patient volume, Cleveland Clinic Health System saw revenues increase and operating income more than triple in the second quarter of this year, according to recently released bondholder documents.

The system recorded revenues of $2.16 billion in the second quarter of this year, up from revenues of $1.98 billion in the same period of the year prior. The revenue growth was largely attributable to higher patient volumes. Compared to the second quarter of 2016, acute admissions were up 4.8 percent in the second quarter of this year. The system also saw growth in surgical cases and outpatient visits.

Operating expenses climbed 4.6 percent year over year, which was largely due to higher patient volumes. To address expense growth, Cleveland Clinic said it is implementing cost containment plans.

Cleveland Clinic ended the second quarter of this year with operating income of $130.5 million, more than triple the system's operating income of $40.2 million in the second quarter of 2016.

After factoring in strong nonoperating gains, Cleveland Clinic ended the second quarter of this year with net income of $303.3 million, compared to $127 million in the same period of the year prior.

More articles on healthcare finance:

Augusta University Health System blames lack of physicians for $8.8M loss
Northwell Health to shut down insurance arm
MD Anderson operating in the black for first time in more than a year

 

© Copyright ASC COMMUNICATIONS 2019. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.

 

Top 40 Articles from the Past 6 Months