Here are five key points from Cleveland Clinic’s first-quarter financials.
1. The system posted $1.6 billion in revenue for the first quarter, up 3.3 percent from the same period of last year, with net patient service revenue increasing 0.5 percent.
2. The system’s expenses for the first quarter were $1.44 billion, up slightly from $1.42 billion in the same period of last year.
3. Inpatient admissions at Cleveland Clinic’s facilities were up 3 percent in the first quarter of fiscal 2015 compared to the same period of 2014.
4. Cleveland Clinic saw nearly 51 percent fewer self-pay patients and 80 percent more Medicaid patients in the first quarter of fiscal 2015 compared to the same period of last year.
5. Cleveland Clinic reported net income of $163.9 million for the first quarter of fiscal 2015, up 88.8 percent from the same period a year ago.
More articles on healthcare finance:
CMS unveils overhaul to Medicaid managed care: 10 key points
10 recent hospital outlook and rating actions
Cone Health operating income soars 128% in Q1
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.