Cleveland Clinic operating income up 55.7% in Q1

Cleveland Clinic posted an operating income of $50.2 million in the first quarter of 2024, up from $32.3 million posted over the same period last year, according to its May 15 finance report. 

The system saw revenues of $3.9 billion in the quarter ended March 31, up from $3.5 billion posted in the same period last year. Net patient service revenue rose to $3.4 billion, up from $3.1 billion. 

Expenses increased to $3.6 billion from $3.3 billion, according to the report. Salaries, wages and benefits increased 10.1% to $2.2 billion. Supply costs rose 7.9% to $384.4 million. 

Cleveland Clinic posted a net income of $332.8 million in the first quarter of 2024, down from $335.5 million over the same period in 2023. Net nonoperating gains were $282.6 million, down from $303.2 million last year. 

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