Cleveland Clinic's net income grows to $350M in Q1

Cleveland Clinic recorded a net income of $350.3 million in the first quarter of 2021, compared to a net loss of $830.6 million in the same period last year, according to recently released financial documents

The 19-hospital system saw its net revenue reach $2.8 billion in the three-month period ending March 31, up from $2.6 billion recorded in the same period one year prior. 

Expenses for the health system also rose to $2.6 billion in the first quarter of this year, an increase of 5.5 percent from the same period last year. 

The health system ended the first quarter with an operating income of $61.7 million, up from a net loss of $40 million recorded in the first quarter last year. 

Cleveland Clinic also recorded nonoperating gains of $288.6 million in the first quarter. 

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