Cleveland Clinic's net income triples in Q3

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Cleveland Clinic ended the third quarter of this year with higher revenue and operating income than in the same period a year earlier. 

The 18-hospital system's revenue climbed to $2.72 billion in the third quarter of this year, up from $2.65 billion in the same period of 2019, according to recently released unaudited financial documents. The increase in revenue was driven by $77 million in grants received through the Coronavirus Aid, Relief and Economic Security Act and employee retention credits. 

The system's net patient service revenue decreased $4.5 million in the third quarter of 2020 compared to the same period of 2019. Inpatient admissions declined 5.3 percent year over year in the third quarter of this year and were down 7.4 percent in the first nine months of 2020. 

Cleveland Clinic reported expenses of $2.4 billion in the third quarter of this year, up from $2.34 billion in the same period last year. 

The hospital system ended the most recent quarter with operating income of $133.9 million, compared to operating income of $115.2 million in the third quarter of 2019. Looking at the first nine months of this year, Cleveland Clinic reported an operating loss of $107.9 million, compared to operating income of $267.6 million a year earlier. 

Cleveland Clinic posted net income of $603.8 million in the third quarter of 2020, compared to an excess of revenues over expenses of $185.3 million in the same period of 2019. The increase was primarily attributed to favorable investment returns of $447.1 million in the third quarter of this year, up from $99.6 million in the same quarter last year. 

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