Cleveland Clinic's operating income more than doubles in Q4

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

The health system's revenue climbed to $2.98 billion in the fourth quarter of 2020, up from $2.74 billion in the same period of 2019, according to recently released unaudited financial documents. The system's net patient service revenue climbed from $2.44 billion in the fourth quarter of 2019 to $2.59 billion in the final quarter of 2020. 

Cleveland Clinic reported expenses of $2.46 billion in the fourth quarter of last year, up slightly from $2.43 billion in the same quarter of 2019. 

The hospital system ended the final quarter of 2020 with operating income of $340.23 million, compared to operating income of $122.63 million in the fourth quarter of 2019. 

Cleveland Clinic posted net income of $1.28 billion in the fourth quarter of 2020, compared to an excess of revenue over expenses of $754.87 million in the same period a year earlier. The increase was primarily driven by favorable investment returns of $925.82 million in the final quarter of 2020, up from $596.41 million in the same quarter of 2019. 

More articles on healthcare finance:
Tennessee hospital abruptly closes
How CHS, HCA, Tenet and UHS fared in Q4
Private equity pushes into healthcare: 7 latest deals

© Copyright ASC COMMUNICATIONS 2021. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.