Cleveland Clinic's operating income rebounds to $330M

Cleveland Clinic ended 2017 with operating income of $330.6 million, up nearly 36 percent from $243.2 million in 2016, according to recently released bondholder documents.

Cleveland Clinic's revenues increased to $8.4 billion in 2017, up from $8 billion in the year prior. The boost was partially attributable to a 7 percent year-over-year increase in patient visits.

In 2017, Cleveland Clinic's expenses totaled $7.4 billion, up from $7.2 billion in 2016.

After factoring in nonoperating gains, the system recorded a net income of $1.2 billion in 2017, compared to $513.5 million in the year prior.

Cleveland Clinic President and CEO Tom Mihaljevic, MD, highlighted the system's financial results in a recent State of the Clinic presentation. He said the system's success is largely due to the hard work of his predecessor, Toby Cosgrove, MD.

"The achievements of 2017 reflect the legacy of Dr. Toby Cosgrove," Dr. Mihaljevic said. "He served Cleveland Clinic for more than 40 years — as cardiac surgeon, department chair, and CEO and president. He transformed Cleveland Clinic in more ways than we can count. He leaves us well-positioned for future growth."

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