Cleveland Clinic's operating income tumbles 32% in Q3

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Cleveland Clinic ended the third quarter of 2017 with operating income of $39.7 million, down 32 percent from the same period of the year prior, according to recently released bondholder documents.

The system recorded revenues of $2.05 billion in the third quarter of this year, up from revenues of $2.01 billion in the same period of the year prior. The revenue growth was partially attributable to higher patient volumes. Compared to the third quarter of 2016, acute admissions were up 4 percent in the third quarter of this year.

Cleveland Clinic's operating expenses climbed 3.3 percent year over year, with notable increases in salaries, wages and benefits, pharmaceutical costs, and supplies.

After factoring in a year-over-year drop in nonoperating gains, Cleveland Clinic ended the third quarter of this year with net income of $227.6 million, compared to $287.6 million in the same period of the year prior.

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