How inflation affects Cleveland Clinic, UPMC and Northwell

While inflation nationwide has fallen since its peak, health systems in Pennsylvania, New York, and Ohio still reported in recent earnings reports that they are feeling the cost of rising prices. 

Here is how inflation is affecting UPMC, Northwell and Cleveland Clinic:

  1. Cleveland Clinic said that "elevated inflation will continue to compress margins for most providers." The health system pointed to inflation as one of the reasons its operating expenses grew nearly 10% in the third quarter of 2023 compared to the third quarter of 2022.

  2. Pittsburgh-based UPMC pointed to "increased costs in the labor and supply market" as one of the primary reasons that its operating loss grew to $176 million for the nine-month period ending Sept. 30.

  3. New Hyde Park, N.Y.-based Northwell Health said the "impact of inflation on supply and expense price trends" was one of the reasons its operating expenses grew by 9% in the quarter ending Sept. 30.

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