Cleveland Clinic reports $336M net income in first quarter
Cleveland Clinic is the latest nonprofit health system that turned around its finances in the first quarter and recorded net income, the company reported Tuesday.
Ohio-based Cleveland Clinic reported $335.46 million in net income, a significant rebound from losing $282.46 million in the year-ago quarter and $1.25 billion in the full year. First-quarter operating income totaled $32.25 million. The ongoing impacts of inflation, rising expenses and labor shortages continue to affect the Cleveland Clinic, the company reported.
Revenue jumped 15.7% to $3.51 billion. Expenses rose 10.9% to $3.28 billion, including 10.3% for salaries and wages, 11% for supplies and 24.2% for pharmaceuticals.
The Cleveland Clinic reported $314.2 million in investment returns, a more than $526 million increase from a year before due to improved market conditions.