Cleveland Clinic, which operates 19 hospitals with nearly 5,200 staffed beds, saw significant improvement in key financial metrics through the first half of the year, according to recently released financial documents.
In the six months ending June 30, Cleveland Clinic saw its revenue grow to $6 billion, an increase of more than 22 percent compared to the $4.9 billion recorded in the same period one year before. Cleveland Clinic attributed the revenue growth to an increase in net patient service revenue as patients came back for care and $162.4 million in provider relief fund grants recognized in the period.
The health system saw its expenses rise year over year to $5.3 billion, up from $4.8 billion recorded in the first six months of 2020. Cleveland Clinic said the expense growth was primarily due to the increase in patients served and supply cost increases.
After factoring in interest payments and depreciation, Cleveland Clinic saw its operating income improve through the first half of the year to $401.2 million. In the same period last year, Cleveland Clinic recorded an operating loss of $241.7 million.
Including noninvestment gains of $853.5 million, the health system ended the first six months of 2021 with a net income of $1.3 billion. In the same period one year prior, Cleveland Clinic had a $554.5 million net loss.