Cleveland Clinic ended the third quarter of this year with higher revenue and operating income than in the same period a year earlier.
The health system's revenue climbed to $3.1 billion in the third quarter of 2021, up from $2.7 billion in the same period of 2020, according to financial documents released Nov. 23. The system's net patient service revenue climbed from $2.4 billion in the third quarter of 2020 to nearly $2.8 billion in the same period this year.
Cleveland Clinic reported expenses of $2.7 billion in the third quarter of this year, up from $2.4 billion in the same quarter of 2020. The system saw expenses rise across several categories, including supplies, pharmaceuticals and salaries, wages and benefits.
The hospital system ended the third quarter of 2021 with operating income of $148.2 million, compared to operating income of $133.9 million in the same period of 2020.
Cleveland Clinic posted net income of $422.2 million in the third quarter of 2021, down from $603.8 million in the same period a year earlier. The decrease was primarily due to lower investment returns, which declined 41 percent year over year.
Looking at the first nine months of 2021, Cleveland Clinic reported revenue of $9.1 billion and operating income of $549.4 million. In the first three quarters of 2020, the system reported revenue of $7.6 billion and an operating loss of $107.9 million.