A record number of patients, a $261 million gift and strong investment returns helped push Cleveland Clinic's revenue and income higher in 2019, according to unaudited financial documents released Feb. 26.
Cleveland Clinic's revenues climbed to $10.6 billion in 2019, up more than 18 percent from $8.9 billion in 2018. The health system said the revenue growth was due to a record 2.4 million patients receiving care at its facilities in 2019. Those patients accounted for 9.8 million visits last year.
The 18-hospital system's operating expenses were up 17.2 percent year over year in 2019. Expenses grew across several categories, including supplies, pharmaceuticals, and salaries, benefits and wages.
Cleveland Clinic ended 2019 with operating income of $390.2 million, up nearly 47 percent from $266.4 million a year earlier.
"Cleveland Clinic is healthy and thriving," President and CEO Tom Mihaljevic, MD, said during his State of the Clinic address Feb. 26. "This success allows us to reinvest in our mission, caregivers and communities."
During 2019, Cleveland Clinic's nonoperating gains totaled $1.7 billion, including $1.3 billion of investment income. That's compared to 2018, when the system reported an investment loss of $191.2 million and a net nonoperating loss of $162.5 million.
In addition to strong operating and nonoperating gains, a $261 million gift from the Lord Foundation of Ohio bolstered Cleveland Clinic's finances last year.
Cleveland Clinic closed out 2019 with net income of $2 billion, up from $103.9 million a year earlier.