Cleveland Clinic ended the third quarter of 2018 with operating income of $69.8 million, up 76 percent from $39.7 million in the same period a year earlier, according to unaudited financial documents released Nov. 29.
Cleveland Clinic's revenues increased to $2.2 billion in the third quarter of this year, up 9.2 percent from $2 billion in the third quarter of 2017. The boost was largely attributable to higher net patient service revenue, which climbed 9.8 percent year over year. The system said an increase in admissions and a strong case mix helped push its net patient service revenue higher.
Cleveland Clinic's revenue growth outpaced operating expense growth in the third quarter of this year. The system's expenses climbed 7.9 percent year over year.
Cleveland Clinic ended the third quarter of 2018 with an operating margin of 3.1 percent, compared to an operating margin of 1.9 percent in the same period of the year prior.
After factoring in nonoperating gains, which dropped year over year primarily due to changes in the financial markets, Cleveland Clinic recorded net income of $160.8 million in the third quarter of this year, compared to $227.6 million in the same period a year earlier.
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