Cleveland Clinic posted an operating income of $746.3 million in 2021, more than triple the $232.4 million recorded in 2020, according to its recently released financial results.
The 19-hospital system also reported a 66.7 percent increase in net income for the 12 months ended Dec. 31, 2021, from $1.3 billion in 2020 to $2.2 billion in 2021.
Cleveland Clinic's total unrestricted revenue was $12.4 billion in 2021, compared to $10.6 billion in 2020. This is largely attributable to net patient service revenue, which was nearly $11 billion in 2021 and $9.1 billion in 2020.
The system's total expenses were nearly $11 billion in 2021, a 13.6 percent increase from 2020, which saw expenses hit nearly $9.7 billion. Salaries, wages and benefits accounted for $6.7 billion of the system's expenses, up from $5.9 billion in 2020.
For the three months ended Dec. 31, 2021, Cleveland Clinic's net income fell 58.2 percent, from $1.3 billion in 2020 to $532.8 million in 2021.
Its revenues reached $3.3 billion for the fourth quarter of 2021, a 12.3 percent increase from 2020 at about $3 billion. Fourth quarter expenses were $3 billion, up from $2.5 billion in 2020.
Cleveland Clinic's operating income was $196.8 million in the fourth quarter of 2021, a 42.2 percent decrease from the $340.2 million recorded in the same period in 2020.