Cleveland Clinic's revenues and operating income increased year over year in the third quarter of 2019, according to financial documents.
Cleveland Clinic's revenues climbed to $2.6 billion in the third quarter of this year, up 18 percent from $2.2 billion in the same period of 2018. The boost was largely attributable to higher net patient service revenue.
The system's operating expenses were up 16.8 percent year over year in the third quarter of 2019. Expenses grew across several categories, including supplies, pharmaceuticals, and salaries, benefits and wages. Higher patient volumes primarily drove the increases, Cleveland Clinic said.
Cleveland Clinic ended the third quarter of 2019 with operating income of $115.2 million, up 65 percent from $69.8 million in the third quarter of last year. The system's operating margin was 4.4 percent, compared to an operating margin of 3.1 percent in the same period of 2018.
During the third quarter of this year, Cleveland Clinic's nonoperating gains totaled $39.3 million. That's compared to the third quarter of 2018, when the system reported nonoperating gains of $91 million. The system said the decline was primarily due to unfavorable changes in the fair value of derivative instruments.
Cleveland Clinic ended the third quarter of 2019 with net income of $154.5 million, down from $160.8 million in the same period a year earlier.
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