Cleveland Clinic’s Q3 operating income rises to $148M

November 29, 2021 – Cleveland Clinic ended the third quarter of this year with higher revenue and operating income than in the same period a year earlier, according to financial documents released November 23.

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, The system’s net patient service revenue climbed from $2.4 billion in Q3 2020 to nearly $2.8 billion in the same period this year. 

Cleveland Clinic reported expenses of $2.7 billion in Q3 2021, 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 Q3 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 Q3 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.