The Cleveland Clinic is the latest nonprofit health system to turn around its financials in the first quarter and record net income, the company reported Tuesday.
based in Ohio Cleveland Clinic reported net income of $335.46 million, a significant rebound from a loss of $282.46 million in the previous quarter, and $1.25 billion for the whole year. Total operating income for the first quarter was $32.25 million. The continuing effects of inflation, rising costs and labor shortages continue to affect the Cleveland Clinic, the company reported.
Revenue grew 15.7% to $3.51 billion. Expenses rose 10.9% to $3.28 billion, including 10.3% for wages and salaries, 11% for supplies and 24.2% for pharmaceuticals.
The Cleveland Clinic reported $314.2 million in return on investment, up more than $526 million from a year ago due to improved market conditions.