The Cleveland Clinic is the latest nonprofit health system to turn around in the first quarter and record net income, the company reported Tuesday.
The Ohio-based Cleveland Clinic reported net income of $335.46 million, a significant change from a loss of $282.46 million in the previous quarter and $1.25 billion for the full 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 an investment return of more than $526 million due to improved market conditions.
