Fierce Healthcare May 26, 2022
Cleveland Clinic Health System ran into the red during the first quarter of 2022 due to a surge of COVID-19 cases that drove higher costs but lower overall patient volumes, according to financial statements published Thursday.
The nonprofit reported an operating loss of $104.5 million (-3.4% margin) during its most recently closed quarter, a decline over the $61.7 million operating income (2.2% margin) it had notched a year prior.
Including investment losses and other nonoperating items, the 20-hospital system saw its net income decline more than $500 million year over year to a $282.5 million deficit in the opening frame of 2022.
“The COVID-19 pandemic has presented financial challenges for the system,” Cleveland Clinic management wrote...
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