Cleveland Clinic returned to profitability in the first quarter

Date:

Skip to main content

Cleveland Clinic is the latest nonprofit health system that turned around its finances in the first quarter and recorded net income, the company reported Tuesday.

Ohio-based Cleveland Clinic reported $335.46 million in net income, a significant rebound from losing $282.46 million in the year-ago quarter and $1.25 billion in the full year. First-quarter operating income totaled $32.25 million. The ongoing impacts of inflation, rising expenses and labor shortages continue to affect the Cleveland Clinic, the company reported.

Revenue jumped 15.7% to $3.51 billion. Expenses rose 10.9% to $3.28 billion, including 10.3% for salaries and wages, 11% for supplies and 24.2% for pharmaceuticals.

The Cleveland Clinic reported $314.2 million in investment returns, a more than $526 million increase from a year before due to improved market conditions.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_imgspot_img
spot_imgspot_img

Popular

More like this
Related

ISRAEL – HAMAS WAR: THE ‘BAIT’ OF TERRORISM VEILED IN DIALOGUE.

The ongoing conflict between Israel and Hamas highlights the...

Why I Launched A News Commentary Show – Bolanle Olukanni Tells Netng

Over the years, media personality and TV host Bolanle...

OPINION: The Abducted Children Of Kuriga And Other Stories

March 27, (THEWILL)- On March 7, 2024, we all...

OPINION: Central Motor Registry: The Role Of Zonal And Command Police Public Relations Officers

March 27, (THEWILL)- Police Public Relations Officers play a...