Cleveland Clinic is the latest nonprofit health system that turned around 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 turnaround 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 a more than $526 million in investment returns due to improved market conditions.