Cleveland Clinic cuts operating loss to $14.9M in Q3

Cleveland Clinic cuts operating loss to $14.9M in Q3

Becker’s Hospital CFO Report

November 29, 2023

Cleveland Clinic reported a $14.9 million operating loss in the third quarter of 2023, resulting in an operating margin of -0.4%, compared with a $28.3 million loss and a -0.9% operating margin year over year, according to financial documents published Nov. 29. The health system saw revenues of $3.6 billion in the quarter ending Sept. 30, up from $3.3 billion over the same time period last year. Expenses increased to $3.4 billion from $3.1 billion over that period in 2022. “The growth in expenses is primarily due to higher patient volumes and inflationary trends that increased salaries, wages and benefits, supplies expenses and pharmaceutical costs,” the health system said in the report. ... Salaries, wages and benefits increased 8.1% in the third quarter, compared to the same period in 2022. Supply expenses increased 11.6% over the same period last year and pharmaceutical costs increased 21.1%.