May 28, 2020 / Lydia Coutré
Cleveland Clinic reported an operating loss of $39.9 million in the first quarter of this year, which the system’s chief financial officer attributes “entirely” to COVID-19.
That loss compares with a $36.2 million net income for the like period last year.
Though the system was tracking ahead of budget through mid-March, nearly all of the losses transpired in the final two weeks of March, putting its first-quarter revenue $184 million below budget, said Steven Glass, the Clinic’s CFO, citing the shutdown of nonessential services to prepare for the ramping up of COVID-19 cases.
Glass does not expect the Clinic to return to profitability in this calendar year.