FinancialHospitals

Cleveland Clinic attributes $39.9 million loss in first quarter ‘entirely’ to COVID-19

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.

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Chris J. Stewart

Chris currently serves as Chief Executive Officer of Surgio Health as well as Chief Operating Officer at Ortho Spine Partners. Prior to that, he was the assistant vice president and business unit leader of Medical Device Management for HealthTrust Purchasing Group (HPG).

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