August 31, 2020 / by Robert King
Cleveland Clinic posted an operating loss of $241 million in the first half of 2020 as patient revenue took a major hit, according to the system’s latest earnings.
The Ohio-based health system is the latest major system to post losses for the first half of the year as hospitals struggle to combat a financial crisis caused by the pandemic.
Cleveland Clinic generated $4.9 billion in unrestricted revenues in the first half of the year, compared with $5.1 billion in the second quarter of 2019.
But the 18-hospital system’s $241 million loss for the first half resulted in a nearly 5% negative operating margin for the first half of the year.
That was nearly $400 million less than the same period in 2019.