FinancialHospitals

Cleveland Clinic posts $241M loss in first half of 2020 as patient revenue took a major hit

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.

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Josh Sandberg

Josh Sandberg is the President and CEO of Ortho Spine Partners and sits on several company and industry related Boards. He also is the Creator and Editor of OrthoSpineNews.

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