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Cleveland Clinic posts $422M profit in Q3 as staff expenses rise due to latest surge of COVID-19

by Robert King | November 27, 2021 

Cleveland Clinic generated $422 million in profits for the third quarter of the year as staffing costs and other expenses increased by nearly 13% compared to the same period in 2020.

The hospital system generated a total of $3 billion in the third quarter of the year compared to $2.7 billion in the third quarter of 2020. This was thanks to $2.7 billion in net patient service revenue and $148 million in operating income.

Cleveland Clinic’s net patient revenue increased by 15% to $363.2 million for the third quarter compared to the same period in 2020. The system’s acute admissions increased by 5%, and total surgical cases increased by 4.8%.

The $422 million in profits is below the $600 million it generated in the same period in 2020.

However, total operating expenses increased to $333.8 million, an increase of nearly 13%.

“The growth in expenses is primarily due to the increase in patients served,” according to the system’s earnings report released Monday. “In order to offset the impact of the COVID-19 pandemic, the system has taken measures to reduce costs and expenditures, including restricting travel, reducing purchased/administrative service expenses and other controllable costs.”


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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