Cleveland Clinic reported a $104.5 million operating loss in the first quarter as labor expenses rose and inpatient admissions declined.
The 20-hospital not-for-profit health system’s revenue rose to $3.04 billion in the first quarter of 2022 from $2.81 billion in the prior-year period, when it posted $61.7 million in operating income. Cleveland Clinic’s labor costs jumped 16.6% over that span while supply and pharmaceutical expenses rose 7.8% and 11.2%, respectively.
The system recorded $212.5 million in investment losses in the first quarter, down from $243.2 million in investment income in the first quarter of last year.
Inpatient admissions dropped 2.3% year over year while average length of stay increased 3.8%. Inpatient admissions across the country are still well below pre-pandemic levels, on average, policy researchers said.
The system opened the 184-bed Cleveland Clinic London Hospital in March as the organization continues to expand its international footprint.
Source
Cleveland Clinic records Q1 operating loss as labor costs rise, admissions lag is written by Alex Kacik for www.modernhealthcare.com
