Cleveland Clinic posts $201.8M operating loss in Q2

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The hospital system ended the most recent quarter with an operating loss of $201.8 million, compared to operating earnings of $116.2 million in the second quarter of 2019. Looking at the very first 6 months of this year, Cleveland Clinic reported an operating loss of $241.7 million, compared to operating earnings of $152.4 million a year previously..

The 18-hospital systems income declined to $2.3 billion in the second quarter of this year, below $2.7 billion in the same period a year previously, according to unaudited financial documents. In the first six months of this year, the health system experienced net client service revenue shortfalls of more than $830 million and sustained more than $165 million in COVID-19 readiness expenses..

To help balance out monetary damage connected to the pandemic in the very first six months of this year, Cleveland Clinic recognized $324 million in federal grants made offered under the Coronavirus Aid, Relief and Economic Security Act. The health system also made an application for and received $849 million in Medicare advance payments, which must be paid back..

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Cleveland Clinic reported operating costs of $2.36 billion in the second quarter of this year, up from $2.34 billion in the same period in 2015..

Cleveland Center ended the second quarter of this year with an operating loss, which the system attributed to monetary damage tied to the COVID-19 pandemic..

After factoring in investment gains of $477.5 million and other nonoperating items, Cleveland Clinic liquidated the 2nd quarter of this year with net income of $276.1 million. In the exact same period a year earlier, the health system posted net earnings of $256.4 million..