Cleveland Clinic reports $390M in operating income last year

A record number of patients—as well as a record-setting $261 million gift—helped boost Cleveland Clinic to more than $390 million in operating income last year.

In all, the Cleveland-based health system reported a 46% increase to its bottom line from its income of $266.4 million in 2018. Cleveland Clinic's revenue jumped to $10.6 billion last year, up 18% from $8.9 billion in 2018.

The health system saw 2.4 million patients, a record number and an increase of 20% from the prior year. They accounted for 9.8 million visits, a 16% increase over 2018.

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“Cleveland Clinic is healthy and thriving,” said President and CEO Tom Mihaljevic, M.D., in a statement from his "State of the Clinic" address this week. “This success allows us to reinvest in our mission, caregivers and communities.”

Projects

In 2019, Cleveland Clinic added four hospitals and about 1,000 beds in Florida with the addition of Florida’s Cleveland Clinic Indian River and Cleveland Clinic Martin Health.

The health system is in the midst of constructing a new hospital in Mentor, Ohio, the renovation and expansion of the Cole Eye Institute, the construction of a new Neurological Institute building and the construction of a seven-story cancer center at Cleveland Clinic Abu Dhabi.

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In 2020, the health system plans to open the new Center for Immunotherapy and Precision Immuno-Oncology to develop personalized cancer treatments, and in spring 2021 it also plans to open Cleveland Clinic London.