The COVID-19 pandemic has posed unprecedented challenges to global healthcare systems, highlighting the need for accurate and timely risk prediction models that can prioritize patient care and allocate resources effectively. This study presents DeepCOVID-Fuse, a deep learning fusion model that predicts risk levels in patients with confirmed COVID-19 by combining chest radiographs (CXRs) and clinical variables. The study collected initial CXRs, clinical variables, and outcomes (i.e., mortality, intubation, hospital length of stay, Intensive care units (ICU) admission) from February to April 2020, with risk levels determined by the outcomes. The fusion model was trained on 1657 patients (Age: 58.30 ± 17.74; Female: 807) and validated on 428 patients (56.41 ± 17.03; 190) from the local healthcare system and tested on 439 patients (56.51 ± 17.78; 205) from a different holdout hospital. The performance of well-trained fusion models on full or partial modalities was compared using DeLong and McNemar tests. Results show that DeepCOVID-Fuse significantly (p< 0.05) outperformed models trained only on CXRs or clinical variables, with an accuracy of 0.658 and an area under the receiver operating characteristic curve (AUC) of 0.842. The fusion model achieves good outcome predictions even when only one of the modalities is used in testing, demonstrating its ability to learn better feature representations across different modalities during training.