UCI Medical Center Reports $13-Million Gain for Year
UCI Medical Center posted a higher-than-expected gain of $13 million for the fiscal year ended June 30, largely because of a one-time infusion of government funds to support care for the poor and medical education.
The institution, based in Orange, received $16 million in government funding. It also attributed the positive results to revenue from new business and cost savings.
“The part I’m pleased about is that some of the [gain] comes because we have reduced our costs and improved our revenue from contractors who weren’t using us in the past,” said Mark Laret, the center’s director.
Last year, a series of financial setbacks, including loss of funding for the poor, caused the institution to rack up a loss of nearly $8 million.
Laret said Thursday that the effect of the recent infusion of government funds demonstrates how the institution relies for its financial stability on funds subject to political winds.
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