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Article: DMC gets boost from investments; Hospital company's operating loss is bigger than budgeted.(Detroit Medical Center)(Brief Article)(Statistical Data Included)
- Article from:
- Crain's Detroit Business
- Article date:
- September 4, 2000
- Author:
CopyrightCOPYRIGHT 2000 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Detroit Medical Center last quarter slipped a bit on the road to operational profitability, although larger-than-expected income from its investment portfolio saved the day.
For the six months that ended June 30, the DMC posted an operating loss of $45.1 million, which was $4.3 million worse than budgeted but far ahead of the $111.1 million loss for the same period a year ago.
An unexpected spike in bad debt kept the DMC from meeting budget. The academic medical center had its uncollectible expenses balloon by $7.4 million over budget in June.
The DMC is working the bugs out of a billing and collections information system that it is putting ...