Business & Real Estate
- Published on Tuesday, 24 May 2011 17:00
- Written by Town Crier Report
El Camino Hospital’s third-quarter and year-to-date revenues indicate that El Camino has something to celebrate beyond its 50th birthday celebration on May 14.
Perhaps the biggest surprise and an early birthday gift – the Los Gatos facility exceeded March’s projected income estimates by slightly more than $3.4 million.
It’s a boon for hospital-expansion advocates and a bust for the naysayers who in early 2009 expressed doubts that a financially failing Los Gatos Community Hospital could be a good investment for El Camino, scheduled to open its new state-of-the-art facility later that year in tough economic times.
March revenues for the Mountain View campus were more than $200,000 lower than budgeted, with operations drawing more than $2.7 million in income. To date, El Camino’s seven entities have collectively earned approximately $35.6 million, with three months remaining in the fiscal year.
The only sector in the red – the hospital foundation – is at a negative $163,000 for the year. On the other hand, donation pledges that will trickle in over the next three years could move the foundation in the black.
With contributions from more than 1,800 donors, the foundation has raised approximately $7.1 million in fiscal year 2010-2011.