The University of Texas MD Anderson Cancer Center in Houston is operating in the black on a year-to-date basis for the first time since January 2016, according to the Houston Chronicle.
After reporting a combined $102 million operating loss in September and October 2016 and a $9 million operating loss in November, MD Anderson took major steps to turnaround its finances. In January, the cancer center cut about 1,000 jobs, or 5 percent of its 20,000-person workforce. MD Anderson said the job cuts were expected to save about $120 million a year.
In the months since MD Anderson reduced its workforce, it has posted revenues in excess of expenses. As of July 31, the cancer center had an $11 million surplus for the year, according to the Houston Chronicle.
In a recent memo to managers, MD Anderson Senior Vice President and CFO Ben Melson stated, "We've positioned ourselves well for a strong finish to the fiscal year. We can begin fiscal year 2018 in a strong position if we continue the good stewardship and collaboration that has helped guide us through this financial turnaround."
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