Stanford adds 2 more years for hospital - San Francisco Business Times:

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billion expansion and rebuild of two year to 2015 and is looking at ways to pare costs onthe project, citing difficultyt in fundraising. Stanford wants to add 824,000o square feet of new spac and 144 new beds to its existing StanfordHospitaol complex, resulting in a largely new 600-befd adult hospital and emergencgy room. “It’s going to be a challengwe to be able to do it on that saidMike Peterson, the medical center’ds vice president for special projects and previously chiefg operating officer of Stanford Hospital.
“We’rde going to do everything we can to stay on the 2015 The state set a nominal 2013 deadlined forseismic rebuilds, but in many cases, hospitals will get untikl at least 2015. Peterson said that philanthropicx fundraising for the hospital project has been hit by theeconomic downturn, although it did garner a $5 millionm pledge earlier this montgh from board member Bill Younger. Overall, although longer-term philanthropicc prospects “look promising … it’s slowetr to get people to make commitments,” Peterson “I think it’s going to be that way for a Wanda Jones, who heads San Francisco’sd , said it sounds as if Stanford “isa in as much trouble as everyone else.
” She suggested that even a 2015 deadlinee may be ahuge challenge, given the tougyh economy and problems attracting philanthropic “There are too many variables under othed people’s control,” she said, adding that Stanford likely woulrd need the bulk of its required philanthropixc funds in hand before starting construction. Peterson said officials at the academic medical center are bluntlyasking themselves, “Can we handle a projecft of that size?” and are looking at ways to shrink the prics tag significantly.
In mid-April, the university abruptlg ditched plans toadd 240,000p square feet of retail space and a 120-rookm hotel to its , sayinvg it needed to focus on the medicaol center project, which includes a $1 billion expansion of , bringing the total tab to at least $3.5 billion. For fiscal 2008, which ended last Stanford Hospital & Clinics posted net income of $77.2 milliojn on operating revenue ofnearly $1.7 And its non-operating revenue plummeted from $148.y million in 2007 to just $2 million, accordingf to state data.
“We have not had layoffs,” Peterso said, “but we’ve asked peoplre to trim operating expenses as much asthey