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University of Chicago Medical Center preps for addition

Chicago Tribune, August 7, 2008

As the University of Chicago Medical Center prepares to build a $700 million hospital pavilion, it has amassed ample cash to pay for the project, according to a financial analysis. The medical center increased its unrestricted cash position to $875 million as of May 31, compared with $765 million on June 30, 2007, according to a July report by Moody's Investors Service. Even though only $100 million in cash will go toward the 10-story, 1.2 million-square-foot pavilion, executives say the large cash cushion will help the hospital overall. A large cash position helps hospitals with their financial picture and makes it easier for non-profit medical centers to issue debt, analysts said.