The financial condition of UCLA Healthcare, the largest medical complex in the University of California system, is deteriorating rapidly, and it will soon eliminate about 400 full-time positions to improve its bottom line, according to university officials.
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The urgent cost-cutting moves, which will probably include some layoffs, come just months after the university awarded performance bonuses totaling $343,000 to 13 health system executives for the last fiscal year.
The rewards were given even though UCLA did not come close to meeting its budget goals. Three of the executives have since left.
One senior official hired last summer, Mitch Creem, also has been guaranteed a 20% performance bonus this year — amounting to more than $83,000 — regardless of how the health system performs financially, according to a document obtained by The Times. Creem is chief financial officer for the hospitals, medical school and faculty practice plan.
http://www.latimes.com/news/local/la-me-ucla7feb07,0,3158294.story?coll=la-home-local
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