Progress Report
Financial Report
Financial Report
Lawrence Beilis
The Department of Surgery is an economic leader and has experienced exceptional growth in four areas: clinical programs, sponsored research, network affiliations, and industry partnerships.
Our operating revenues for the fiscal year ending June 30, 2005 totaled $88 million.
In the past five years, the annual clinical revenue has grown from $27 million annually to $45 million. In the past ten years, programmatic support from New York-Presbyterian Hospital has risen from less than $100,000 per year to more than $10 million.
General Surgery revenues have increased by 50 percent, due to active recruitment and the Department's growing reputation for minimal access approaches. In the last decade, the Department has also created over 16 new clinical programs and interdisciplinary centers.
Innovative Network Service Agreements allow the Department of Surgery to share both clinical and managerial expertise with other hospitals. These contracts are the fastest growing sector of business activity, accounting for more than $6 million annually.
The department is proud of its national reputation for translational research and its robust culture of clinical trials. Income from sponsored research has more than doubled in the last three years, from $9 million annually to $18 million annually. In 2002, an NIH trial (REMATCH) of the Left Ventricular Assist Device (LVAD) accounted for $9 million in revenues.
In this fiscal year, the department will receive a four-year grant of $17 million from the NIH Specialized Centers for Clinically Oriented Research (SCCOR) and a $7 million grant from the Agency for Healthcare Research and Quality (AHRQ).
Industry alliances have enabled the department to aggressively pursue new surgical treatments. RCIOR is working with Schering-Plough and Chiron to create new cancer vaccines. The division of Surgical Science is collaborating with biotech firms to create drugs based on RAGE (Receptors for Advanced Glycation End-products) for Alzheimer's, heart disease, diabetes, colon and breast cancer.
Columbia physicians have teamed up with Regeneron to develop an anti-angiogenesis approach to treating solid childhood tumors. The department has also patented a new organ preservation solution and designed Penelope, the world's first robotic aide for the O.R.
In the past ten years, the faculty members of the Department of Surgery have filed 126 Invention Reports. Therapeutic approaches based on RAGE blockade and Factor IXai inhibition, are being developed in collaboration with industry, and have the potential to generate a new income stream for the department.
Over the last five years, the department's endowment has enjoyed consistent growth, moving from $32 million to a current value of nearly $60 million.
The Finance Office provides a variety of services to support clinical innovation, including financial oversight, strategic planning and financial risk management. The Finance Offices strives to continuously develop more sophisticated business tools to assess each division's goals and overall performance.
