Profits dip at consultants’ MRI company

A COMPANY that provides the use of an MRI scanner to Cork University Hospital and which is run by consultants saw its profits fall slightly last year.

Pre-tax profits at Scancor Limited fell to €325,191 from €327,435 in the previous year.

Last year it was reported that the hospital was paying Scancor €1 million a year for the use of an MRI scanner. CUH has purchased MRI scans since 1995 from Scancor Ltd, which lists among its directors staff from the hospital’s radiology department.

The company said the principal risk and uncertainty facing it is the loss of any of the contracts entered into with the HSE and private health insurance companies and the current level of competition in the market.

“No matters or circumstances have arisen since the end of the financial period which significantly affected or may significantly affect the operations of the company, the results of those operations or the state of affairs of the company in the financial years subsequent to the financial period ended 31 December 2010,” the accounts read.

Gross profits were down from €1,466,544 to €1,446,665 last year.

In 2008, the HSE paid Scancor Ltd €1,491,379, and between January and October 2009, Scancor Ltd received €914,059 for the service.

CUH had estimated the cost of purchasing its own MRI to be €3.2 million.

The latest accounts filed state that the principal activity of the company continued to be that of the promotion, operation and provision of magnetic resonance imaging (MRI) and other related services.

According to Scancor’s annual accounts for the year ending December 31, 2010, its directors and shareholders include consultant radiologists Josephine Barry, Michael Maher, Liam Spence, John Buckley, Denis Kelly and Max Ryan.

Directors’ remuneration in the year was €65,758, up from €63,700 in the previous year. Staff numbers increased from 19 to 20 last year, while employee costs increased from €735,309 to €873,954.