Univ. of Toledo Medical Center sees financial turnaround into 2021
TOLEDO, Ohio (WTVG) - It’s a total turnaround at the University of Toledo Medical Center.
This time last year there was serious discussion about selling the hospital. Now the school is reporting that it’s making a profit.
So what’s changed?
There were a lot of people who didn’t think this day would come and that UTMC would be considered a community hospital, not an academic facility. But one pandemic later this hospital is on good footing.
It was February 10th, 2020 when the University of Toledo board announced it would accept proposals to sell the hospital or find a partner. This came after $13 million in losses in the first half of the fiscal year. Fast forward one year and one new president.
“We’ve been able to substantially beat our budget and actually make a profit,” said interim UT President Doctor Gregory Postel.
The turnaround far surpassed his expectations.
“I wasn’t thinking profit, I was thinking we’d be able to markedly narrow the gap. I thought maybe instead of losing $24 million, maybe we’ll lose $5-$10 million,” said Dr. Postel.
Doctor Postel credits the turnaround to several things including the reinstatement of elective procedures put on hold at the height of COVID-19, a rural hospital designation, federal money from things like the CARES act and simple things like a new coding company for billing.
“They’ve done a better job capturing charges than we used to. So we’re able to more effectively be paid for the work that’s actually being done at the hospital,” said Dr. Postel.
Doctor Postel says UT has been working through its academic affiliation with ProMedica. Both sides finishing incomplete items like, for example, a master research agreement.
ProMedica was the only company to send a request for partnership before the UT board put that process on hold.
“I’ve never seen the two as mutually exclusive. This town is big enough for both UTMC and ProMedica. They serve different missions. They both serve in our educational mission,” said Dr. Postel.
What’s next? Doctor Postel says as UTMC hires more staff they’ll increase patient count. It’s now an open medical staff meaning doctors don’t need to be UT faculty to practice and he says the school will build programs that make sense. Committing to a long future in South Toledo.
The school and board have also committed to purchasing a new electronic records program called Epic. It’s a 10 year commitment.
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