UT looks to sell or make partnerships concerning UTMC
The University of Toledo announced Monday it will advertise a Request for Proposal for possible sale and/or partnership for UTMC.
The announcement was made at the board of trustees meeting. It comes after the medical center lost nearly $13 million in the first two quarters of the fiscal year.
At the time the losses were announced, leaders at UT said they were working on both long- and short-term plans for UTMC.
Board of Trustee members went through the financials of UTMC in early February. Through those first two quarters, the loss was $12.6 million.
So what's changing there?
According to the university, demographics is one issue, with the population shrinking. More patients are now being shifted to outpatient and with the loss of the level one trauma unit, there's more of a focus on primary and behavioral care. According to the school those issue require fewer procedures and reduced payments.
Already the hospital has been shifted to a community hospital, no longer an academic medical center.
"We are in the process of a plan. This will be a well thought out plan, but it will also be a plan that will take into account all options as it relates to the hospital. The hospital needs to be fiscally viable, and that's what we're working through with the plan," Chief Financial Officer Matt Schroeder said in February.
UT President Dr. Sharon Gaber refused to speak with 13abc after February's committee meeting when the numbers were revealed.
Here are some of the year-to-year losses. Even after the College of Medicine's affiliation with ProMedica, UTMC lost $3.5 in 2018, $7 million in 2019, and already in fiscal year 2020, it's at $12.6 million.