The University of Toledo Medical Center (UTMC) faces growing challenges as it reports a loss of nearly $13 million for the first two quarters of the fiscal year. Although the university reports it is addressing with both short-term and long-term plans, nothing concrete has come to the public.
The university reports demographic shifts, such as a declining population, represents a major causal factor not to mention the shift to outpatient care and with the loss of a trauma unit the greater focus on primary and behavioral care—requiring fewer procedures and less payments, reports 13ABC.
Moreover the hospital has already been transitioned from academic center to community hospital.
In what can only be deciphered as tenuous positioning at best, the hospital’s Chief Financial Officer, Mike Schroder, declared “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.” Moreover, UT president Dr. Sharon Gaber would not comment for a local news channel.
Losses Despite ProMedica Deal
13ABC reported that the losses mount with $3.5 million lost in 2018 and $7 million in 2019 and already $12.6 million for the first half of 2020—very troubling indeed. Moreover the losses accumulate despite the 2015 deal with ProMedica with a focus on academics and research. In the deal UTMC would effectively outsource a great amount of activity to ProMedica—for example the vast majority of medical students, residents, fellows and other health profession learners would be placed in ProMedica facilities.
Founded in 1964 as the Medical College of Ohio (MC), its first medical school class started in 1969. By 2006, Ohio Governor Bob Taft signed House Bill 478 which merged the University of Toledo with what was then known as the Medical University of Ohio (MUO). Thereafter University of Toledo ranked third in the University System of Ohio based on size of operating budget.Source: 13ABC