The overhaul is one of the first capital projects for the medical center since it was acquired by the University of Maryland Medical System in 2012. Before the hospital was acquired, it was losing $3 million a month. Now, after seven consecutive months of profitability, the hospital can shift its priorities from repair to growth.
“Unless you are profitable as a hospital you can’t reinvest,” said Mohan Suntha, MD, CEO of UM St. JosephMedicalCenter, according to the report. “As we get to profitability, that frees up resources for reinvestment.”
All 22 of the hospital’s operating rooms will be impacted. The renovation plans are still being developed, but they will likely include reconfiguring space by reducing the total number of operating rooms to optimize workflow and upgrade technology.
The hospital will need to fundraise about half of the cost of the project, and plans will need to be approved by state regulators. Dr. Suntha and former state Sen. Francis X. Kelly (D), the hospital’s chairman, said they expect the renovation to be complete within the next three to five years, according to the report.
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