40 parties interested in potential deal with UTMC

Alia Paavola - Print  | 

About 40 parties said they were interested in submitting bids to purchase, lease or manage the University of Toledo (Ohio) Medical Center, according to the Toledo Blade.

The interested parties included for-profit hospitals, nonprofit hospitals and private equity firms from across the U.S.

Of the 40 interested parties, it is unclear how many ultimately submitted bids for the hospital by the June 10 deadline, according to the report. 

The university medical center said only qualified parties that signed nondisclosure agreements were provided access to its financial and operational information. 

University officials have yet to provide details about the bids, saying those details won't be released publicly until they have been evaluated.

The only known bidder to date is Toledo-based ProMedica, which announced that it made a bid minutes before the deadline on June 10. Under ProMedica's proposal, the University of Toledo would maintain ownership of UTMC. ProMedica would provide management and other services.

University of Toledo said in February it was considering a sale of its hospital after the medical center reported more than $12 million in operating losses through the first half of fiscal year 2020, a loss of $7 million in fiscal 2019 and a $3.6 million loss in fiscal 2018.

"Unfortunately, the hospital is in an unsustainable financial position at least in its current model," the university's board chair, Mary Ellen Pisanelli, said at a board meeting in February. "We're determined to work with a grave sense of urgency to address the hospital's current financial situation."

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