The Ohio State University Wexner Medical Center in Columbus ended fiscal year 2018 with strong finances, according to The Columbus Dispatch.
In the fiscal year ended June 30, the nonprofit medical center recorded revenue of $3.7 billion, up 8.9 percent from 2017, the Dispatch reported, citing the financial summary presented to the medical center board Aug. 28.
Wexner also saw cash and capital-funding assets increase. The medical center had about $1.4 billion in cash and capital-funding assets in 2018, compared to $643 million about four years ago, Mark Larmore, CFO for health sciences at Wexner, told the board.
Wexner ended 2018 with an operating margin of about 8.9 percent, which is similar to 2017.
The financial results follow the departure of at least nine high-ranking Wexner employees, from department chairs to administrative leaders, since January 2017.
According to the report, Ohio State is searching for a chancellor for its medical center and health sciences system, and Wexner plans to hire 500 faculty members over the next five years. Additionally, K. Craig Kent, MD, dean of the college of medicine, informed the board of more than 90 new faculty clinicians in the college of medicine.
The Dispatch reported Ohio State also plans to build a hospital tower.
"The next five years will be more dramatic in terms of gaining and maintaining traction," board Chairman Leslie H. Wexner said."It's been a spectacular five years, and truly the best is yet to come."
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