Toledo, Ohio-based ProMedica has made a bid to assume the day-to-day operations of University of Toledo Medical Center.
Under the 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," university's board chairman 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."
ProMedica said in its proposal it believes it can provide a unique local solution that will enable UTMC to become financially stable.
ProMedica said if it wins the bid, it would work to stabilize UTMC's finances, replace its outdated EMR and continue to offer academic and research opportunities at UTMC.
A third-party advisor will review the submissions and make recommendations to the university's board.
Shortly after ProMedica announced its bid, community members voiced concerns about the potential partnership.
Critics have argued that the university's existing relationship with ProMedica has resulted in several of UTMC's top revenue-generating departments being transferred to ProMedica. The officials also argue that UTMC has lost many of its teaching physicians and students to ProMedica.
Similar concerns were voiced after the bid was placed.