University of Toledo (Ohio) is considering a sale of its hospital after the facility reported more than $12 million in operating losses through the first half of fiscal year 2020, according to The Blade.
"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 this week, according to the publication. "We're determined to work with a grave sense of urgency to address the hospital’s current financial situation."
Ms. Pisanelli said that leaders are working on a short-term fix for University of Toledo Medical Center's finances before deciding a long-term plan.
Hospital leaders said they are considering all options for the medical center in the long term, including a sale.
The University of Toledo Medical Center has struggled financially for years. In fiscal year 2019, it lost $7 million, and in 2018 the hospital lost $3.6 million.
"It's as simple as we're in the hole right now, that is not sustainable," University of Toledo's CFO Matt Schroeder said during the meeting. "I’m not going to speculate on where we're going to end the year, but we look at this holistically and if a business unit at the University of Toledo is losing $12.6 million, we can't afford to do that much longer."