The University of Toledo (Ohio) Medical Center is no longer considering proposals from parties interested in buying, leasing or managing it, and instead will focus on financial stabilization.
The university said in February that it was considering a sale of the medical center after it 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.
But the university said July 16 it has postponed its request for proposals process "indefinitely" and the request for proposals was just one aspect it was exploring for the medical center' future.
Now, the medical center will focus on its sustainability by "amending UTMC's medical bylaws, enhancing partnerships with the Toledo Clinic and working on a number of business efficiency and cost reduction strategies," the organization said in a news release.
“There has been much public discussion about the fiscal challenges facing our hospital. This is indeed a challenge we must address, and we will continue to do so," Gregory Postel, University of Toledo's interim president said. "We recognize the important role of the hospital in our community and are doing our due diligence to address the impact of the hospital’s current financial condition on the university enterprise, while thoughtfully determining the best long-term solution."