Sep. 23—Despite dire predictions that the University of Toledo Medical Center would run a roughly $14 million shortfall by the end of June, the former Medical College of Ohio Hospital instead came out roughly $4 million ahead.
During a presentation Wednesday to university trustees, Tory Holmes, UTMC's chief financial officer, said patient services, Medicaid, and other revenue came in at $310.1 million, $48.6 million over budget.
Even when adjusting for the $28.2 million in federal coronavirus stimulus funds, UT officials initially believed the hospital would end the fiscal year with 99.09 percent less reserves, at $37,339 once expenses and debt services were tallied. They were only off by $4,044,344.
"Regardless of which of these comparisons we've looked at, the turnaround demonstrated by the hospital over the past year — even before we consider and COVID stimulus monies — is just profound," Mr. Holmes said. "There's still a lot to do, so a lot of opportunities, but I hope you all agree that we have a lot to be proud of."
He credited UTMC's recent partnership with the Toledo Clinic, along with marketing and operating improvements, for the improved results and additional revenue — part of which was used to help fund a one-time $21 million capital reserve that will help pay for hospital-equipment upgrades like new ultrasound machines, patient monitoring systems, and a nuclear medicine camera.
Looking ahead to the 2021-22 budget, Mr. Holmes said challenges remain ahead, stemming in part from the coronavirus pandemic. He said emergency department visits and inpatient admissions were 4.4 percent below budget through August, caused in part by nursing and staff shortages that have resulted in surgery cases — currently 12 percent below budget — being canceled or transferred to other hospitals.
Overall, UT's 2020-21 fiscal year ended much better than budgeted, with $59.2 million remaining once revenue and expenses were calculated compared to a $5.4 million predicted loss.
In other business, the UT trustees:
—Accepted the appointment of Michael R. Miller, chairman and chief executive officer of Waterford Bank, N.A., to the board of trustees.
—Approved contracts of $520,000 to Midwest Environmental Inc. and of $777,777 to Baumann Enterprise Inc. for the abatement and demolition of Carter Hall. The project is expected to cost about $1.3 million.
—Approved an amendment to board bylaws that allows trustees to attend up to half of each year's regular meetings electronically. Trustees would have to notify the chairman at least 48 hours before regularly scheduled meetings. The rule would not apply to emergency meetings.