The UT/Promedica deal is done! On top of the $250 Million for buildings and renovations, UT will receive academic support payments of $40M in the next 18 months followed by large annual payments growing to $50M per year by 2021 and beyond. This is a huge deal!

http://www.toledoblade.com/Medical/2015/...-sign.html

and the actual deal is here, pages 15 through 19 lay out the payment structure to UT. UT will receive $22 Million dollars today FYI.

http://www.toledoblade.com/attachment/20...eement.pdf

Thanks StPete!

This is absolutely a big deal!

I sincerely hope that the UTMC campus continues to grow based on this deal and that not all the new construction is on Promedica sites. I believe it is still important for the UTMC hospital to remain viable. I am hoping that this is a truly bilateral win-win contract and not a so-called merger of equals with one party quickly gaining the upper hand while the other is left feeling violated by the agreement... like Daimler did to Chrysler.

If this is a win-win then UT has quickly shored-up its financial house with this single deal.

Hopefully this deal is a harbinger of good times for both UT and Promedica. I am not worried about Promedica; but I love UT, and I want this deal to be the start of something big for my beloved university.

Great day to be a Rocket!

How do other UT fans, former students, and alumni feel about this deal?

Go Rockets!

This type of alliance was badly needed to advance the medical college past average. The previous setup with UTMC was not going to get us there. I imagine UT Med school people also sought a proposal from Mercy Health but Promedica likely had the overall better package.

I also like the proximity of Toledo Hospital being just a golf course (Ottawa Park) away from Main Campus. Lots of synergy possibilities.

I believe Mercy is part of the larger Catholic Hospital system based out of Cincinnati(?). Someone please correct me if I am wrong. I like the fact that Promedica is a locally HQ'd company so this seems to be a better regional synergy set-up.

(08-26-2015 07:36 PM)IamN2daRockets Wrote:  I believe Mercy is part of the larger Catholic Hospital system based out of Cincinnati(?). Someone please correct me if I am wrong. I like the fact that Promedica is a locally HQ'd company so this seems to be a better regional synergy set-up.

Correct, Mercy is part of the Catholic Health Partner (CHP) organization headquartered in Cincy. Not affiliated with the Mercy organization in Southeast Michigan either.

The competition between Mercy and Promedica is pretty ruthless too for "non profits". The 800 pound gorilla is the Cleveland Clinic which is spreading westward...

Video report from WTOL

(08-26-2015 08:10 PM)RangerRocket Wrote:  

(08-26-2015 07:36 PM)IamN2daRockets Wrote:  I believe Mercy is part of the larger Catholic Hospital system based out of Cincinnati(?). Someone please correct me if I am wrong. I like the fact that Promedica is a locally HQ'd company so this seems to be a better regional synergy set-up.

Correct, Mercy is part of the Catholic Health Partner (CHP) organization headquartered in Cincy. Not affiliated with the Mercy organization in Southeast Michigan either.

Mercy Memorial Hospital, and all it's affiliated care centers & doctors offices, in Monroe is now Promedica Regional Hospital. It changed it's name a couple months ago.

Does that make UT a multi state University???