The UT/Promedica Academic affiliation agreement starts tomorrow. Over the life of this affiliation Promedica will pay UT close to $1 Billion dollars! Amazing accomplishment! We never had this money before so this is just as good as getting a One Billion dollar donation in my eyes. This is what the Big time schools have or are doing so UT is now part of those ranks in having an academic affiliation agreement with a major hospital.
http://www.toledoblade.com/Education/201...-deal.html
Hard to wrap my head around a BILLION. In about 25 years that should about cover the mandatory minimum wage.
It's great money but of course the only thing matters is how they leverage it and how they measure its successes and failures. I don't know if it's an explicit goal but hopefully it will lead to more medical research and providers settling in the area.
Would be great to get deals like this with companies that can bring in skilled labor positions, many start-ups come out of those and we have the infrastructure (water, location...) to make up for a lot of lost years of poor leadership in the area.
Anyone know whose initiative led to this deal?
This isn't a gift to UT. There are serious strings attached regarding where the money can be spent (medical facilities etc.). It's not like we can do Glass Bowl renovations.
(06-30-2016 01:11 PM)DetroitRocket Wrote: [ -> ]This isn't a gift to UT. There are serious strings attached regarding where the money can be spent (medical facilities etc.). It's not like we can do Glass Bowl renovations.
I totally understand its not a gift but it is a massive amount of revenue for our University that we didn't have before.
It's still revenue though, right? Pays for things we do not presently have? Things that can grow the reputation of the University? Think of how much money all those new doctors will donate to put a dome on and a Chik-Fil-A in the GB!!!
Two, Four, Six, Eight, we can't wait to Medicate!
Watch the year in review video. Launch Pad incubator for start ups
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Actually I think my math is light on the amount of money. I believe the academic affiliations payments start around $30 million per year for the first couple years but quickly grow to $50 million per year once the large payments to UT around $250 million for construction is paid. That would be a Billion dollars in about 20 years give or take.
Is there a link to a site UT related that explains how this works?
This isn't a win/win for UT. As stated in previous articles, UTMC will likely lose its designation as an academic medical center, and Toledo Hospital becomes one. This means that UT will have a harder time recruiting faculty and that some of the perks and prestige of being an AMC will be gone which will will hurt the ability to obtain research funding among other things.
(07-01-2016 10:52 AM)DetroitRocket Wrote: [ -> ]This isn't a win/win for UT. As stated in previous articles, UTMC will likely lose its designation as an academic medical center, and Toledo Hospital becomes one. This means that UT will have a harder time recruiting faculty and that some of the perks and prestige of being an AMC will be gone which will will hurt the ability to obtain research funding among other things.
Some very bright people put this together and I am confident they took a lot of things into consideration. This agreement makes it easier for the medical students to stay in Toledo during their residency and after they graduate, which should lead to some of them working at UTMC as well as Promedica.
(07-01-2016 12:48 PM)Stpetebeachrocketfan Wrote: [ -> ] (07-01-2016 10:52 AM)DetroitRocket Wrote: [ -> ]This isn't a win/win for UT. As stated in previous articles, UTMC will likely lose its designation as an academic medical center, and Toledo Hospital becomes one. This means that UT will have a harder time recruiting faculty and that some of the perks and prestige of being an AMC will be gone which will will hurt the ability to obtain research funding among other things.
Some very bright people put this together and I am confident they took a lot of things into consideration. This agreement makes it easier for the medical students to stay in Toledo during their residency and after they graduate, which should lead to some of them working at UTMC as well as Promedica.
Yeah but they're excellent points. I'd also point out though, that some extremely well regarded medical research programs and projects are conducted at Universities with no med school.
So repeating, it depends upon how the money is leveraged. Those functions you described are not lost DR. Depends upon how UT uses the resources created with the new organization and money. That's why I hope to see a non-Formerly Known as the Toledo Blade resource, to see if it can satisfy my curiosity in that regard.