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TOLEDO, Ohio (AP) — The University of Toledo's College of Medicine and a Toledo-based health care system have moved forward with an agreement that could result in the two institutions working together for the next 50 years to train medical students.
University trustees approved a resolution this past week asking the administration to sign a letter of intent to negotiate an affiliation agreement with ProMedica, The Blade reported (http://bit.ly/1PgaF5N ).
The proposal would financially benefit the university. ProMedica would provide $250 million over the next 10 years that could be used toward updating buildings. It also would give the university at least $50 million in academic support payments.
It's not clear yet whether some of the money for buildings could be used at locations owned by ProMedica.
Both sides will start negotiating a definitive agreement over the next 90 days once ProMedica signs a letter of intent.
"By heading down this path and signing the letter of intent, we are not at the finishing line. We are in the starting blocks," said Dr. Christopher Cooper, a cardiologist and senior vice president for clinical affairs at UTCM.
The plan is for the majority of Toledo students to be placed at ProMedica facilities, though she school would still maintain accreditation of the 170 students. As of now, 30 percent of the students are at ProMedica facilities, with 25 percent at other facilities across northwest Ohio.
David Morlock, executive vice president of finance and administration and chief executive of the university medical center said that while ProMedica will provide some much-needed assistance, the partnership will not lead to a merger.
"We are not selling the hospital, Morlock said. "This is a transaction between UT and ProMedica."
Randy Oostra, ProMedica president and chief executive, said in a statement that the partnership would allow it to create "one of the best training programs in the country."
Information from: The Blade, http://www.toledoblade.com/