UM Hospital can’t stop bleeding money as costs soar and admissions drop
A decade after the University of Miami purchased a 560-bed hospital across the street from its medical school campus in downtown Miami, UM is struggling to turn a profit at the facility as operating expenses skyrocket and patient admissions dwindle.
A recent Securities and Exchange Commission filing for UM shows that the university lost $94.5 million operating the hospital during the year that ended May 31. That’s more than double the $45 million UM lost on the hospital during the prior year.
Overall, however, the UM Health System or UHealth — including Sylvester Comprehensive Cancer Center, Bascom Palmer Eye Institute and a physician practice — remains profitable, earning $83 million in 2017. The year before, healthcare operations earned $169 million. Financially, healthcare is a significant part of UM, generating about 50 percent of the university’s total revenue in 2017, the SEC filing shows.
Read more at our news partner, the Miami Herald.