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For the third consecutive year, UCHealth will make a revenue-sharing payment to the city based on Memorial Hospital's financial performance.
The payment, $1,214,210, brings the total paid so far to more than $3.7 million under a 40-year lease of the city-owned hospital system to UCH that began Oct. 1, 2012. The money is paid based on performance in the fiscal year ending June 30.
Revenue-sharing payments, made each year the hospital experiences earnings in excess of a baseline percentage outlined in the lease, are a reflection of Memorial's steady growth, a news release from UCH and Memorial stated.
The release said since the lease took effect, Memorial has seen record growth and the addition of 96 specialists and doctors, as well as heavy investment in technology and physician training programs. One area of growth, the release said, is neurosciences, with Memorial now providing the most comprehensive stroke care in Southern Colorado with care 24/7 for stroke patients, which eliminates the need for those with complex strokes to be transported to Denver for treatment.
"Our ongoing investments in the community mean residents have more access to the highest-quality care where they want it, which is close to home," Joel Yuhas, president and CEO of UCHealth Memorial, said in a release.
The outlook for future revenue sharing payments looks bright, because Memorial Hospital North's $128-million expansion will provide additional women's care and double the capacity for maternity care. As well, the emergency department will expand, and two more general surgery operating rooms will be built.
The payment will be transferred to the Colorado Springs Health Foundation, created to disperse lease payments from Memorial to address health issues in the region.