UCHealth has reported that its revenue-sharing proceeds this year total in excess of $1.38 million to the City of Colorado Springs — the largest payment made to the city since Memorial Hospital became part of the nonprofit health system.
“We are grateful for the opportunity to serve our communities across southern Colorado as we have become the health care provider of choice in our region,” said Joel Yuhas, president and CEO of UCHealth Memorial Hospital.
Revenue-sharing payments are made each year hospital earnings exceed a baseline percentage outlined in UCHealth’s lease of Memorial Hospital from the city. Operations of Memorial Central and Memorial North, both formerly city-operated, became a part of UCHealth after Colorado Springs voters approved a long-term lease agreement that took effect Oct. 1, 2012. Payments to the city under the earnings formula have now totaled more than $5.83 million.
Funds from the annual revenue-sharing payments go to the Colorado Springs Health Foundation, which provides grants to address health care issues in El Paso and Teller counties and supports programs and projects that encourage healthy living.
“This revenue-sharing payment allows the Colorado Springs Health Foundation to invest even more in the health and wellness of Pikes Peak region residents,” said Cari Davis, executive director of the Colorado Springs Health Foundation.