The proposed College of Medicine could be up and running in three years, according to Chancellor Phyllis Wise.

In a video conference Monday with the Board of Trustee’s University Healthcare System committee, Wise presented a new business plan for the proposed college, stating it still needs $135 million from donors and $100 million from Carle Health System.

The plan lays out how the college would be funded leading to fiscal year 2024-2025. The proposed college aims to reinvent healthcare through engineering and technological advances in research, as well as the healthcare education of physicians.

“We’re in an exciting place, where medicine, engineering and technology are converging quickly, and where the shape of regional, national, and global healthcare is being totally redefined,” Wise said.

The outlined budget of the college demands major financial commitments from Carle, the University’s partner that will aid in financially supporting and overseeing the college. 

Carle will contribute $100 million over the course of 10 years. Additionally, it will give $1.5 million annually, extending beyond the first decade. 

According to the proposal, the University plans to raise a minimum of $135 million from donors over the next eight years to help meet the ongoing operating and capital needs of the college.

The College of Medicine would be subject to the control of the Board of Trustees, and would be governed by a Joint Liaison Committee, consisting of members from the University and Carle. The chairmanship would alternate between the two.

In addition, the new College of Medicine would function independently from the College of Medicine at UIC, remaining separately accredited with a distinct curriculum. However, a contractual agreement may be put in place to make appropriate resources available to both colleges.

“This resolution is still in draft; we’re still working with it,” President Robert Easter said. “At the end of the day, I think we need to come to grips with the questions and resolve it.”

Tuition rates for students would cost $45,000 in-state and $60,000 out-of-state. If approved, the college’s first 25 students are expected to enroll in Fall 2017.

By the fiscal year 2024-2045, $12.5 million is expected to go toward salaries for faculty and staff.

The proposed College of Medicine is expected to generate more than 7,600 jobs statewide by its full maturity in 2035. Its total economic impact on the state of Illinois is expected to exceed $1 billion annually.

“There is no University in the country better positioned to take advantage of this future than our own.”

Wise said she hopes the committee will bring a final resolution regarding the business plan to the Board of Trustees at its Nov. 13 meeting. 

Faraz can be reached at [email protected].