Wake Forest Baptist Provided Record $179.5 Million in Community Benefits During Fiscal Year 2010
Wake Forest Baptist Medical Center allocated $179.5 million to programs and activities defined as community benefits during the 2010 fiscal year, an all-time high for the institution and an increase of $33.2 million, or 22.7 percent, over the previous year’s record total.
The $67 million cost of providing charity care during the 12-month period that ended June 30, 2010, accounted for the largest share of the total and represented an increase of $22.7 million, or 51.2 percent, over fiscal year 2009.
“We are proud to be on the leading edge of medical knowledge, but we know that to fully address our mission of improving our citizens’ health we must go above and beyond what is expected of a health care provider,” said John McConnell, M.D., chief executive officer of Wake Forest Baptist Medical Center. “In establishing the guiding principles and medical center structure to best meet tomorrow’s challenges and needs, we have kept the community in mind.”
The figures for fiscal year 2010 were included in the annual Community Benefits report submitted to the North Carolina Medical Care Commission, which requires such reports from nonprofit health care providers in the state that receive tax-exempt revenue bonds to finance construction and equipment projects.
In addition to the $67 million for charity care, Wake Forest Baptist’s community benefits expenditures included:
- $46.5 million for medical and health education not funded by outside sources;
- $28.1 million in non-reimbursed costs from serving patients with Medicare, Medicaid and other means-tested government programs;
- $26.4 million for research not funded by outside sources;
- $7 million for community health improvement services such as public screenings, community benefit operations, non-billed services, community building activities, donations to local organizations and sponsorship of community events;
- $4.5 million for subsidized health/community services such as the Downtown Health Plaza.
In accordance with the commission’s guidelines, the report did not include $18.2 million in bad debt from charges for services performed that Wake Forest Baptist was unable to collect.
“Our programs – from outreach to research to providing for the uninsured and underinsured – bring benefits to all of the communities that we serve,” McConnell said.
Additional information about Wake Forest Baptist’s Community Benefits report is available online at wakehealth.edu/Community-Benefits-Overview.htm.6/29/2011http://www.wakehealth.edu/News-Releases/2011/Wake_Forest_Baptist_Provided_Record_179_5_Million_in_Community_Benefits_During_Fiscal_Year_2010.htm
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