By: John D. McConnell, M.D., CEO, Wake Forest Baptist Medical Center
Re: FY15 Q4 Financial Performance
August 21, 2015
Baptist Medical Center released its fourth quarter earnings today and reported
a gain in unrestricted net assets of $24.9 million for the twelve months ended
June 30, 2015.
fiscal year 2015, Wake Forest Baptist realized significant improvements in
operating and financial performance. Management implemented strategies and
processes to restore financial performance and enhance existing programs aimed
at providing a value-based academic health care model with emphasis on safety,
service and quality.
Center utilization continued to improve for the twelve-month period driving total
net revenues of $2.16 billion, a 4.8% increase over the prior year. Underlying patient
revenues improved over the same period last year due to growth in inpatient
admissions, surgical cases, emergency department visits, and other outpatient
income through June was $38.9 million or 1.8% compared to prior year of -3.8%.
Operating earnings before interest depreciation and amortization (EBIDA) margin
was $183.2 million or 8.5% compared to prior year of 2.7%.
We have a
dedicated staff and faculty who have maintained our exceptional quality of
patient care while improving our processes to make our services more readily
accessible to patients and consumers across the region. We are very proud and
appreciative of our teams for their commitment to exceptional teamwork and
patient centered care.
entry points, patient volumes improved during fiscal year 2015. Wake Forest
Baptist generated overall volume growth with a 15.4% year-over-year growth in
case mix adjusted equivalent discharges (CMAEDs). Significant focus has been
placed on improving patient access and enhancing provider throughput.
admissions increased by 10.0% compared to prior year, while operating room
cases increased by 5.2% over prior year with growth in both inpatient and
outpatient cases. The growth of the new Davie Medical Center, the expansion of ambulatory
facilities and operating room capacity management strategies primarily drove
the higher case volume.
Emergency Department visits of 158,944 represented a 5.5% increase over prior
year. The expansion of several Wake Forest Baptist multi-specialty clinics and
urgent care centers in Clemmons and Davie have increased access points for care
and provides appropriate care settings while supporting growth.
volume continued to show strong growth with an 8.3% increase over the prior
Wake Forest Baptist remains a national leader in
patient quality and is once again rated as one of the nation’s top hospitals by
U.S. News & World Report. Wake Forest Baptist received the ranking in the
magazine’s 2015-16 “Best Hospitals” report as one of the top 50 hospitals in the
country in seven adult medicine specialties: Cancer (17th), Nephrology (18th), Urology
(28th), Ear, Nose & Throat (29th), Gastroenterology & GI Surgery
(37th), Pulmonology (37th), and Neurology & Neurosurgery (46th). The
report’s ratings recognize Wake Forest Baptist as the No. 1 cancer center and
No. 2 overall hospital in North Carolina. Brenner Children’s Hospital, the
pediatric arm of Wake Forest Baptist Medical Center, is also ranked among the
best children’s hospitals in the country by the magazine. Brenner Children’s,
ranked in orthopedics (No. 48), stands out for its comprehensive, multidisciplinary
pediatric orthopedic program.