Wake Forest Baptist Fiscal Year 2015 Second Quarter Financial Performance
By: John D. McConnell, M.D., CEO, Wake Forest Baptist
Re: FY15 Q2 Financial Performance
Feb. 24, 2015
Baptist Medical Center released its second quarter earnings Monday and reported
a gain in unrestricted net assets of $8.1 million for the six months ended
December 31, 2014. This gain is comprised of an operating income of $19.2
million and net non-operating losses of $11.1 million.
months, Wake Forest Baptist has realized significant improvements in operating
performance. Management has 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
Center utilization continued to improve for the year-to-date period driving total
net revenues of $1.05 billion, a 9.5% increase over the same period for the
prior year. Underlying patient revenues improved over the same period last year
due to growth in inpatient admissions, surgical cases, physician work relative
value units (RVUs), and other outpatient volume.
income for the quarter was $19.2 million or 1.8% compared to prior year of
-2.4%. Operating earnings before interest depreciation and amortization (EBIDA)
margin was $92.1 million or 8.8% for the quarter compared to prior year of
entry points, patient volumes continued to improve through the second quarter. Wake
Forest Baptist generated overall volume growth with a 17.1% year over year
growth in case mix adjusted equivalent discharges (CMAEDs). Our President and
Chief Operating Officer, Dr. Bobbi Carbone, brought significant focus on
improving patient access and enhancing provider throughput. We are very
appreciative of the dedicated work of our staff and faculty in the past year to
not only maintain the exceptional quality that was already present but also to improve
processes that make our services more available to patients and consumers
across the region. Our teams have dedicated themselves to exceptional teamwork
and patient centered care of which we are very proud.
inpatient admissions increased by 10.7% compared to prior year, while operating
room cases increased by 6.3% 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. System Emergency Department visits of 79,696 represented a 7.0% increase
over prior year.
openings of several Wake Forest Baptist multi-specialty clinics and urgent care centers in
Clemmons and Davie have increased service offerings for emergent care in the
past year while effectively moving ED volume to lower cost settings and supporting
core growth. Outpatient volume has continued to show strong growth with a 7.8%
increase over the prior year.
Baptist remains a national leader in patient quality and is continuing the
transformation of its operating and cost structure to leverage the quality of
its clinical faculty and staff.
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