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Wake Forest Baptist Fiscal Year 2015 Third Quarter Financial Performance


By: John D. McConnell, M.D., CEO, Wake Forest Baptist Medical Center
Re: FY15 Q3 Financial Performance
May 22, 2015

Wake Forest Baptist Medical Center released its third quarter earnings today and reported a gain in unrestricted net assets of $37.8 million for the nine months ended March 31, 2015. This gain is comprised of an operating income of $40.2 million and net non-operating losses of $2.4 million.

In recent 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 quality.

Medical Center utilization continued to improve for the year-to-date period driving total net revenues of $1.6 billion, a 19.0% 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, emergency department visits, and other outpatient volume.

Operating income through March was $40.2 million or 2.5% compared to prior year of -11.5%. Operating earnings before interest depreciation and amortization (EBIDA) margin was $148.3 million or 9.3% for the year-to-date compared to prior year of -4.3%.

Across all entry points, patient volumes continued to improve through the third quarter. Wake Forest Baptist generated overall volume growth with a 17.1% year over year growth in case mix adjusted equivalent discharges (CMAEDs). Significant focus has been placed on improving patient access and enhancing provider throughput. We have a dedicated  staff and faculty who in the past year have not only maintained the exceptional quality that was already present  but also have worked diligently to improve processes that make our services more available 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.

System inpatient admissions increased by 11.5% compared to prior year, while operating room cases increased by 5.8% 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 118,110 represented a 7.4% increase over prior year. 

The recent 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 7.7% increase over the prior year.

We continue to make key strategic investments, such as our shared services company Socius Health Solutions, which will support health care reform initiatives and create business and clinical efficiencies to reduce costs and best meet the needs of diverse patient populations; and our partnership with D1 Sports Training in which, as the medical partner, we will provide premium sports medicine and sports physical therapy/rehabilitative services to our existing patients and D1 facility members. 

Wake Forest 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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