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Wake Forest Baptist Fiscal Year 2016 First Quarter Financial Performance

STATEMENT

By: Chad Eckes, M.B.A., Chief Financial Officer, Wake Forest Baptist Medical Center
Re: FY16 Q1 Financial Performance
 
November 17, 2015

Wake Forest Baptist Medical Center released its first quarter earnings Tuesday and reported operating performance for the first three months of fiscal year 2016 (FY16) improved over the same period last year. Operating income through the first quarter was $12.6 million or a 2.2% operating margin compared to prior year’s operating margin of 1.2%.

Total net revenues increased 10.4% higher than the prior year to $567.2 million. Underlying patient revenues improved 12.6% over the same period last year due to growth in clinical volumes and yield improvements.

The Medical Center incurred net non-operating losses of $56.9 million primarily attributed to first quarter investment losses driven by overall equity market declines in the first quarter. This net non-operating loss offset by operating income of $12.6 million led to Wake Forest Baptist reporting a loss in unrestricted net assets of $44.3 million in the first quarter of FY16.

Medical Center utilization improvement seen in FY15 continued in the first quarter of FY16.

System inpatient admissions increased by 2.6% compared to prior year, while operating room cases across the health system increased by 0.3% over prior year with growth in outpatient settings of 2.9% and softening in inpatient settings of 4.4%. This trend is consistent with the strategy to migrate operating room volume from inpatient to outpatient where possible. The surgical volume was primarily driven by the growth of the new Davie Medical Center, the expansion of ambulatory facilities and operating room capacity management strategies, while patient access improvement marked by growth in emergency department visits and ambulatory clinic visits drove increases in inpatient admissions.

System Emergency Department visits of 39,934 represented a 1.8% increase over prior year. The expansion of 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.

Outpatient volumes continued to show strong growth with an 11.7% increase over the prior year.

Wake Forest Baptist is 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. Wake Forest Baptist is honored to have 325 physicians named to the prestigious 2015-2016 “Best Doctors in America” list; this is a 17 percent increase over last year. The Wake Forest Baptist physicians on this list work in 37 specialties; 59 of the doctors are pediatric specialists at Brenner Children's Hospital, part of Wake Forest Baptist. North Carolina has 1,690 physicians on the 2015-2016 Best Doctors list and 23% of those doctors are from Wake Forest Baptist.

 

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