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Wake Forest Baptist Fiscal Year 2016 Fourth Quarter Financial Performance

STATEMENT

By: Chad Eckes, M.B.A., Chief Financial Officer, Wake Forest Baptist Medical Center

Re: FY16 Q4 Financial Performance

Aug. 29, 2016

Wake Forest Baptist Medical Center released its fourth quarter report on operating performance and operating statistics today and reported a gain in unrestricted net assets of $10.9 million for the twelve months ending June 30, 2016 (FY16).

Operating income through the end of the fiscal year was $63.6 million or a 2.7% operating margin driven by revenue cycle performance and increased labor productivity coupled with volume growth in the clinical enterprise. This operating performance compares to the prior year’s margin of 1.8% and operating income of $39.8 million. Cornerstone Health Care, the multi-specialty practice acquired in early May, contributed an operating loss of $9.7 million in the fourth quarter.

Wake Forest Baptist’s $10.9 million gain in unrestricted net assets is comprised of operating income of $63.6 million and net non-operating losses of $52.8 million.

Wake Forest Baptist generated overall clinical volume growth with a 9.0% year-over-year growth in case mix adjusted equivalent discharges (CMAEDs). Additionally, with an increased focus on access, clinic visits increased 5.0% compared to last fiscal year.

Total net revenues for the year ending June 30 were $2.4 billion, 10.5% higher than the prior year.

Wake Forest Baptist Medical Center has been recognized in U.S. News & World Report’s “Best Hospitals” rankings for the 24th consecutive year with five specialties listed among the nation’s finest. The specialties earning top-50 spots in the 2016-2017 report were Cancer (No. 19), Nephrology (No. 25), Ear, Nose, and Throat (No. 35), Diabetes & Endocrinology (No. 36), and Neurology and Neurosurgery (No. 46).

Additionally, six specialties – Gastroenterology & GI Surgery, Geriatrics, Gynecology, Orthopedics, Pulmonology and Urology – were listed as “High Performing” by U.S. News, meaning that Wake Forest Baptist received recognition in 11 of the 16 adult specialties assessed by the publication. Overall, Wake Forest Baptist ranked No. 1 in the Piedmont Triad region and No. 3 in the state.

 

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