Wake Forest Baptist Fiscal Year 2016 Fourth Quarter Financial Performance
By: Chad Eckes, M.B.A., Chief Financial Officer, Wake
Forest Baptist Medical Center
Re: FY16 Q4 Financial Performance
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).
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
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
Total net revenues for the
year ending June 30 were $2.4 billion, 10.5% higher than the prior year.
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).
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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