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Wake Forest Baptist Fiscal Year 2016 Third Quarter Financial Performance

STATEMENT

By: Chad Eckes, M.B.A., Chief Financial Officer, Wake Forest Baptist Medical Center
Re: FY16 Q3 Financial Performance 
May 18, 2016

Wake Forest Baptist Medical Center released its third quarter report on operating performance and operating statistics for the nine-month period of fiscal year 2016 (FY16), which shows improvement continued over the same period last year.

Operating income through the third quarter, which ended March 31, 2016, was $46.2 million or a 2.7% operating margin driven by strong revenue cycle performance and increased labor productivity coupled with volume growth in the clinical enterprise. This higher margin compares to the prior year’s operating margin of 2.5%.

Wake Forest Baptist reported a gain in unrestricted net assets of $18.5 million. This gain is comprised of operating income of $46.2 million and net non-operating losses of $27.6 million primarily attributed to year-to-date investment losses.

Patient volumes across all entry points continued to improve through the third quarter with improving patient access and enhancing provider throughput continuing to be an ongoing focus.

Thanks to our dedicated faculty and staff, Wake Forest Baptist generated overall clinical volume growth with a 9.3% year-over-year increase in case mix adjusted equivalent discharges (CMAEDs).

Our total net revenues of $1.7 billion were 8.9% higher than the prior year.

Wake Forest Baptist handles over 1.1 million patient visits annually and employs over 1,000 physicians. Its degree-granting educational programs annually train over 1,800 students in health care-related fields and it receives nearly $200 million annually in research funding from federal and state agencies, industry and other sources.

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