Wake Forest Baptist Fiscal Year 2016 Third Quarter Financial Performance
By: Chad Eckes, M.B.A., Chief Financial Officer, Wake
Forest Baptist Medical Center
Re: FY16 Q3 Financial Performance
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.
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
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
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
Our total net revenues of
$1.7 billion were 8.9% higher than the prior year.
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.5/18/2016http://www.wakehealth.edu/News-Releases/2016/Wake_Forest_Baptist_Fiscal_Year_2016_Third_Quarter_Financial_Performance.htm
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