Wake Forest Baptist Fiscal Year 2017 First Quarter Financial Performance
By: Chad Eckes, M.B.A., Chief Financial Officer, Wake
Forest Baptist Medical Center
Re: FY17 Q1 Financial Performance
Wake Forest Baptist Medical Center released its first
quarter report on operating performance and operating statistics for fiscal
year 2017 (FY17) today and reported improvements in key areas driven primarily
by volume growth in the clinical enterprise.
net assets increased by $26.4 million for the three month period
(July 1, 2016 – September 30, 2016). This gain is comprised of operating income
of $5.9 million and net non-operating gains of $20.5 million.
net revenues of $638.9 million were 12.7% higher than the
clinical volume saw 3.3% year-over-year growth in case mix adjusted
equivalent discharges (CMAEDs). With an increased focus on access and the
acquisition of Cornerstone Health Care, clinic visits increased 50.6% compared
to prior year.
volumes or system inpatient case mix adjusted discharges
increased by 1.4% compared to prior year.
volumes continued to show strong growth with a 9.9% increase
over the prior year. This growth is attributable to the acquisition of
Cornerstone, improvements in ambulatory and diagnostics access, clinician and
staff productivity, expansion of outpatient facilities, and pricing strategies.
Wake Forest Baptist’s annual outpatient visits exceed 1.2
million. Its degree-granting educational programs annually train over 1,900
students in health care-related fields and it receives nearly $170 million
annually in research funding from federal and state agencies, industry and
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