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Wake Forest Baptist Fiscal Year 2017 First Quarter Financial Performance

STATEMENT

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

Re: FY17 Q1 Financial Performance

Nov. 22, 2016

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.

Unrestricted 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.

Total net revenues of $638.9 million were 12.7% higher than the prior year.

Overall 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.

Inpatient volumes or system inpatient case mix adjusted discharges increased by 1.4% compared to prior year.

Outpatient 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 other sources.

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