By: Bradley A. Clark, M.B.A., Interim Chief Financial Officer; Vice President of Treasury,
Wake Forest Baptist
Re: FY17 Q4 Financial Performance
Wake Forest Baptist Medical Center released its fourth quarter
report on operating performance and operating statistics for fiscal year 2017
(FY17) today and -stated improvements in key areas primarily driven by volume
growth in the clinical enterprise in part from the expansion of ambulatory
facilities and the opening of the 50-bed inpatient facility at Davie Medical
Center. Improving patient access and enhancing provider throughput continue to
be an ongoing focus.
net assets increased $180.6 million for the twelve-month period
(July 1, 2016 – June 30, 2017). This gain is comprised of operating income of $77.7
million (2.9% operating margin) and net non-operating gains of $102.9 million.
net revenues of $2.7 billion were 12.2% higher than the
clinical volume saw 3.8% year-over-year growth in case mix adjusted
equivalent discharges (CMAEDs). Overall clinic visits increased 38.9% compared
to the prior year.
utilization or system inpatient case mix adjusted discharges
were flat when compared to prior year due to a slight decline in discharges
(1.7%) offset by an increase in case mix index (1.8%). Both year-over-year
changes were driven by the continued migration of lower acuity patients being
treated in an observation setting. Observation volumes increased 12.6% to
12,223 compared to 10,858 the prior year.
volumes increased across the health system with operating room
cases up by 4.5% over prior year, growth in inpatient cases of 4.3% and growth
in the outpatient setting of 4.6%.
volumes overall continued to show strong growth with a 10.7%
increase over the prior year. This growth is attributable to the migration of
treating patients in an observation setting, improvements in ambulatory and
diagnostics access, and the Cornerstone acquisition.
Wake Forest Baptist Medical Center has been recognized in
U.S. News & World Report’s “Best Hospitals” rankings for the 25th
consecutive year with six specialties listed among the nation’s finest. The
specialties earning top-50 spots in the 2017-2018 report were Cancer (No. 27),
Nephrology (No. 27), Geriatrics (No. 33), Gynecology (No. 33), Ear, Nose, and
Throat (No. 34), and Neurology and Neurosurgery (No. 37).
Additionally, four specialties – Diabetes &
Endocrinology, Orthopedics, Pulmonology and Urology – were listed as “High
Performing” by U.S. News. Overall, Wake Forest Baptist ranked No. 2 in the