Wake Forest Baptist Fiscal Year 2017 Third Quarter Performance
By: Chad A. Eckes, M.B.A., Executive Vice President,
Corporate Services and
Chief Financial Officer, Wake Forest Baptist Medical
Re: FY17 Q3 Financial Performance
Wake Forest Baptist Medical Center released its third quarter
report on operating performance and operating statistics for fiscal year 2017
(FY17) today and reported improvements in key areas primarily driven by volume
growth in the clinical enterprise with improving patient access and enhancing
provider throughput continuing to be an ongoing focus.
net assets increased $117.1 million for the nine-month period (July
1, 2016 – March 31, 2017). This gain is comprised of operating income of $62.8
million (3.2% operating margin) and net non-operating gains of $54.3 million.
net revenues of $2.0 billion were 13.5% higher than the
clinical volume saw 3.9% year-over-year growth in case mix adjusted
equivalent discharges (CMAEDs). Reflective of growth from the acquisition of Cornerstone
Health Care, clinic visits increased 50.8% compared to the prior year including
non-Cornerstone clinics that also grew 5.2% compared to the prior year.
utilization or system inpatient case mix adjusted discharges
decreased slightly, 0.2%, compared to prior year due to a slight decline in
discharges offset by an increase in case mix index. The slight decline in
discharges was driven by the continued migration of lower acuity patients being
treated in an observation setting. Observation volumes increased 9.8%.
volumes increased across the health system with operating room
cases up by 4.8% over prior year, growth in inpatient cases of 4.3% and growth
in the outpatient setting of 5.1%.
volumes overall continued to show strong growth with an 11.8%
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’s annual outpatient visits exceed 1.2
million. Its degree-granting educational programs annually train more than 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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