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Wake Forest Baptist Fiscal Year 2018 First Quarter Financial Performance


By: Bradley A. Clark, M.B.A., Executive Vice President and Chief Financial Officer, Wake Forest Baptist Medical Center

Re: FY18 Q1 Financial Performance

Nov. 27, 2017

Wake Forest Baptist Medical Center released its first quarter report on operating performance and operating statistics for fiscal year 2018 (FY18) 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.

Effective July 1, 2017, Wake Forest Baptist entered into a 30-year lease and change of control agreement with the Town of North Wilkesboro to become the sole member of Wilkes Regional Medical Center, a 130-bed acute care hospital located in North Wilkesboro, North Carolina.

Unrestricted net assets increased $67.0 million for the three-month period (July 1, 2017 – September 30, 2017). This gain is comprised of operating income of $5.4 million (0.8% operating margin) and net non-operating gains of $61.6 million.

Total net revenues of $686.8 million were 7.5% higher than the prior year.

Overall clinical volume saw 3.4% year-over-year growth in case mix adjusted equivalent discharges (CMAEDs). Increased system inpatient discharges, outpatient volumes, and operating room cases contributed to the year-over-year growth.

Inpatient utilization or system inpatient case mix adjusted discharges increased when compared to the prior year due to an increase in discharges (2.4%) offset by a slight decrease in case mix index (0.9%). Both year-over-year changes were driven by Wilkes Medical Center increasing system discharges while reducing case mix.

Surgical volumes grew when compared to the prior year. Operating room cases across the enterprise increased by 6.8% over the prior year, a 1.4% growth in inpatient cases and a 10.2% growth in the outpatient setting. Higher case volume was primarily driven by the expansion of ambulatory facilities and Wilkes Medical Center.

Outpatient volumes overall continued to show strong growth with a 10.5% 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 Wilkes Medical Center.

On October 25, 2017, Wake Forest Baptist and UNC Health Care, the parent organization of High Point Regional Health, signed a Letter of Intent in which Wake Forest Baptist would acquire and integrate High Point Regional and its affiliates into the regional health care system with an expected close in the summer 2018.

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