Wake Forest Baptist Fiscal Year 2017 Second Quarter Financial Performance
By: Chad Eckes, M.B.A., Executive Vice President,
Corporate Services and
Chief Financial Officer, Wake Forest Baptist Medical
Re: FY17 Q2 Financial Performance
Wake Forest Baptist Medical Center released its second
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.
net assets increased $46 million for the six month period (July 1,
2016 – December 31, 2016). This gain is comprised of operating income of $26.7
million and net non-operating gains of $19.3 million.
net revenues of $1.3 billion were 12.7% higher than the
clinical volume saw 3.0% year-over-year growth in case mix adjusted
equivalent discharges (CMAEDs). Reflective of growth from the acquisition of
Cornerstone Health Care, clinic visits increased 49.1% compared to the prior
year including non-Cornerstone clinics that also grew 3.2% compared to the prior
utilization or system inpatient case mix adjusted discharges
were flat 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 8.8%.
volumes increased across the health system with operating room
cases up by 4.6% over prior year, growth in inpatient cases of 3.8% and growth
in the outpatient setting of 5.0%.
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, clinician and staff productivity, expansion of outpatient facilities
and the Cornerstone acquisition.
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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