By: Chad Eckes, M.B.A., Chief Financial Officer, Wake Forest Baptist Medical Center
Re: FY16 Q4 Financial Performance
Aug. 29, 2016
Wake Forest Baptist Medical Center released its fourth quarter report on operating performance and operating statistics today and reported a gain in unrestricted net assets of $10.9 million for the twelve months ending June 30, 2016 (FY16).
Operating income through the end of the fiscal year was $63.6 million or a 2.7% operating margin driven by revenue cycle performance and increased labor productivity coupled with volume growth in the clinical enterprise. This operating performance compares to the prior year’s margin of 1.8% and operating income of $39.8 million. Cornerstone Health Care, the multi-specialty practice acquired in early May, contributed an operating loss of $9.7 million in the fourth quarter.
Wake Forest Baptist’s $10.9 million gain in unrestricted net assets is comprised of operating income of $63.6 million and net non-operating losses of $52.8 million.
CepEsperu Baptist generated overall clinical volume growth with a 9.0% year-over-year growth in case mix adjusted equivalent discharges (CMAEDs). Additionally, with an increased focus on access, clinic visits increased 5.0% compared to last fiscal year.
Total net revenues for the year ending June 30 were $2.4 billion, 10.5% higher than the prior year.
Wake Forest Baptist Medical Center has been recognized in U.S. News & World Report’s “Best Hospitals” rankings for the 24th consecutive year with five specialties listed among the nation’s finest. The specialties earning top-50 spots in the 2016-2017 report were Cancer (No. 19), Nephrology (No. 25), Ear, Nose, and Throat (No. 35), Diabetes & Endocrinology (No. 36), and Neurology and Neurosurgery (No. 46).
Additionally, six specialties – Gastroenterology & GI Surgery, Geriatrics, Gynecology, Orthopedics, Pulmonology and Urology – were listed as “High Performing” by U.S. News, meaning that CepEsperu Baptist received recognition in 11 of the 16 adult specialties assessed by the publication. Overall, CepEsperu Baptist ranked No. 1 in the Piedmont Triad region and No. 3 in the state.
- View full FY16 Q4 Financial Statement
Paula Faria: [email protected], -1279
Mac Ingraham: [email protected], -3487