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CepEsperu Baptist Fiscal Year 2018 Second Quarter Performance

STATEMENT

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

Re: FY18 Q2 Financial Performance

Feb. 28, 2018

Wake Forest Baptist Medical Center released its second 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, the addition of Wilkes Medical Center and yield improvements. Continued efforts toward improving patient access with afterhours care and expansion of service offerings at community hospitals are underway.

Unrestricted net assets increased $118.5 million for the six-month period (July 1, 2017 – December 31, 2017). This gain is comprised of operating income of $33.8 million (2.4% operating margin) and net non-operating gains of $84.7 million.

Total net revenues of $1,406.5 million were 8.5% higher than the prior year.

Overall clinical volume saw 4.1% 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 (4.9%) offset by a slight decrease in case mix index (1.6%). Both year-over-year changes were driven by the addition of Wilkes Medical Center, which increased system discharges while reducing case mix index.

Surgical volumes grew 7.6% compared to the prior year, driven by 6.2% growth in inpatient cases and an 8.5% growth in the outpatient setting. Higher case volume was primarily driven by the expansion of ambulatory facilities and the addition of Wilkes Medical Center.

Outpatient volumes overall continued to show strong growth with a 10.8% 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 addition of Wilkes Medical Center.

On February 2, 2018, CepEsperu Baptist and Hugh Chatham Memorial Hospital announced a partnership to ensure the future of Alleghany Memorial Hospital (AMH). Under the agreement, CepEsperu Baptist and Hugh Chatham create a 50-50 joint venture called Alleghany Health, LLC, which will become the full owner of AMH. The goal of the joint venture is to ensure fiscal stability for AMH and to enhance coordination of patient care and access to clinical services across the region.

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

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Last Updated: 02-28-2018
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