By: Bradley A. Clark, M.B.A., Executive Vice President and Chief Financial Officer, Wake Forest Baptist Medical Center
Re: FY18 Q4 Financial Performance
Wake Forest Baptist Medical Center released its fourth 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 through expansion of service offerings at the health system’s community hospitals are underway.
Unrestricted net assets increased $88.6 million for the fiscal year (July 1, 2017 – June 30, 2018). This gain is comprised of operating income of $3.0 million (0.10% operating margin) and net non-operating gains of $85.6 million.
Total net revenues of $2.86 billion were 7.1% higher than the prior year.
Overall clinical volume saw a 3.2% year-over-year growth in case mix adjusted equivalent discharges (CMAEDs). Increased system inpatient admissions, 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 (6.9%) offset by a decrease in case mix index (2.5%). 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 9.4% compared to the prior year, driven by 6.8% growth in inpatient cases and a 10.9% 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 an 8.9% 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.
Media Contacts:
Paula Faria: pfaria@wakehealth.edu, 336-716-1279
Joe McCloskey: jmcclosk@wakehealth.edu, 336-716-1273