Wake Forest Baptist Fiscal Year 2015 Fourth Quarter Financial Performance

August 21, 2015

STATEMENT

By: John D. McConnell, M.D., CEO, Wake Forest Baptist Medical Center
Re: FY15 Q4 Financial Performance
 
August 21, 2015

Wake Forest Baptist Medical Center released its fourth quarter earnings today and reported a gain in unrestricted net assets of $24.9 million for the twelve months ended June 30, 2015.

During fiscal year 2015, Wake Forest Baptist realized significant improvements in operating and financial performance. Management implemented strategies and processes to restore financial performance and enhance existing programs aimed at providing a value-based academic health care model with emphasis on safety, service and quality.

Medical Center utilization continued to improve for the twelve-month period driving total net revenues of $2.16 billion, a 4.8% increase over the prior year. Underlying patient revenues improved over the same period last year due to growth in inpatient admissions, surgical cases, emergency department visits, and other outpatient volume.

Operating income through June was $38.9 million or 1.8% compared to prior year of -3.8%. Operating earnings before interest depreciation and amortization (EBIDA) margin was $183.2 million or 8.5% compared to prior year of 2.7%.

We have a dedicated staff and faculty who have maintained our exceptional quality of patient care while improving our processes to make our services more readily accessible to patients and consumers across the region. We are very proud and appreciative of our teams for their commitment to exceptional teamwork and patient centered care. 

Across all entry points, patient volumes improved during fiscal year 2015. Wake Forest Baptist generated overall volume growth with a 15.4% year-over-year growth in case mix adjusted equivalent discharges (CMAEDs). Significant focus has been placed on improving patient access and enhancing provider throughput. 

System inpatient admissions increased by 10.0% compared to prior year, while operating room cases increased by 5.2% over prior year with growth in both inpatient and outpatient cases. The growth of the new Davie Medical Center, the expansion of ambulatory facilities and operating room capacity management strategies primarily drove the higher case volume. 

System Emergency Department visits of 158,944 represented a 5.5% increase over prior year. The expansion of several Wake Forest Baptist multi-specialty clinics and urgent care centers in Clemmons and Davie have increased access points for care and provides appropriate care settings while supporting growth.

Outpatient volume continued to show strong growth with an 8.3% increase over the prior year.

Wake Forest Baptist remains a national leader in patient quality and is once again rated as one of the nation’s top hospitals by U.S. News & World Report. Wake Forest Baptist received the ranking in the magazine’s 2015-16 “Best Hospitals” report as one of the top 50 hospitals in the country in seven adult medicine specialties: Cancer (17th), Nephrology (18th), Urology (28th), Ear, Nose & Throat (29th), Gastroenterology & GI Surgery (37th), Pulmonology (37th), and Neurology & Neurosurgery (46th). The report’s ratings recognize Wake Forest Baptist as the No. 1 cancer center and No. 2 overall hospital in North Carolina. Brenner Children’s Hospital, the pediatric arm of Wake Forest Baptist Medical Center, is also ranked among the best children’s hospitals in the country by the magazine. Brenner Children’s, ranked in orthopedics (No. 48), stands out for its comprehensive, multidisciplinary pediatric orthopedic program.

  • View Full FY15 Q4 Financial Statement

Media Relations

Mac Ingraham: mingraha@wakehealth.edu, 336-716-3487

Shannon Putnam: news@wakehealth.edu, 336-713-4587