Winston-Salem, N.C.-based Wake Forest Baptist Medical Center ended its fiscal year with operating income of $38.9 million, which was a significant turnaround from the $77.8 million loss the hospital reported for FY 2014.
Wake Forest Baptist posted revenues of $2.2 billion for the fiscal year that ended June 30, a 4.8 percent increase over 2014.
The hospital's boost in total revenue was largely attributable its net patient service revenue growing to $1.8 billion in FY 2015, up from $1.5 billion last year. Increases in admissions, surgical cases, emergency department visits and outpatient volumes led to the increase in net patient revenue.
After factoring in an $8.3 million investment loss, Wake Forest Baptist ended FY 2015 with a net surplus of $31 million, up from a net surplus of $788,000 in 2014. This year is the first time Wake Forest Baptist has posted a net surplus since 2012, according to the Triad Business Journal.
More articles on healthcare finance:
How CHS, Tenet, UHS, LifePoint and HCA fared on 'Black Monday'
Bankrupt Georgia hospital accused of putting patients at risk
4 hospitals receive credit downgrades in past month