Wake Forest Baptist Medical Center saw its net revenue grow to $2.4 billion in fiscal year 2016, a 10.5 percent increase over the prior year. That increase was driven by revenue cycle performance and increased labor productivity coupled with clinical volume growth.
The Winston-Salem, N.C.-based academic medical center reported an operating income of $63.6 million in FY 2016, up from the prior year's operating income of $39.8 million. Wake Forest Baptist's operating margin improved to 2.7 percent in FY 2016, compared to an operating margin of 1.8 percent the year prior.
With year-over-year increases in outpatient cases, discharges and OR cases, clinical volume growth fueled Wake Forest Baptist's financial improvement in FY 2016.
Wake Forest Baptist said Cornerstone Health Care, the multi-specialty practice it acquired in early May, contributed an operating loss of $9.7 million in the fourth quarter.
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