Winston-Salem, N.C.-based Wake Forest Baptist Health saw its revenue increase in fiscal year 2019, but the system ended the period with an operating loss, according to unaudited financial documents.
Wake Forest Baptist, an integrated clinical, research and academic enterprise that includes a tertiary and quaternary acute care regional referral center with four additional hospitals, reported revenue of $3.38 billion in the fiscal year ended June 30, up 18.3 percent from fiscal year 2018.
The growth was largely attributable to a 20 percent year-over-year increase in patient service revenue due to clinical volume increases in inpatient activity, outpatient encounters, professional activity and the system's September acquisition of High Point (N.C.) Medical Center from Chapel Hill, N.C.-based UNC Health Care.
At the same time, Wake Forest Baptist saw expenses climb. The system said expenses reached $3.38 billion in fiscal year 2019, up from $2.85 billion in the year prior.
Wake Forest Baptist ended fiscal year 2019 with an operating loss of $1.8 million, compared to operating income of $2.9 million in fiscal year 2018.
After accounting for nonoperating items, the system recorded net income of $2 million in fiscal year 2019, down from net income of $69.2 million in the year prior.
Ayla Ellison contributed to this report.
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