Raleigh, N.C.-based WakeMed Health and Hospitals saw revenue increase during fiscal year 2018, however the system ended the year with lower operating and net income.
WakeMed saw operating revenue increase 4.8 percent year over year to $1.3 billion in the fiscal year ended Sept. 30, according to recent financial documents. During that period, the nonprofit health system reported a $53.4 million increase in net patient service revenue.
At the same time, operating expenses grew in fiscal 2018 when compared to the year prior — from $1.2 billion to $1.3 billion — as labor and supplies costs increased.
For fiscal 2018, WakeMed saw operating income fall to $51.2 million, down 20 percent from last year. After accounting for nonoperating losses, the health system also saw net income fall. WakeMed recorded net income of $55.1 million in fiscal 2018, down 24.8 percent from $73.4 million in the year prior.
Overall, WakeMed said its net position increased in fiscal 2018 by $48.1 million when compared to the previous year.
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