Wake Forest Baptist, a tertiary and quaternary acute care regional referral center with three additional hospital facilities, reported revenues of $686.8 million in the first quarter of fiscal year 2018. That’s up 7.5 percent from revenues of $638.9 million in the first quarter of fiscal year 2017, according to recently released bondholder documents.
The revenue boost was largely attributable to a 9 percent year-over-year increase in patient service revenue due to a rise in clinical volume and outpatient services. Wake Forest Baptist saw patient volume rise after entering into a 30-year lease of North Wilkesboro, N.C.-based Wilkes Regional Medical Center July 1.
However, rising expenses offset revenue gains. The system said expenses climbed 7.6 percent year over year to $681.4 million in the first quarter of fiscal year 2018.
Wake Forest Baptist ended the first quarter of fiscal year 2018 with operating income of $5.4 million, down from $5.9 million in the same period of the year prior.
After factoring in nonoperating gains of $61.6 million, the system posted net income of $67.3 million, more than double the net income of $26.5 million it recorded in the first quarter of fiscal year 2017.
More articles on healthcare finance:
Healthcare bankruptcies more than triple in 2017
Colorado hospital charged $1,877 to pierce a child’s ears
California hospital aims to reopen after ousting management company
