Winston-Salem, N.C.-based Wake Forest Baptist Medical Center saw revenues increase in the first quarter of fiscal year 2018, but the system ended the period with lower operating income than in the first quarter of fiscal year 2017.
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