Wake Forest Baptist, a tertiary and quaternary acute care regional referral center with four additional hospital facilities, reported revenues of $1.64 billion in the second quarter of fiscal 2019, up 16.7 percent from the same period of the year prior.
The revenue boost was largely attributable to a 17.8 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 acquiring High Point (N.C.) Medical Center from Chapel Hill, N.C.-based UNC Health Care in September.
However, rising expenses offset revenue gains. The system said expenses climbed 18.5 percent year over year to $1.63 billion in the second quarter of fiscal year 2019.
Wake Forest Baptist ended the second quarter of fiscal year 2019 with operating income of $15.6 million, down 54 percent from $33.8 million in the same quarter of fiscal 2018.
After factoring in a loss on investments and other nonoperating items, the system posted a net loss of $65.1 million in the second quarter of fiscal 2019. That’s compared to the second quarter of fiscal 2018, when Wake Forest Baptist reported net income of $118.9 million.
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