Despite Cuts, Wake Forest Baptist Closes Fiscal Year With Loss

Owen Covington | The Business Journal | September 3, 2013

Wake Forest Baptist Medical Center posted an operating loss of $55.2 million to close out its fiscal year June 30 in what was close to a $100 million swing in operating income from the year before.

But that operating loss on $1.9 billion in revenues was trimmed from earlier in the year, and nearly completely offset by $54 million in net investment income, with the medical center ending the fiscal year with an overall loss of $571,000.

Wake Forest Baptist struggled through the year to cope with the additional expenses and revenue losses that accompanied their rollout of a new electronic health records system last fall.