Baptist’s excess revenue up 31%
WINSTON-SALEM, N.C. — Gains in patient revenue and within its investment portfolio enabled Wake Forest Baptist Medical Center to report Tuesday a 31 percent boost in excess revenue to $90.5 million for fiscal year 2010-11.
It is the first time Wake Forest Baptist consolidated the financial reports of its two main entities, N.C. Baptist Hospital and Wake Forest University Health Sciences, along with its affiliates. The health-sciences division oversees Wake Forest School of Medicine.
Because the center’s fiscal year ends on June 30 each year, the fiscal 2010-11 report is about 10½ months old.
Also Tuesday, the center reported executive compensation for the top six executives at Wake Forest Baptist. Dr. John McConnell, the center’s chief executive, was paid almost $2.5 million in total compensation, compared with $1.68 million for fiscal 2009-10.
The center reported operating revenue of $1.91 billion, up 3 percent from unaudited figures reported for fiscal 2009-10.
This article was written by Richard Craver and originally published by The Winston-Salem Journal. Click here to read the full story.