Audit Shows 2012-13 Fiscal Loss For Medical Center

Fran Daniel | Winston-Salem Journal | November 1, 2013

Audited results are out for Wake Forest Baptist Medical Center’s fiscal 2012-13, showing a much greater loss than the unaudited results released to bondholders Aug. 29.

The final audited report showed operational revenue loss of $56.6 million and an overall loss of $4.5 million for the medical center’s fiscal year ended June 30. Stock investment gains were $46.1 million.

For its fiscal 2011-12, the medical center had $45.8 million in operational revenue and overall excess revenue of $88.7 million.

In August, an unaudited report showed an overall loss of $571,000. According to that report, Wake Forest Baptist Medical Center’s rollout of its Epic electronic health records system contributed to a $55.1 million operational loss in fiscal 2012-13.