As of the July, 2022, release via CMS

WAKEMED RALEIGH CAMPUS

CMS id: 340069
3000 NEW BERN AVENUE, RALEIGH NC 27620. County: WAKE
System: WAKE COUNTY HOSPITAL SYSTEM
CBSA: Raleigh-Cary, NC

The 720-bed, acute-care hospital had $82,972,771 in net service to patients*, with a total profit margin of 8.31826% in fiscal year 2021, the latest year available.
It spent 9.47% of its operating expenses on uncompensated care and reported $0 in Medicaid shortfall.

* For more about Net Service to Patients and operating revenue, please the finance section below.

Note: Medians are from acute-care hospitals with "complete" fiscal years. For more about how we calculated medians and cost reports in general, please click here.

Details

	2017	2018	2019	2020	2021
# of days in fyear	365	365	365	366	365
Ownership	nfp	nfp	nfp	nfp	nfp
Acute beds Median	445 118	445 118	456 119.5	446 118	469 119
Total beds Median	683 162	683 162	694 162	684 162	720 163.5
FTEs Median	4,487.03 788.06	4,717.28 793.42	4,792.00 806.03	4,769.00 787.61	5,013.57 804.34

Finances As they appear in worksheet G3 of the cost reports.

Note: Net Patient Revenue is considered operating revenue, which means Net Service to Patients is considered operating profit. Click here for more about cost report financials

Hospital cost reports are an enormously complicated dataset. There are whole organizations and an offical CMS vendor dedicated to helping researchers work with the data.
It's important to understand that hospital financials in cost reports are not organized in the same as other sources such as annual financial reports to bond holders.

The biggest difference is the concept of operating revenue and profit. Net Service to patients (NS2P), which is the sum of net patient revenue minus operating expenses, is considered the equivalent of operating profit according to the Medicaid and CHIP Payment and Access Commission (MACPAC). See the last paragraph of "Primary Data Sources" on page 55 of Annual Analysis of Disproportionate Share Hospital Allotments to States (PDF).

That would make Net Patient Revenue = operating revenue.

All this makes things challenging when comparing what's reported in cost reports to other sources. It becomes clearer when you consider that, beyond the purpose of reimbursement, cost reports are a tool for policymakers trying to understand the financial situation of a hospital doing the tasks specific to hospitals.

In other words, while a facility with a division that formulates drugs might include earnings from that as operating revenue in their corporate annual result, this is not central to the operations of a hospital caring for patients and so it is counted as "other income." (See below the financials section for more on "other income")

The healthcare consulting firm HMP, in a former partnership with Modern Healthcare, did develop a formula for estimating operating revenue closer to what one might find in other sources. We no longer use this for the following reasons:

The measure was not widely used beyond HMP and Modern Healthcare. Many hospitals had their own internal estimates of operating revenue and profit.
Because of this, there was confusion when reporting operating results for individual hospitals. There was often pushback when a facility's internal numbers did not match what Modern Healthcare was reporting.
The formula includes revenue from portions of the "other income" section, which may also include non-operating revenue. HMP themselves point out in a caveat on their site that they cannot exclude all non-operating revenue from their measure.

HMP's operating measure has proven problematic in the past for our reporting and the partnership with them ended years ago. It's best to not use a measure that we alone cannot defend.

	2017	2018	2019	2020	2021
Net patient revenue ? Median	963,824,573 150,932,746	858,720,644 158,950,878	918,350,019 168,696,998	955,318,151 163,454,693	1,098,020,941 186,589,412
Operating expenses Median	907,966,255 149,311,209	787,616,230 156,110,414	849,823,297 164,890,568	894,379,300 166,516,854	1,015,048,170 180,120,888
Net income from service 2 patients (NS2P) ? Median	55,858,318 -964,173	71,104,414 -643,601.5	68,526,722 -116,254	60,938,851 -5,025,862	82,972,771 -1,284,564
NS2P margin ? Median	5.80% -0.62	8.28% -0.29	7.46% 0.18	6.38% -5.07	7.56% -0.88

Range* of Net Service to Patient (NS2P) margins

= NS2P margin for WAKEMED RALEIGH CAMPUS compared to all** acute-care hospitals, from CMS cost reports.
Note: NS2P is considered operating margin by MACPAC. The chart below is interactive: click or touch to see more.

* Data range does not show outliers, which fall beyond the minimum and maximum of the range.
** From cost reports with complete fiscal years. Number of acute-care hospitals available to calculate medians:

2017	2018	2019	2020	2021
3,157	3,092	3,050	3,052	2,566

	2017	2018	2019	2020	2021
Other income* Median Click here to show/hide details	15,944,229 5,089,215	-5,169,842 4,572,541	-24,647,568 5,268,134	15,814,237 13,092,619	9,122,233 12,369,236
⊳ Line 6: Contributions ? ⊳ Median	0 224,999	0 199,009	0 206,870.5	0 194,343	0 249,496
⊳ Line 7: Investments ? ⊳ Median	464,097 299,524	0 188,688.5	0 370,813	0 309,361.5	0 375,329
⊳ Line 8: Revenue from telephone service	NULL	NULL	NULL	NULL	NULL
⊳ Line 9: Revenue from tv and radio	--	--	--	--	--
⊳ Line 10: Purchase discounts	0	0	0	0	0
⊳ Line 11: Rebates and refunds of expenses	0	0	0	0	0
⊳ Line 12: Parking lot receipts	0	0	0	0	0
⊳ Line 13: Revenue from laundry and linen service	0	0	0	0	0
⊳ Line 14: Revenue from meals sold to emplyees and guests	0	0	0	0	0
⊳ Line 15: Revenue from rental of living quarters	0	0	0	0	0
⊳ Line 16: Revenue from sale of medical and surgical supplies	0	0	0	0	0
⊳ Line 17: Revenue from sale of drugs to other than patients	0	0	0	0	0
⊳ Line 18: Revenue from sale of medical records and abstracts	0	0	0	0	0
⊳ Line 19: Tuition (fees, sale of textbooks, uniforms, etc.)	0	0	0	0	0
⊳ Line 20: Revenue from gifts, flowers, coffee shops, canteen	0	0	0	0	0
⊳ Line 21: Rental of vending machines	0	0	0	0	0
⊳ Line 22: Rental of hospital space	0	0	0	0	0
⊳ Line 23: Gov appropriations ? ⊳ Median	0 1,017,693	0 983,261.5	0 1,173,286	0 1,987,202	0 1,597,664
⊳ Sum Line 24	15,480,132	-5,169,842	-24,647,568	15,814,237	9,122,233
Total income ? Median	71,802,547 6,586,430	65,934,572 6,767,106	43,879,154 8,419,950	76,753,088 8,094,175	92,095,004 15,162,888
Non-operating expenses Median	679,146 146,289.5	0 164,857	0 89,880.5	0 106,761	0 31,473.5
Net income Median	71,123,401 6,043,842	65,934,572 5,845,112	43,879,154 7,606,259	76,753,088 7,283,041	92,095,004 14,957,241
Net margin Median	7.25920% 4.62%	7.72474% 4.42%	4.90982% 5.16%	7.90346% 5.2%	8.31826% 9.25%

* About "Other income": Other income, or line 25 in worksheet G3, is the sum of lines 6 through 24. It includes three lines that are considered non-operating revenue - contributions, investments and government appropriations. Medians are included for these three lines. It also contains items that are not central to providing healthcare, such as revenue from parking or gift shops.
"Sum Line 24" is a special case. Called "Other (specify)" in the cost reports, CMS allows for this line to be "subscripted," or divided into sublines like 002400, 002401, 002402. And hospitals do that, up to 100 lines, to detail income (and sometimes negative returns) that are otherwise not covered in the previous "other" lines. Therefore, "Sum Line 24" is the sum of all the lines 24.

Range* of total profit (loss) margins

= Total margin for WAKEMED RALEIGH CAMPUS compared to all** acute-care hospitals, from CMS cost reports.
The chart below is interactive: click or touch to see more.

2017	2018	2019	2020	2021
3,157	3,092	3,050	3,052	2,566

Medicare revenue

Inpatient and outpatient revenue

	2017	2018	2019	2020	2021
All inpatient revenue Median Click here to show/hide details	135,190,179 23,241,334	132,837,140 23,709,545	129,213,886 24,248,380	126,367,592 22,858,541	139,467,804 23,620,613
"All inpatient revenue" is made up of any Medicare payments for routine inpatient, swingbed SNFs, TEFRA, IPF, IRF, inpatient long-term care, CAH and inpatient SNF facilities. Medians are only calculated when there are sufficient facilities reporting revenue.
⊳ Routine inpatient revenue ⊳ Median	117,905,606 21,577,146	116,374,564 22,041,594	114,296,675 22,722,063	108,478,180 21,570,441	119,142,498 22,140,684
⊳ Swingbeds ⊳ Median	0 --	0 --	0 --	0 --	0 --
⊳ Tax Equity and Fiscal Responsibility Act payments (TEFRA) ⊳ Median	0 --	0 --	0 --	0 --	0 --
⊳ Inpatient psychiatric facility (IPF) ⊳ Median	0 1,845,420	0 1,757,392	0 1,738,842	0 1,510,463	0 1,393,140
⊳ Inpatient rehabilitation facility (IRF) ⊳ Median	17,284,573 3,535,627	16,462,576 3,746,588	14,917,211 3,782,288	17,889,412 3,865,578	20,325,306 3,983,889
⊳ Long-term care hospital (LTCH) ⊳ Median	0 --	0 --	0 --	0 --	0 --
⊳ Critical-access hospitals ⊳ Median	0 --	0 --	0 --	0 --	0 --
⊳ Skilled-nursing facilities (SNF) ⊳ Median	0 1,203,033	0 1,215,295	0 1,313,657	0 1,365,298	0 1,179,746
All outpatient revenue Median Click here to show/hide details	38,085,598 11,160,864	40,520,168 11,987,345	41,998,718 12,926,866	40,687,570 11,884,480	45,719,243 13,145,163
"All outpatient revenue" is made up of any payments for routine outpatient, HHA, CMHC, rural health and other federally-qualified health clinics. Medians are only calculated when there are sufficient facilities reporting revenue.
⊳ Routine outpatient revenue ⊳ Median	34,944,056 10,918,923	37,068,774 11,706,976	38,260,107 12,615,917	36,129,277 11,458,116	41,375,452 12,776,716
⊳ Home Health agencies (HHA) ⊳ Median	3,141,542 1,282,808	3,451,394 1,407,728	3,738,611 1,341,512	4,558,293 1,407,046	4,343,791 1,476,867
⊳ Community mental health clinics (CMHC) ⊳ Median	0 --	0 --	0 --	0 --	0 --
⊳ Rural health clinics ⊳ Median	0 618,038	0 697,279	0 690,232	0 684,010	0 670,558
⊳ Other federally qualified health clinics ⊳ Median	0 --	0 --	0 --	0 --	0 --

Other payments

Item	2017	2018	2019	2020	2021
Graduate Medical Education (GME) Median	7,125,092 3,284,314	7,174,935 3,250,551	6,883,246 3,386,837	6,548,336 3,360,806	7,064,054 3,508,953
Disproportionate-share hospital (DSH) Median	4,511,584 594,888	4,445,295 595,761	3,721,752 577,894	3,775,618 542,168	3,224,433 549,667
Outlier Median	6,406,868 582,572	4,011,684 538,116	581,711 212,434	818,701 126,559	913,987 139,139

Uncompensated care

Item	2017	2018	2019	2020	2021
Medicaid shortfall Median	762,810 3,662,910	1,342,468 3,730,911	1,655,426 4,081,319	0 4,643,908	0 4,389,147
Charity care Median	8,498,716 2,654,636	12,149,346 2,940,659	63,323,533 3,380,215	66,461,811 3,488,738	77,144,691 3,233,405
Uncompensated care (UCC) Median	50,154,762 5,147,790	58,011,826 5,337,617	89,286,379 5,711,082	98,221,663 5,923,418	96,086,258 5,508,107
UCC as a % of operating expenses Median	5.52% 3.24	7.37% 3.12	10.51% 3.21	10.98% 3.3	9.47% 2.86
Total shortfall/UCC Median	50,917,572 9,489,989	59,354,294 9,424,297	90,941,805 10,120,158	98,221,663 11,171,337	96,086,258 10,133,851

Labor costs

	2017	2018	2019	2020	2021
Total salaries Median	291,542,444 52,142,039	298,935,493 54,485,252	311,998,078 57,395,589	323,581,329 58,830,919	356,672,703 61,722,907
Salaries as a % of operating expenses Median	38.13 36.68	37.95 36.56	36.71 36.37	36.18 35.93	35.14 35.24
Intern, resident salaries* Median	0 2,598,592	0 2,686,824	0 2,753,773	0 2,937,156	0 2,909,848
Contract intern, resident salaries* Median	3,845,501 1,251,927	4,063,585 1,186,494	4,199,595 1,204,885	4,395,259 1,279,653	4,592,918 1,469,317
Contract adjusted salaries, direct-care Median	15,242,792 1,449,244	15,346,622 1,475,986	17,783,916 1,563,078	17,088,014 1,721,954	41,155,007 2,991,828
Contract hours, direct-care Median	463,956.00 22,725	458,169.00 23,018.5	505,372.00 24,503.48	491,558.00 25,026.5	690,988.00 33,786
Contract wages, direct-care Median	32.85 64.67	33.50 64.53	35.19 65.06	34.76 68.97	59.56 88.94

* in an approved program

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Cost reports are self-reported by the facility, are subject to revision and should be considered preliminary.

* Net Service to patients (NS2P) equals net patient revenue minus operating expenses. NS2P is considered the equivalent of operating profit according to the Medicaid and CHIP Payment and Access Commission (MACPAC). See the last paragraph of "Primary Data Sources" on page 55 of Annual Analysis of Disproportionate Share Hospital Allotments to States (PDF).

About medians

Medians are calculated from reports with "complete" fiscal years, or reports with fiscal years of at least 300 days and no more than 420 days.

In cases where there are fewer than 50 values reported, medians are not calculated. For childrens' hospitals, it's when fewer than 20 are reported.

Web app by Tim Broderick | email.