Wake Forest Baptist Medical Center Loses $78.4 Million: Restructuring Continues

Wake Forest Baptist Medical Center is still struggling financially as the health care industry changes.

The Winston-Salem-based hospital lost $78.4 million for the 2013-2014 fiscal year. The good news is that it had a sizeable return in its investments, which brought the overall loss to around $28 million.

Still, that's not good news for Wake Forest Baptist. The medical center has already taken some major cost cutting measures, including shedding hundreds of jobs over the past year.

Officials with the hospital decline to comment, but according to a disclosure statement, the healthcare system says this year has been a transitional one, and it is trying everything from changing management to cutting jobs and improving patient services. Since 2012, the hospital has cut more than 1,000 jobs. It says part of the reason for the deficit is a decline in reimbursements from federal and state health insurance programs and other revenue sources.

Wake Forest Baptist employs around 13,000 people and is Forsyth County's largest employer.

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