WINSTON-SALEM, N.C. – Novant Health today announced 2019 audited financial results for the year ending December 31. For 2019, Novant Health reported net income of $523.5 million on operating revenues of $5.43 billion. Operating expenses rose 12.0% in 2019 to $5.28 billion.
The not-for-profit health system also reported more than $993.2 million in total community benefit (including financial assistance and unpaid cost of Medicare and Medicaid), up from $883.7 million in 2018. Novant Health provided $152.3 million in financial assistance to members of our communities in 2019.
Fiscal year 2019 net income, also referred to as excess of revenues over expenses, was comprised of $155.5 million in operating income and $368.0 million in non-operating income, including investment income of $378.5 million. The 2019 financial results compare with 2018 operating income of $272.2 million and $178.2 million in non-operating losses.
In 2019, the unreimbursed costs to provide healthcare services to Medicare and Medicaid patients were $603.7 million and $171.5 million, respectively.
Novant Health also spent $413.4 million on capital projects in fiscal 2019, compared to $390.8 million in 2018.
Financial summary (in millions of dollars)
|
|
2019 |
2018 |
|
Operating revenues |
$5,434.9 |
$4,985.9 |
|
Operating expenses |
$5,279.4 |
$4,713.7 |
|
Operating income |
$155.5 |
$272.2 |
|
Investment income (loss) |
$378.5 |
($160.5) |
|
Other non-operating income (expense) |
($10.5) |
($17.7) |
|
Net income |
$523.5 |
$94.0 |
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