WINSTON-SALEM, N.C. – Novant Health today announced audited financial results for the year ending Dec. 31, 2024, reporting $919.8 million of net income, or excess of revenues over expenses, on operating revenues of almost $10.2 billion.
The fiscal year 2024 net income included $556.3 million in operating income and $363.5 million in nonoperating income. Nonoperating income includes investment income of $358.9 million.
“Novant Health achieved historic financial performance in 2024, empowering us to make significant investments in our teams and the communities we serve, while also expanding access to care,” said Alice Pope, executive vice president and chief financial officer, Novant Health. “Because of our continued organizational growth and sound stewardship of our resources, we are well-positioned to extend our remarkable care to more communities across the Southeast.”
Investing in communities
As a nonprofit health system, Novant Health has crafted a robust financial assistance policy. That policy is a cornerstone of Novant Health’s culture and helps the organization care for all patients, regardless of their ability to pay.
In 2024, Novant Health provided more than $1.6 billion in total community benefit, which includes financial assistance and unpaid cost of Medicare and Medicaid. Novant Health also announced its participation in Healthcare Access and Stabilization Program (HASP), which increases reimbursements for all Medicaid claims and helps hospitals address the significant financial challenges that impact access to care.
Early in the year, Novant Health, Novant Health Foundation and Humana launched an important initiative to address social drivers of health, which are the life circumstances and environments that impact a person’s health and well-being. The yearlong initiative helped tackle food insecurity and improve access to health resources for North Carolinians.
In southeastern North Carolina, Novant Health also rolled out a new mobile mammography unit to provide equitable and easy access to breast cancer screenings at convenient locations and during community events to help save lives.
In May, Novant Health once again teamed up with Michael Jordan to open a third Novant Health Michael Jordan Family Medical Clinic, in his hometown of Wilmington. This clinic brings much-needed comprehensive primary care services to the area, including to people who are uninsured or underinsured.
In South Carolina, Novant Health announced a transformative workforce housing initiative on Hilton Head Island to address the urgent need for affordable housing for the area’s essential workers. The health system also donated $1 million to the Coastal Community Development Corporation to build more affordable housing in the region.
And last fall, Novant Health responded quickly and vigorously to support the people of Western North Carolina following the devastation of Hurricane Helene. The response included on-demand virtual care services at no cost for Western North Carolina residents, the deployment of a mobile clinic and pharmacy and opening a shelter in Buncombe County in partnership with the local Red Cross for those affected by the storm.
Expanding access to care
As part of its work to create a healthier future, Novant Health continued to expand access to care in the communities it serves.
In February, building on its commitment to patients in South Carolina, Novant Health completed the purchase of three coastal hospitals and associated physician clinics and operations: East Cooper Medical Center in Mount Pleasant, Hilton Head Hospital in Hilton Head and Coastal Carolina Hospital in Hardeeville. Novant Health also acquired UCI Medical Affiliates and its 52 urgent care clinics and 20 physical therapy clinics across South Carolina, making Novant Health the largest urgent care provider in the state. Additionally, Novant Health announced plans in the fall of 2024 to build a new full-service, community hospital campus in Bluffton as part of a major healthcare hub.
On the coast of North Carolina, Novant Health opened the Scotts Hill Medical Plaza, expanding access to care for the residents of New Hanover and Pender counties. And thanks to a commitment of $2.7 million from the Novant Health New Hanover Regional Medical Center Foundation, a new Hospital at Home program was launched in the region.
In the Triad, Novant Health Kernersville Medical Center celebrated the opening of its new birth center, and in east Winston-Salem, a beloved neighborhood clinic expanded to open Novant Health Today’s Adult Primary Care. In Rural Hall, Novant Health made access to urology and weight-loss specialty care more convenient with the opening of new urology and bariatric solutions clinics.
In Charlotte, Novant Health celebrated the expansion of the St. Jude Affiliate Clinic at Novant Health Hemby Children’s Hospital, which will ensure pediatric patients and their families continue to have access to the latest cancer treatments and research opportunities. The health system also opened the Novant Health Agnes Binder Weisiger Breast Health Center in Charlotte. The 13,500-square-foot facility is equipped with the latest in advanced technology and staff to provide truly comprehensive and coordinated care experience – from routine annual mammograms to diagnostic screenings to follow-up imaging and/or biopsies.
Advancing care
Novant Health continued to advance the care it provides across the health system, ensuring that patients receive the safest, highest quality care. Those advances included:
- Novant Health New Hanover Regional Medical Center announced a significant advancement in brain cancer treatment with GammaTile, a targeted radiation therapy to treat brain tumors.
- Novant Health launched a state-of-the-art robotic and AI lung cancer biopsy technology at the Novant Health Weisiger Cancer Institute in Charlotte.
- Novant Health opened a new heart failure and pulmonary hypertension clinic in the Triad.
- The Novant Health Heart & Vascular Institute introduced pulsed field ablation, a next generation treatment for AFib patients.
- Charlotte civic leader and breast cancer survivor Cathy Bessant established the Novant Health Catherine P. Bessant Endowed Chair - Breast Health, supporting transformative initiatives in cancer training, research and care.
- Novant Health New Hanover Orthopedic Hospital adopted the TMINI Miniature Robotic System for knee surgery.
- A new simulation lab was opened in Wilmington to support physicians training at its residency programs.
Building transformational relationships
Novant Health develops and fosters strategic relationships to enhance and strengthen its efforts to create a healthier future.
In 2024, Novant Health Enterprises, a division of Novant Health created to accelerate clinical, operational and technological advances, launched MedVenta Health Solutions. MedVenta is a transformative, provider-led pharmacy solutions company that partners with patients and care teams to better meet their healthcare needs and advance value-based care.
In response to the growing number of people 65 and older, Novant Health partnered with Ochsner to open the Ochsner and Novant Health 65 Plus - Okatie clinic, near Hilton Head. Clinic patients enjoy extended one-on-one time with their primary care doctors and services beyond traditional medical services, including social and wellness opportunities like fitness classes, health coaching and more.
Novant Health also joined other health systems to form Longitude Health, a new organization that aims to revolutionize the way health systems operate, delivering impactful change for patients and communities across the country. The organization will identify, develop and implement key performance solutions and capabilities to deliver high-quality, affordable health care to patients and improve access and the patient experience.
2024 financial summary (in millions of dollars)
- Operating revenues: $10,173.6
- Operating expenses: $9,617.3
- Operating income: $556.3
- Investment income: $358.9
- Other nonoperating income: $4.5
- Net income: $919.8
About Novant Health
Novant Health is an integrated network of more than 900 locations, including 19 hospitals, more than 750 physician clinics and urgent care centers, outpatient facilities, and imaging and pharmacy services. This network supports a seamless and personalized healthcare experience for communities in North Carolina and South Carolina. Novant Health is nationally recognized for our unwavering commitment to safety and the highest quality care, and we serve as a catalyst for healthcare transformation through clinical trials, leading-edge research, innovative care delivery models and robust virtual care networks. The expertise and empathy of our more than 40,000 team members along with more than 8,500 independent and employed clinicians are at the heart of Our Cause as industry leaders caring for communities across the Carolinas. In 2024, Novant Health provided more than $1.6 billion in community benefit, including financial assistance and services.
For more information, visit NovantHealth.org. Follow Novant Health on Facebook, Instagram, X and LinkedIn.
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