Novant Health reports drop in net income to $273 million in 2013
03/31/2014 4:12 PM
03/31/2014 6:48 PM
Novant Health, the Winston-Salem-based health care system that owns four Mecklenburg County hospitals, reported Monday that its net income fell slightly in 2013 to $273 million, including $110 million from operating income and $163 million from investment gains.
That compares with 2012, when the system reported $274 million in net income. Overall, net operating revenue rose to $3.59 billion in 2013 from $3.55 billion in 2012.
Novant owns 15 hospitals, and it employs 1,200 physicians and 26,000 other workers in North Carolina, South Carolina, Virginia and Georgia. In Mecklenburg, that’s Presbyterian Medical Center, Charlotte Orthopaedic Hospital, Matthews Medical Center and Huntersville Medical Center.
The hospital system provided more than $566 million in “community benefit” in 2013, including $129 million in free care to uninsured and underinsured patients.
As a nonprofit system, Novant retains its earnings and reinvests them in expansion and improvements. As part of a $600 million investment, the system completed the rollout of its electronic records project to all physician clinics in 2013. Presbyterian was the first of the system’s hospitals to make the transition last fall. Others will be converted by 2015.
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