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Novant Health’s profits rose 115% in 2016

Novant Health’s net income for 2015 rose 115 percent to $412.8 million on operating revenue of $4.3 billion, the Winston-Salem-based hospital system said Monday. Pictured: The facade of Presbyterian Hospital located at 200 Hawthorne Lane Charlotte.
Novant Health’s net income for 2015 rose 115 percent to $412.8 million on operating revenue of $4.3 billion, the Winston-Salem-based hospital system said Monday. Pictured: The facade of Presbyterian Hospital located at 200 Hawthorne Lane Charlotte. ROBERT LAHSER - rlahser@charlott

Novant Health’s net income for 2015 rose 115 percent to $412.8 million on operating revenue of $4.3 billion. That compares with the private, nonprofit system’s 2015 net income of $191.6 million on operating revenue of $4.1 billion.

The Winston-Salem-based hospital system, which serves about 4 million patients annually, reported 2016 operating income of $258.8 million, partially offset by income tax expenses of $3.4 million.

Financial results in 2015 were marred by investment losses of $60 million. But in 2016, the system reported $151 million in investment income.

In a news release, the system said it used 2016’s “strong” results to pay down about $350 million of debt. In addition, last year it gave all of its employees more than $83 million in total bonuses.

Novant said outpatient visits continued to grow last year as patients increasingly seek to proactively manage their health. Physician visits rose 6.8 percent from 2015, while inpatient visits were flat.

The system provided more than $725.5 million in community benefit in 2016, including charity care and services. That was an increase from $706.3 million in 2015.

Novant employs more than 1,500 physicians and more than 25,000 employees in 470 locations, including 14 hospitals in four states, which includes four in Mecklenburg County.

Deon Roberts: 704-358-5248, @DeonERoberts

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