Novant Health said Monday it made $477.9 million in net income last year, an increase of nearly 5 percent from the year before.
In reporting audited financial results, the Winston-Salem-based nonprofit hospital system said it had $4.59 billion in operating revenues, up from $4.34 billion.
Novant, whose facilities include Presbyterian Hospital in Charlotte, competes with much larger rival Atrium Health. Formerly known as Carolinas HealthCare, that Charlotte-based nonprofit reported having net income of almost $1.1 billion on net operating revenue of nearly $10 billion last year.
Both systems every year provide what are known as "community benefits," including free care and un-reimbursed costs to provide health care to Medicare and Medicaid patients.
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Novant disclosed community benefits of $794.4 million last year, up from $725.5 million in 2016.
In a statement, Carl Armato, who has led the system since 2012, also noted Novant awarded more than $111 million in bonus income to employees last year.
Also last year, Novant said it spent $286 million on capital investments, including ongoing construction of Novant Health Mint Hill Medical Center, which is scheduled to open in the fall. The system is also adding 48 beds to Novant Health Huntersville Medical Center.