ROWAN REGIONAL MEDICAL CENTER FOUNDATION INC

Financial Trends

Organization Details

ROWAN REGIONAL MEDICAL CENTER FOUNDATION INC, founded in 1984, is a community nonprofit in the Health Care sector that reported $2.6M in total revenue in fiscal year 2024. Revenue fell 46% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $1.0M, a strong 40% operating margin.

Mission

NOVANT HEALTH, INC. IS A NON-PROFIT INTEGRATED NETWORK OF MORE THAN 900 LOCATIONS, INCLUDING 19 MEDICAL CENTERS, MORE THAN 750 PHYSICIAN CLINICS AND URGENT CARE CENTERS, OUTPATIENT FACILITIES, AND IMAGING AND PHARMACY SERVICES. NOVANT HEALTH'S MORE THAN 40,000 TEAM MEMBERS ALONG WITH MORE THAN 8,500 INDEPENDENT AND EMPLOYED CLINICIANS CARE FOR PATIENTS AND COMMUNITIES IN NORTH CAROLINA AND SOUTH CAROLINA. THE NOVANT HEALTH INTEGRATED HEALTHCARE SYSTEM OPERATES TO CARRY OUT ITS CHARITABLE MISSION OF IMPROVING THE HEALTH OF COMMUNITIES IT SERVES AND MAKING HEALTHCARE REMARKABLE FOR PATIENTS. NOVANT HEALTH ACCOMPLISHES THAT MISSION BY PROVIDING AND SUPPORTING EXCELLENT HEALTHCARE FACILITIES AND PHYSICIAN PRACTICES AND BY MAKING A COMMITMENT TO COMMUNITY OUTREACH/SERVICE THROUGH THE PROVISION OF COMMUNITY BENEFIT PROGRAMS. BY BRINGING TOGETHER WORLD-CLASS TECHNOLOGY AND CLINICIANS TO PROVIDE QUALITY CARE, NOVANT HEALTH IS COMMITTED TO CREATING A HEALTHCARE EXPERIENCE THAT IS SIMPLER, MORE CONVENIENT AND MORE AFFORDABLE SO PATIENTS CAN FOCUS ON GETTING BETTER AND STAYING HEALTHY. IN 2024, NOVANT HEALTH PROVIDED MORE THAN 7 MILLION PATIENT VISITS AND OVER $1.6 BILLION OF COMMUNITY BENEFIT EXPENDITURES SYSTEM-WIDE. ROWAN REGIONAL MEDICAL CENTER FOUNDATION ("RRMCF") IS AN INTEGRAL PART OF THE NOVANT HEALTH. RRMCF, DOING BUSINESS AS NOVANT HEALTH ROWAN MEDICAL CENTER FOUNDATION, EXISTS TO SEEK GRANTS, ACCEPT GIFTS, INVEST FUNDS, AND ADMINISTER DONATIONS IN SUPPORT OF NOVANT HEALTH ROWAN MEDICAL CENTER ("NHRMC"). RRMCF'S MISSION IS TO SUPPORT THE NOVANT HEALTH SYSTEM IN IMPROVING THE HEALTH OF OUR COMMUNITIES, ONE PERSON AT A TIME. RRMCF SUPPORTS PATIENTS, FAMILIES, CAREGIVERS, AND TEAM MEMBERS WITH PROGRAMS AND SERVICES PROVIDING EXPANDED CARE, TREATMENT AND PREVENTION OPTIONS AT NHRMC. RRMCF ALSO PROVIDES MISSION-ALIGNED GRANTS TO COMMUNITY PARTNERS THAT HELP SUPPLEMENT HEALTHCARE AND PREVENTION PROGRAMS FOR UNDERSERVED AND UNINSURED PATIENTS. ITS DIVERSE BOARD OF COMMUNITY LEADERS IN ROWAN COUNTY, NORTH CAROLINA PROVIDES STEWARDSHIP AND OVERSIGHT OF THE ORGANIZATION'S OPERATIONS AND ACTIVITIES. COMMUNITY OUTREACH IS A CRITICAL COMPONENT TO THE MISSION OF NOVANT HEALTH. THE HEALTHCARE SYSTEM PROVIDES HUNDREDS OF PROGRAMS THAT SERVE PATIENTS, NEIGHBORS, AND SOME OF THE COMMUNITIES' MOST VULNERABLE CITIZENS. NOVANT HEALTH ALSO PROVIDES FINANCIAL ASSISTANCE (I.E., CHARITY CARE) FOR ITS QUALIFIED UNINSURED PATIENTS, CATASTROPHIC SETTLEMENTS AND LONG-TERM PAYMENT PLANS TO MEDICALLY INDIGENT PATIENTS, SERVICES TO PATIENTS WITH MEDICARE, MEDICAID, AND OTHER GOVERNMENT MEDICAL PROGRAM COVERAGE (REIMBURSED AT LESS THAN COST), COMMUNITY HEALTH EDUCATION, SUPPORT GROUPS, SUBSIDIZED OUTREACH SERVICES, AND COMMUNITY EVENTS/SCREENINGS. IN ADDITION, NOVANT HEALTH PARTICIPATES IN MEDICAL RESEARCH, AS WELL AS ACADEMIC HEALTH PROGRAMS AND PARTNERSHIPS WITH A DIVERSE GROUP OF ORGANIZATIONS TO PROVIDE OTHER COMMUNITY INITIATIVES. NOVANT HEALTH IS ALSO COMMITTED TO SUPPORTING THE COMMUNITIES IT SERVES THROUGH CHARITABLE CONTRIBUTIONS TO COMMUNITY-BASED PROGRAMS THAT IMPROVE HEALTH EQUITY AND UPWARD MOBILITY FOR THOSE WHO NEED IT MOST. TOWARD THAT GOAL, NOVANT HEALTH INVESTS IN COMMUNITY-BASED PROGRAMS THAT ALIGN WITH ITS TWO INVESTMENT PRIORITIES OF DEVELOPING HEALTHY COMMUNITIES AND EXPANDING OPPORTUNITIES FOR HEALTHCARE EDUCATION. IN 2024, RRMCF'S GIFTS, GRANTS, AND EARNINGS FROM INVESTMENTS WERE USED TO SUPPORT MANY PATIENT AND COMMUNITY OUTREACH PROGRAMS. EXAMPLES OF FINANCIAL SUPPORT PROVIDED TO NHRMC INCLUDE: - TELEHEALTH SERVICES FOR MENTAL HEALTH IN ROWAN SALISBURY K-12 SCHOOLS TO ADDRESS THE RISING TIDE OF MENTAL HEALTH CRISIS CASES IN ROWAN COUNTY. RRMCF INVESTS IN EMERGENCY TELEHEALTH SERVICES FOR CRISES MANAGEMENT AND SUPPORT SERVICES DURING SCHOOL HOURS. BY REMOVING BARRIERS SUCH AS TRANSPORTATION, SCHEDULING CONFLICTS AND STIGMA, SCHOOL BASED MENTAL HEALTH SERVICES CAN HELP STUDENTS ACCESS NEEDED SERVICES DURING THE SCHOOL DAY. THESE SERVICES ARE AVAILABLE IN EVERY SCHOOL IN ROWAN COUNTY. - MAMMOGRAM SERVICES AND FOLLOW UP BREAST CARE FOR WOMEN IN ROWAN COUNTY. - TEAM MEMBER WELLNESS CENTER TO PROVIDE A GYM AND WELLNESS CENTER FOR NHRMC EMPLOYEES. - KISER FUNDING SUPPORT FOR NEW MEDICAL EQUIPMENT AND TRAINING TO IMPROVE PATIENT EXPERIENCE AND OUTCOMES. - OPERATIONAL FUNDING FROM CANCER FUNDS, WHICH PROVIDES EASE OF FINANCIAL BURDEN FOR CANCER PATIENTS BY ASSISTING WITH RENT, MORTGAGE, CAR PAYMENTS, UTILITIES AND MORE FOR PATIENTS UNDERGOING A CANCER BATTLE. - OPERATIONAL FUNDING FOR MOBILE CARE CRUISER, A HEALTH EQUITY INITIATIVE. ROWAN COUNTY RESIDENTS WITH LIMITED RESOURCES OR NO INSURANCE THAT HAVE DIFFICULTY PREVENTING SICKNESS OFTEN TURN TO THE EMERGENCY DEPARTMENTS AT OUR LOCAL HOSPITALS AS THEIR PRIMARY SOURCE OF HEALTHCARE. MOBILE CRUISERS OFFER COST EFFECTIVE PREVENTION SERVICES THAT ALLOW PEOPLE TO LIVE LONG AND HEALTHY LIVES AND ELIMINATE BARRIERS TO HEALTHCARE ACCESS. WITH THE MOBILE CARE CRUISER, MEDICAL CARE IS TAKEN DIRECTLY TO OUR PATIENTS, RIGHT WHERE THEY LIVE AND WORK. - EXPANSION FUNDING FOR THE CARDIO-PULMONARY REHABILITATION PROGRAM, A MEDICALLY SUPERVISED WELLNESS PROGRAM IMPROVING THE SURVIVAL IN PATIENTS AFFLICTED WITH HEART DISEASE BY MORE THAN 50%. EXPANSION FUNDING COVERS THE COMPLETION/UPFIT OF NEW SPACE INTO A STATE-OF-THE-ART FACILITY, WELLNESS SERVICES TO IMPROVE OUTCOMES FOR CANCER PATIENTS/SURVIVORS, HIRING NEW TEAM MEMBERS DEDICATED TO THE PROGRAM, AND PROVIDING SCHOLARSHIPS FOR UNDER-PRIVILEGED PATIENTS. - OPERATIONAL FUNDING FOR HOSPICE HOUSE AND IN-KIND DONATIONS OF SPECIAL CARE ITEMS FOR PATIENTS AND THEIR FAMILIES. - COLLEGE SCHOLARSHIPS FOR STUDENTS ENTERING THE FIELD OF HEALTHCARE STUDIES. - OPERATIONAL FUNDING FOR THE BRIDGES TO HEALTHCARE PROGRAM, PROVIDING PAID HEALTHCARE-RELATED INTERNSHIPS TO HIGH-PERFORMING HIGH SCHOOL STUDENTS IN UNDERREPRESENTED COMMUNITIES IN ROWAN COUNTY. THIS PROGRAM AIMS TO HELP CLOSE SKILL AND WEALTH GAPS, INCREASE ECONOMIC MOBILITY, INCREASE THE PIPELINE OF SKILLED HEALTHCARE STAFF AND ENCOURAGE DIVERSITY AND INCLUSION IN THE WORKPLACE. - OPERATIONAL FUNDING FOR UPWARD MOBILITY FUND, A WORKFORCE INITIATIVE. THROUGH THE UPWARD MOBILITY RN SCHOLARSHIP PROGRAM, RRMCF SUPPORTS HIGHLY SKILLED TEAM MEMBERS WITH CAREER GOALS, WHILE PROVIDING A LIVING WAGE THAT RAISES THE PARTICIPANT OUT OF POVERTY. EACH TEAM MEMBER PARTICIPANT RECEIVES UP TO TWO YEARS OF UPFRONT COVERAGE OF TUITION AND FEES FOR AN ACCREDITED NURSING PROGRAM LEADING TO LICENSURE AS A REGISTERED NURSE, FLEXIBILITY OF WORKING A REDUCED SCHEDULE WITHOUT A REDUCTION IN PAY, TIME TO STUDY, CAREER COACHING AND MENTORSHIP. - NURSING CERTIFICATIONS, ENABLING NURSES TO BE CERTIFIED IN THEIR FIELD OF STUDY. - OPERATIONAL FUNDING FOR NOVANT HEALTH'S EMPLOYEE EMERGENCY FUND, SUPPORTING RENT & UTILITY PAYMENTS AND GROCERIES FOR TEAM MEMBERS FACING EMERGENCIES OR OTHER FINANCIAL CHALLENGES. - OPERATIONAL FUNDING FOR THE NHRMC TEAM CARE FUND THAT PROVIDES ON-SITE SUPPORT FOR OUR NHRMC TEAM MEMBERS, INCLUDING FOUR RESPITE ROOMS THAT ALLOW TEAM MEMBERS TO TAKE MENTAL HEALTH BREAKS.

Financial Overview (2024)

Year-over-Year Comparison

Governance

Special Practices & Reported Activities

Compensation of Officers, Directors & Key Employees

Historical Data