NOVANT MEDICAL GROUP INC

Financial Trends

Organization Details

NOVANT MEDICAL GROUP INC, founded in 1987, is a major nonprofit that reported $105.5M in total revenue in fiscal year 2023. Revenue fell 92% from the prior year — a significant decline worth monitoring. Expenses of $123.6M exceeded revenue, resulting in a 17% operating deficit.

Mission

NOVANT HEALTH IS A NON-PROFIT INTEGRATED HEALTHCARE SYSTEM OF 15 MEDICAL CENTERS WITH MORE THAN 35,000 EMPLOYEES AND 1,800 PHYSICIANS IN OVER 800 LOCATIONS, AS WELL AS NUMEROUS OUTPATIENT SURGERY CENTERS, MEDICAL PLAZAS, REHABILITATION PROGRAMS, DIAGNOSTIC IMAGING CENTERS AND COMMUNITY HEALTH OUTREACH PROGRAMS. HEADQUARTERED IN WINSTON-SALEM, NORTH CAROLINA, NOVANT HEALTH'S TEAM MEMBERS AND PHYSICIAN PARTNERS CARE FOR PATIENTS AND COMMUNITIES IN NORTH CAROLINA, SOUTH CAROLINA AND GEORGIA. 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 ADDITION TO PROVIDING A HIGH QUALITY, COMPREHENSIVE CATALOG OF HEALTHCARE SERVICES, NOVANT HEALTH OFFERS A ROBUST PATIENT FINANCIAL ASSISTANCE PROGRAM, WORKING WITH ITS PATIENTS TO ASSIST WITH ESTABLISHING REASONABLE PAYMENT PLANS, DISCOUNTING PATIENT BILLS, AND PROVIDING FREE CARE FOR THOSE THAT QUALIFY UNDER ITS FINANCIAL ASSISTANCE POLICY. NOVANT MEDICAL GROUP, INC., DOING BUSINESS AS NOVANT HEALTH MEDICAL GROUP ("NHMG"), IS A PHYSICIAN-LED ORGANIZATION COMPRISED OF OVER 2,000 PHYSICIANS AND ADVANCED PRACTICE CLINICIANS AT MORE THAN 700 CLINIC LOCATIONS IN NORTH CAROLINA AND SOUTH CAROLINA. MEDICAL GROUP PHYSICIAN SPECIALISTS HAVE ADVANCED TRAINING IN AREAS SUCH AS CARDIOLOGY, OBSTETRICS AND GYNECOLOGY, ENDOCRINOLOGY, PEDIATRICS, NEUROLOGY, ORTHOPEDICS, OTOLARYNGOLOGY (I.E., EAR, NOSE AND THROAT DISORDERS) AND MANY MORE. NHMG LEADS THE COUNTRY IN FOCUS ON PATIENT SAFETY IN A MEDICAL GROUP SETTING. OTHER KEY ACCOMPLISHMENTS OF NHMG INCLUDE ANTIBIOTIC STEWARDSHIP, PATIENT SAFETY COACHES, PDSA CYCLES FOCUSED ON SAFETY, AND A GROWING ACKNOWLEDGMENT OF SAFETY IMPROVEMENT OPPORTUNITIES. NHMG FOLLOWS AN ARRAY OF QUALITY METRICS AND CONTINUES TO IMPROVE AND PERFORM WELL, WITH PARTICULAR PROGRESS BEING SEEN IN MANAGEMENT OF DIABETES, IMPROVEMENT IN HEALTH MAINTENANCE, AND ANNUAL HEALTH SCREENINGS. COMMUNITY OUTREACH 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 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 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 INVESTS IN COMMUNITY-BASED PROGRAMS THAT ALIGN WITH ITS TWO INVESTMENT PRIORITIES OF DEVELOPING HEALTHY COMMUNITIES AND EXPANDING OPPORTUNITIES FOR HEALTHCARE EDUCATION. ACCREDITATION ALL NOVANT HEALTH MEDICAL GROUP CLINICS HAVE BEEN FULLY ACCREDITED BY THE JOINT COMMISSION, AN INDEPENDENT ORGANIZATION THAT EVALUATES A HEALTHCARE ORGANIZATION'S PERFORMANCE IN AREAS THAT MOST AFFECT PATIENT HEALTH AND SAFETY. IN JANUARY 2024, THE ORGANIZATION CONVERTED TO A LIMITED LIABILITY COMPANY WHOLLY OWNED BY NOVANT HEALTH, INC, A TAX-EXEMPT HEALTHCARE ORGANIZATION, AND ALL CONTINUING OPERATIONS ARE REPORTED ON NOVANT HEALTH, INC.'S FORM 990.

Financial Overview (2023)

Year-over-Year Comparison

Governance

Special Practices & Reported Activities

Compensation of Officers, Directors & Key Employees

Historical Data