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Novant Health reports 2019 audited financial results


WINSTON-SALEM, N.C. – Novant Health today announced 2019 audited financial results for the year ending December 31. For 2019, Novant Health reported net income of $523.5 million on operating revenues of $5.43 billion. Operating expenses rose 12.0% in 2019 to $5.28 billion.

The not-for-profit health system also reported more than $993.2 million in total community benefit (including financial assistance and unpaid cost of Medicare and Medicaid), up from $883.7 million in 2018. Novant Health provided $152.3 million in financial assistance to members of our communities in 2019.

Fiscal year 2019 net income, also referred to as excess of revenues over expenses, was comprised of $155.5 million in operating income and $368.0 million in non-operating income, including investment income of $378.5 million. The 2019 financial results compare with 2018 operating income of $272.2 million and $178.2 million in non-operating losses.

In 2019, the unreimbursed costs to provide healthcare services to Medicare and Medicaid patients were $603.7 million and $171.5 million, respectively.

Novant Health also spent $413.4 million on capital projects in fiscal 2019, compared to $390.8 million in 2018.

Financial summary (in millions of dollars) 

 

2019

2018

 Operating revenues

 $5,434.9

 $4,985.9 

 Operating expenses

 $5,279.4

 $4,713.7 

 Operating income

  $155.5

  $272.2

 Investment income (loss)

 $378.5

 ($160.5)

 Other non-operating income (expense)

($10.5)

 ($17.7)

 Net income

$523.5

 $94.0

 

Posted on Friday, March 27, 2020
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