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Novant net falls, $160.5 million loss in investment portfolio

Novant Health today announced 2018 audited financial results for the year ended Dec. 31. For 2018, Novant Health reported net income of $94.0 million on operating revenues of nearly $5 billion, compared to $477.9 net income revenue of $4.6 billion last year.

There was a sharp difference in investment income: A loss of $160.5 million last year vs. a gain of $307.8 million in 2017.

Fiscal year 2018 net income, also referred to as excess of revenues over expenses, was comprised of $272.2 million in operating income, $178.2 million in nonoperating losses, including investment losses of $160.5 million. The 2018 financial results compare with 2017 operating income of $174.4 million, $303.4 million in nonoperating income, which includes investment income of $307.8 million and nonoperating loss of $4.3 million

The not-for-profit health system also reported $883.7 million in total community benefit (including financial assistance and unpaid cost of Medicare and Medicaid), up from $794.4 million in 2017. Novant Health provided $154.7 million in financial assistance to members of our communities in 2018.

In 2018, the unreimbursed costs to provide healthcare services to Medicare and Medicaid patients were $516.8 million and $141.8 million, respectively.

Carl S. Armato, president and CEO of Novant, said team members delivered remarkable care and invested in communities in 2018.”

“With our more than $883 million in community benefit, we focused our efforts on offering free health education programs, as well as free community care initiatives and services. We also recognized that health is determined by much more than just access to quality healthcare,” Armato said.

Last year was an opportunity to highlight resiliency in the health care industry, said Fred Hargett, Novant Health chief financial officer. Novant Health focused on engaging its providers in the mission to provide a remarkable patient experience and continued to invest in team member engagement to enable top patient care and experience.

“With a healthy balance sheet, Novant Health continues to invest in team members,” said Hargett. “As a financially strong organization, we can provide not only for our community, but for our people. While the pace of change continues in state and federal regulations, our team members are dedicated to their patients despite the uncertainty in our industry. Novant Health is committed to building a resilient workforce so team members can focus on caring for our communities.”

In 2018, capital investments totaled $390.8 million including ongoing investments in technology and the completion of Novant Mint Hill Medical Center.

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