Novant Medical Group Inc
- Assets
- $0.0
- Revenue
- $105.5m
- Investments
- $0.0
- Employees
- 8,628
- Location
- Winston Salem, NC
- Founding
- 07/1987
- Data as of
- 01/2024
- EIN
- 58-1728803
Organization Overview
Novant Medical Group Inc, operating under the name Novant Health Medical Group, is located in Winston Salem, NC. The organization was established in 1987. According to its NTEE Classification (E30) the organization is classified as: Ambulatory & Primary Health Care, under the broad grouping of Health Care and related organizations. As of 12/2023, Novant Health Medical Group employed 8,628 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Novant Health Medical Group is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 01/2024, Novant Health Medical Group generated $105.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (21.2%) each year. All expenses for the organization totaled $123.6m during the year ending 01/2024. As we would expect to see with falling revenues, expenses have declined by (20.5%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2024
Describe the Organization's Mission:
Part 3 - Line 1
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
NOVANT MEDICAL GROUP OFFERS VARIOUS PHYSICIAN SERVICES TO THE COMMUNITY AT MULTIPLE LOCATIONS. NOVANT MEDICAL GROUP PROVIDED 4,850,149 PATIENT ENCOUNTERS DURING 2023. THE ORGANIZATION'S OPERATIONS SERVE THE COMMUNITY BY PROVIDING ACCESS TO MUCH NEEDED HEALTHCARE SERVICES REGARDLESS OF THE PATIENTS' ABILITY TO PAY.
NOVANT MEDICAL GROUP OFFERS VARIOUS PHYSICIAN SERVICES TO THE COMMUNITY AT MULTIPLE LOCATIONS. THE ORGANIZATION'S OPERATIONS SERVE THE COMMUNITY BY PROVIDING ACCESS TO MUCH NEEDED HEALTHCARE SERVICES REGARDLESS OF THE PATIENTS' ABILITY TO PAY. 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carl Armato Trustee (fr 1/1/23), Pres/ceo Nh | Trustee | 0.2 | $0 |
Daniel Murphy MD Chair | OfficerTrustee | 0.2 | $0 |
Danielle Squires Trustee | Trustee | 0.2 | $0 |
Douglas Young PHD Secr/treas (to 12/31/23) | OfficerTrustee | 0.2 | $0 |
Joseph Ely Vice Chair | OfficerTrustee | 0.2 | $0 |
Pamela Oliver MD Trustee, Evp, Pres Phys Ntwrk | OfficerTrustee | 0.2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Novant Health Gohealth Urgent Care Management Services | 12/30/23 | $39,000,000 |
Spectrum Medical Group Pa Health Services | 12/30/23 | $7,241,492 |
Red Ventures Llc Marketing Services | 12/30/23 | $6,977,634 |
Convergeone Inc Consulting | 12/30/23 | $3,137,261 |
Laboratory Corporation Of America Holdin Lab Services | 12/30/23 | $3,414,822 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $6,462 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $11,839 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $18,301 |
| Total Program Service Revenue | $105,170,788 |
| Investment income | -$3,910 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $163,388 |
| Net Gain/Loss on Asset Sales | -$229,777 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $105,546,529 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $57,980 |
| Grants and other assistance to domestic individuals. | $11,839 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,229,911 |
| Compensation of current officers, directors, key employees. | $1,229,911 |
| Compensation to disqualified persons | $866,310 |
| Other salaries and wages | $74,711,200 |
| Pension plan accruals and contributions | $3,905,616 |
| Other employee benefits | $8,839,005 |
| Payroll taxes | $5,983,304 |
| Fees for services: Management | $3,000,000 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,453,116 |
| Advertising and promotion | $32,164 |
| Office expenses | $1,145,288 |
| Information technology | $207,818 |
| Royalties | $0 |
| Occupancy | $6,276,693 |
| Travel | $216,708 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $55,806 |
| Interest | $248,337 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,514,348 |
| Insurance | $1,134,359 |
| All other expenses | $1,261,843 |
| Total functional expenses | $123,563,762 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $135,329,219 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,961,366,514 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $0 |
Grants Awarded
Over the last fiscal year, Novant Medical Group Inc has awarded $38,500 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
MARCH OF DIMES FOUNDATION PURPOSE: COMMUNITY OUTREACH | $31,000 |
NORTH CAROLINA INSTITUTE OF MEDICINE PURPOSE: COMMUNITY OUTREACH | $7,500 |