Novant expands into new areas with streak of mergers and acquisitions

Novant Health, based in Winston-Salem, N.C., has recently expanded its presence across the Carolinas through a series of acquisitions, indicating a growing focus on outpatient services.

The healthcare provider has joined forces with MedQuest Associates to acquire 18 imaging locations from OrthoCarolina, a significant orthopedic group in the region. This deal encompasses both fixed and mobile MRI facilities in the Triad and Charlotte regions, Laurinburg, N.C., Fort Mill, S.C., and other important markets.

Novant’s collaboration with MedQuest to enhance imaging services nationally marks a crucial milestone in its strategy to enhance patient care accessibility. The transition of operations at the newly acquired sites to MedQuest will ensure the continuation of services while OrthoCarolina remains involved during the transition period.

Dean Swindle, the executive vice president at Novant, emphasized the primary objective of offering enhanced value to patients by improving the accessibility of imaging services through this acquisition. The OrthoCarolina deal comes in the wake of a series of strategic moves by Novant to consolidate its regional presence, particularly in South Carolina, where it has expanded into urgent care, physical therapy, and hospital services.

Novant’s acquisition of UCI Medical Affiliates in South Carolina, which included 52 Doctors Care urgent care centers and 20 Progressive Therapy Clinics, has significantly widened its provider network and increased accessibility to healthcare services across various communities. The objective is to introduce Novant to more areas of the state in alignment with its commitment to providing quality care.

In a noteworthy transaction in 2024, Novant acquired three hospitals and affiliated physician clinics from Tenet Healthcare, positioning itself as a key player in the region. This acquisition highlights Novant’s strategic focus on ambulatory care models tailored to meet community needs effectively across various locations.

Furthermore, Novant is enhancing its orthopedic services portfolio by integrating several practices into its system, reinforcing its commitment to diversified, specialty care offerings in high-demand areas like imaging and orthopedics.

Novant’s CFO, Alice Pope, has been instrumental in steering the organization through this growth phase, with the company surpassing $10 billion in revenue in 2024. Pope highlighted the significance of organic growth and the strategic focus on expanding into new markets to achieve the organization’s revenue target of $30 billion.

To support its growth strategy, Novant is mobilizing traditional and alternative sources of capital to fuel its expansion, especially in South Carolina. The emphasis is on building robust leadership teams and ensuring seamless integration across all entities acquired, emphasizing the importance of strong leadership and operational alignment within the organization.