Novant Health Spins Out Incubator Business Unit
North Carolina-based nonprofit integrated health system Novant Health is launching an independent business unit, Novant Health Enterprises (NHE), which is envisioned as an incubator to accelerate the development of solutions that promise to unlock clinical, financial and patient value at scale.
Winston-Salem-based Novant Health serves communities in North Carolina, South Carolina and Georgia. Its network consists of more than 1,800 physicians and over 35,000 employees who provide care at nearly 800 locations, including 15 hospitals and hundreds of outpatient facilities and physician clinics.
Operating as an independent business entity, NHE will better enable partnerships with other healthcare organizations, create diversified growth and generate value for Novant Health's core business, the organization said. Some of Novant Health's existing services will move over into this new division, and additional service offerings will be developed and acquired. NHE will accelerate the improvements Novant Health is making through its investments and partnerships focused on clinical, operational and technological advancements.
The new venture will focus on three core areas over the next five years: developing transformational clinical capabilities, continued expansion into non-acute settings, and commercializing differentiating digital solutions.
"Novant Health has long been at the forefront of innovation in health care, pioneering solutions internally and through unconventional partnerships to solve the industry's biggest challenges. This forward-thinking has enabled us to reimagine the patient experience, advance the quality and capability of care and be named the safest health care system in the region," said Carl S. Armato, president and CEO, Novant Health, in a statement. "I can't wait to see what a unique entity such as Novant Health Enterprises will incubate, innovate and accelerate as we leverage technological innovation to create better outcomes for our patients, providers and communities."
Novant Health Enterprises will be led by Dean Swindle, who will serve as executive vice president of Novant Health and president of this new division. Swindle has served as a strategic advisor for Novant Health since 2020. He previously served as president of enterprise business lines and chief financial officer at CommonSpirit Health and Catholic Health Initiatives (CHI) from 2010 to 2019. Before CHI, he served in a variety of leadership roles at Novant Health, including senior vice president of finance; executive vice president and chief financial officer; and president, ambulatory services and chief financial officer.
Angela Yochem will serve as chief operating officer and general manager of Novant Health Enterprises in addition to her current role as Novant Health executive vice president and chief transformation and digital officer.
"As most of us have witnessed in the healthcare industry, the events of the past two years have underscored the value that technology and transformational capabilities can bring to patient care,” Swindle said in a statement. “Novant Health Enterprises has never been more confident in the potential for technological innovation to alleviate the most pressing problems in health care and we are excited to get started."
Novant Health Enterprises said it would continue to develop the operating framework and strategic plans over the course of the next year.
