Winston-Salem, N.C.-based Novant Health has made a string of recent acquisitions to expand its footprint across the Carolinas, with its latest acquisition signaling a deepening focus on outpatient care.
In its newest transaction, Novant Health, in partnership with MedQuest Associates, has signed an agreement to acquire 18 imaging locations from OrthoCarolina, one of the largest orthopedic groups in the region. The deal includes both fixed and mobile MRI assets spanning the Triad and Charlotte regions, Laurinburg, N.C., Fort Mill, S.C., and other key markets.
The agreement marks another step in Novant’s broader strategy to scale imaging services through MedQuest — a company it committed to expanding nationally just two years ago. Day-to-day operations of the acquired locations will transition to MedQuest, while OrthoCarolina will remain involved in patient care during a transition period to ensure service continuity.
“Novant Health is always looking for new ways to offer more value to our patients and make important services like imaging more accessible,” Dean Swindle, executive vice president and chief strategy officer, Novant, and president of Novant Health Enterprises, said in an April 1 news release. “This new agreement is another step in our journey to make imaging services more affordable.”
The OrthoCarolina acquisition follows a series of strategic moves by Novant to solidify its regional presence — particularly in South Carolina, where it has made a decisive push into urgent care, physical therapy and hospital operations.
In November, Novant acquired UCI Medical Affiliates from Blue Cross and Blue Shield of South Carolina, a transaction that included 52 Doctors Care urgent care centers and 20 Progressive Therapy Clinics, expanding its provider network across dozens of communities. With nearly 200 clinicians joining the system through that deal, Novant significantly broadened its access points in the state.
“While some of the communities served by Doctors Care and Progressive Physical Therapy clinics are already familiar with Novant Health, we look forward to introducing ourselves … to even more areas of the state,” Mr. Swindle said at the time.
Earlier in 2024, Novant made headlines with its $2.4 billion acquisition of three South Carolina hospitals and affiliated physician clinics from Dallas-based Tenet Healthcare, cementing its position as a major regional player. The hospitals included:
- East Cooper Medical Center (Mount Pleasant, S.C.)
- Hilton Head (S.C.) Hospital
- Coastal Carolina Hospital (Hardeeville, S.C.)
That deal aligned with Novant’s strategic focus on “asset-light, ambulatory-focused” care models, a theme echoed by South Carolina Region President Jason Bernd, who told Becker’s the goal is to provide care “at the right cost, at the right location, convenient for patients in these communities.”
Novant has also been steadily building its orthopedic services portfolio, recently adding several practices including Leighton Orthopedics & Sports Medicine in Supply, N.C.;, Southeastern Spine Institute in Mount Pleasant, S.C.; and Carolina Family Practice & Sports Medicine in Raleigh, N.C.
Novant’s recent acquisitions demonstrate how health systems are using targeted acquisitions to strengthen outpatient services, scale access to specialty care and diversify revenue through ambulatory assets — particularly in high-margin areas including imaging and orthopedics.
Alice Pope, executive vice president and CFO of Novant, is helping lead the system through this period of rapid expansion. Novant surpassed $10 billion in revenue in 2024 and has set its sights on becoming a $30 billion organization.
“What I’m most excited about is our organic growth,” Ms. Pope said during an episode of the Becker’s CFO+Revenue Cycle podcast. “There’s organic growth that we have in our existing regions, but we’re going to grow into new regions.”
To support its growth strategy, Novant is leveraging both traditional and alternative sources of capital while pursuing a series of acquisitions, particularly in South Carolina. As Novant enters new markets, Ms. Pope underscored the importance of building strong leadership teams and ensuring smooth integration across all acquired entities.
