Treasurer Folwell to Discuss Toll Hospital Monopolies Take on State | Eastern North Carolina Now

Press Release:

    (Raleigh, N.C.)     Novant Health has just completed a deal to purchase two more North Carolina hospitals, further expanding its market muscle. State Treasurer Dale R. Folwell, CPA, will discuss that transaction and how hospital consolidation is eroding health care quality in the state during his monthly Ask Me Anything Q&A with reporters on Tuesday, March 7.

    Community Health Systems, a for-profit system based in Franklin, Tenn., announced last week it is selling Lake Norman Regional Medical Center in Mooresville and Davis Regional Medical Center in Statesville to Novant for $320 million. The deal now faces regulatory approvals before it can close.

    Novant, a nonprofit system headquartered in Winston-Salem, already has 15 hospitals and 800 provider locations. Novant was hit with a critical 95-page federal report in 2022 for problems found at its Novant Health New Hanover Regional Medical Center in Wilmington. It nearly lost its Medicare contract over significant deficiencies found after the health care giant purchased the community hospital from New Hanover County for $1.5 billion in 2021.

    Treasurer Folwell has been fighting health care consolidation, saying it increases costs, while reducing accessibility to care and lowering patient outcomes. Studies show some North Carolina cities rank among the most monopolistic health care markets in the nation. Research shows 10 Novant hospitals are considered to have a "highly concentrated" presence in their markets and three more nearly meet criteria for that designation.

    This will mark the 74th consecutive month Treasurer Folwell has offered media representatives the innovative opportunity to interview him on topics of their choosing.

   Phone: (919) 814-3820
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