Rooted in Community, Driven by Value

Letter From Bernie Sherry, Interim Chief Executive Officer

For more than 70 years, Cone Health has been woven into the fabric of this community. When The Moses H. Cone Memorial Hospital opened its doors in February 1953, our mission was clear: To provide exceptional care for all, regardless of ability to pay. That mission hasn’t changed — it’s only grown stronger.

Today, we’re proud to serve a five-county region — Alamance, Forsyth, Guilford, Randolph and Rockingham — and we remain deeply committed to our promise to be right here with you. Every decision we make, every innovation we pursue, is guided by that promise.

Looking ahead, our Strategic Vision 2030 sets a bold goal: By 2030, Cone Health will know that we have moved from success to significance when we become a proven case study demonstrating there is value in the care creating longer, healthier, and more vibrant lives for all members of our community.

To create longer, healthier and more vibrant lives for everyone in our community. It’s ambitious, and it’s exactly what our neighbors deserve.

As you read this annual report, you’ll see how we’re turning that vision into reality. You’ll find stories of teams listening deeply to patients, partners and stakeholders — working together to tackle challenges at their root, not just the symptoms. This is what transforming health care looks like, and it’s happening right here.

Thank you for trusting us with your care and for being part of this journey. Together, we’re building a healthier future for all.

Bernie Sherry, Interim Chief pxecutive Officer


Letter From Yun Boylston, MD, Chair, Board of Trustees

Cone Health has long been recognized as a leader in value-based care — a distinction that helped pave the way for our exciting new relationship with Risant Health. You may be wondering, What exactly is value-based care? How does it work? Why does it matter?

Simply put, value-based care is about delivering convenient, personalized care that improves health, prevents illness and lowers costs for patients. It relies on proven practices, strong partnerships between patients and providers, and seamless connections across our system to ensure care is coordinated, efficient and timely.

Advancing value-based care is at the heart of everything we do. Our strategic relationship with Risant Health is accelerating our progress toward a shared vision: Longer, healthier, more vibrant lives for everyone we serve.

In 2025, we made tremendous strides toward that goal — and we’re just getting started. I look forward to building on this momentum in the years ahead.

Thank you for being part of this journey. Together, we’re shaping the future of health care.

Yun Boylston

Risant Health

One Year With Risant Health

In December 2024, Cone Health became part of Risant Health. It was a bold step forward to accelerate our strategy to improve care, support our communities and make wellness more accessible for everyone.

The dedication and commitment of every team member and provider made this first year a success.

Risant Health conference

Year One Highlights

Ambient Listening Tool

AI-powered notes free providers to focus on patients.

Value-Based Care Guides

Eight guides launched to support primary care decisions.

Care Without Delay

A new initiative designed to help patients get admitted faster, receive care more efficiently, and head home sooner.

Pharmacy Services

New programs and contract reviews are driving savings and outcomes.

IT Services

Security Operations Center and leading practices in cybersecurity keep patients and data safe.

Community & Social Health

Framework to align programs with community priorities fulfills Cone Health brand promise.

Supply Chain

Shift to Vizient for better pricing and economies of scale provides value and maximizes system-wide purchasing power.


Together, we’ll keep moving forward. We’ll keep building a system that puts people first.
And we’ll keep working toward a future that creates longer, healthier and more vibrant lives for all members of our community.

Our Value-Based Care Journey

Value-based care provides convenient, personalized care that improves health, prevents illness and lowers costs. It’s based on proven practices, strong teamwork and connections across the Cone Health system.

For decades, hospitals have focused on taking care of people when they get sick. Today at Cone Health, we think about what we do in a new way. Our focus is on providing convenient, personalized care that improves health, prevents illness and lowers costs.

It’s a concept known broadly as value-based care, and it has the power to transform health care as we know it. Patients can expect to be seen quicker, with a greater focus on their well-being, more investment in their health, and increased collaboration between all members of their health care team. Everything we do is designed to keep people healthy and well.

We’re proud to be recognized as a national leader in this work. This year, we’ve turned our focus to making sure that our team members can see how they contribute — daily and directly — to this effort. We’ve made progress on our integration with Risant Health, which will help accelerate this transition. And we’ve got our eye on the future with our new Strategic Vision 2030 that offers a bold and important goal: to create longer, healthier and more vibrant lives for all in our community.

Focusing on the Value We Bring Patients

Risant Health conferenceAt Cone Health, the team lives and breathes health‑focused outcomes and access to care — and for good reason. Also called value‑based care, this complex yet critical platform has the potential to unlock so much of what we want to make happen for our community and for health care in America. Below is a breakdown from our Value‑Based Care Institute on how value‑based care makes better outcomes for everyone — for patients and their communities and for health systems with the vision to embrace it.


Streamlining the patient journey and integrating care

All providers — primary care, pharmacy, nurse, dietitian and others — are well informed and coordinated in your care plan. You can schedule appointments or view your comprehensive, updated health record with ease via your phone. You know exactly what to do when an emergency arises.

Optimizing value

Personalizing and providing the care you need — when, how and where you need it. Disease prevention resources, from education to exercise to nutrition. Checking in with you to help you reach your health goals.

Investing in people

Hiring professionals in the right roles to care for and serve patients where they are — whether the clinician’s office, the community or at home.

Partnering with insurance companies

Working with payors to change the reimbursement model so that providers are compensated for keeping you well. Value versus volume — not more care, better care.

Reducing cost across the system

When people are empowered and healthier overall, they have fewer costly treatments, medications and trips to the emergency department or hospital.

Impact on Patients and Communities

Health Equity in Action: Building Pathways to Care and Community Well-Being

After attending a Cone Health cooking class, Antoinette Haynes gained more than meal ideas — she was connected to much-needed primary care through the Virtual Primary Care Clinic at Hampton Homes, a new initiative of Cone Health’s Center for Health Equity. This clinic is just one part of Cone Health’s “CATCH 5 in 5” effort, which aims to improve life expectancy disparities by five years through focused prevention, treatment and community interventions.

Antoinette's Story

community cooking class

Women's Health Matters

How can area businesses help improve women’s health? This year, through a collaboration with the Triad Business Journal, Cone Health highlighted the importance of women’s health and encouraged businesses to help drive change through improved benefits and partnerships to address systemic gaps in care. One important finding: a focus on family-centered care is essential.

Supporting Women's Health

Clinical and Operational Highlights

High-Quality, Whole-Person Care

Heart and Vascular

Heart & Vascular

Cone Health’s Steven D. Bell Family Heart & Vascular Center opened in April 2025, offering everything heart care patients need in one central location, pairing the most state-of-the-art treatments and services with the very best in compassionate care. The Bell family’s historic $7.5 million gift supports the center’s nationally leading research and prevention programs.

Heart & Vascular Care

Pharmacy

This year, the Cone Health Community Pharmacy expanded its reach, opening its newest location in Eden. With eight sites throughout the Triad, our team goes the extra mile to work with your health care providers and offer special services, such as syncing refills or sorting pills into easy-to-open packs. It's expert care and easy access — all so you can focus on getting better.

Community Pharmacy

pharmacist handing medication to customer over the counter
West Edge Urgent Care building

Urgent Care

Studies show people want to be within a 20-minute drive of accessible, convenient and affordable health care. Cone Health is meeting that need with a growing number of urgent care sites, a service it increased by 37% in 2025. Now with 12 locations between Winston-Salem and Mebane, we’re providing the right care, right away as part of commitment to our community.

Urgent Care

GeneConnect

Having lost four of her aunts to colon cancer, Gloria Graves worried about her family history for the disease. When her doctor suggested she join Cone Health’s new GeneConnect study, she jumped at the chance. With just a simple blood draw, the free program reveals people’s genetic risk for three cancers as well as heart disease related to high cholesterol.

Gloria's Story

technician examing blood samples
doctor talking to patient

Oncology: Rapid Diagnostic Service

Waiting for a cancer diagnosis can be agonizing and all-consuming. That’s why Cone Health Cancer Care recently launched a Rapid Diagnostic Service. Open to all patients referred for suspicion of cancer, the service has significantly reduced the time it takes to get needed answers. The effort not only increases efficiency but also provides patients with critical, much-needed peace of mind.

Rapid Diagnostic Service

Orthopedics

Cone Health saw 2% annual growth in orthopedic surgical treatments in 2025, reflecting trust in Cone Health’s high-quality musculoskeletal care across our service area. Monthly patient visits to the Same-Day Injury Clinic also increased 52%, thanks to the delivery of fast, cost-effective treatment for sprains, strains, fractures and other acute injuries.

Transforming Orthopedic Care

specialist applying wrist brace
sage health and fitness center excercise equipment

Sagewell

At 75, Marcia McGrory knew strength training could help with her osteoporosis and balance, but she had not exercised consistently in the past. When Sagewell Health & Fitness opened in Eden, she decided to give it a try. Thanks to its convenient location and helpful staff, she’s sticking with exercise for the first time and noticing a real difference.

Marcia's Story

Our Integrated Health Network

Cone Health Medical Group

This year, Cone Health Medical Group advanced Cone Health’s mission by delivering high-quality, compassionate, value-based care aligned with Strategic Vision 2030. Through initiatives like CMA Academy, the RISE program and exceptional outcomes in specialty care, CHMG continues to turn compassion into action and performance into impact — strengthening the care experience for every patient we serve.

CHMG

Cone Health's Sunflower Award Honoree posing with coworkers and a banner
doctor listening to patient's heartbeat

Triad HealthCare Network

In 2025, Triad HealthCare Network strengthened the foundation for long-term network success. Efforts centered on enhancing provider collaboration, refining network governance, modernizing technology, and improving communication and operational alignment across practices. These initiatives are creating a stronger, more connected network designed to deliver coordinated, high-quality and affordable care.

Triad HealthCare Network

HealthTeam Advantage

At HealthTeam Advantage, being part of this community means more than providing Medicare plans – we help our community live healthier, happier lives through initiatives like the Local Benefit Center, Community Connections and Living Plus. In 2025, HTA earned NCQA HEDIS Audit Compliance recognition and achieved a Medicare 4-Star Rating for 2026. Together, we’re growing a healthier community — one connection at a time.

HealthTeam Advantage

two volunteers at a community wellness event

Financial Stewardship

United Way Campaign

Thanks to the generosity of our team, the 2025 United Way Campaign was a meaningful success. Together, team members raised over $445,000, helping support programs that positively impacted more than 7,760 lives across our community. As part of this year’s campaign, eligible team members were entered into a raffle for a brand-new Toyota Camry, generously donated by Toyota of Greensboro.

Thank you to every employee who gave — your generosity continues to make a lasting difference.


Uncompensated Care

At Cone Health, our commitment to value-based care means putting people first — meeting patients where they are, improving health outcomes and ensuring access to high-quality care regardless of ability to pay. Rooted in our communities and guided by our mission, these principles came to life in 2025 as we continued to care for our neighbors with compassion and accountability. Our investment reflects more than financial support; it represents our steadfast belief that access to care is foundational to healthier communities.

Cone Health Philanthropy

$35 million raised. Countless lives changed. Now it’s time for an ambitious new goal. Through value-based care, Cone Health is helping people stay healthy, supported in every part of life that shapes their well-being, and cared for by teams working seamlessly together. The Campaign for Healthy Communities is fueling this transformation. With a new goal of $55 million, let’s discover how healthy our communities can be.

When donors make a difference, communities feel it. See how generosity is shaping the future of care.

school based telehealth

Cone Health Foundation

Cone Health Foundation (CHF) invests in community-driven solutions with the goal of eliminating health inequities in Greensboro. In 2025, CHF launched three new grant opportunities to help us toward that goal:

  • Partnering for Health Equity is a grant that offers one-time funding for grassroots organizations addressing the social drivers that impact health outcomes. In 2025, 74 organizations received funding and $250,000 in funding was distributed.
  • Building Advocacy Together is a pilot grant program that supports organizations doing local advocacy work. In 2025, 10 organizations received funding and $216,000 in funding was distributed.
  • Community-Based Organization (CBO) Capacity Building supports and strengthens the infrastructure of organizations already doing impactful work in our community. Launched in September, $450,000 was distributed to 29 organizations in 2025.

Impact Alamance

In 2025, Impact Alamance celebrated 10 years of investing in a healthier, more connected Alamance County. This milestone year reflected both our decade of progress and our continued commitment to lasting impact on community health and well-being. In 2025, we:

  • Launched Active Alamance, a free mobile app that connects residents to parks, trails and local events. The app highlights the more than $5.8 million we’ve invested since 2015.
  • Introduced The Basics, an early childhood program offering simple, science-based tools for caregivers — adding to the $5.4 million we’ve invested in education over the past decade.
  • Partnered with NC Local on a nonprofit news pilot to strengthen community infrastructure and ontinued offering flexible grants for local nonprofits — contributing to $7.6 million invested since 2015.

Workforce & Culture

Connecting Culture and Community for a Future-Ready Workforce

In 2025, Cone Health advanced a more connected, people-centered approach to culture, equity and belonging. Our Chief Culture, Equity and Belonging Officer led a comprehensive assessment and listening initiative to elevate the voices of team members and align our efforts with Strategic Vision 2030.

Guided by this work, we introduced a framework that unifies teams and breaks down silos through a newly established Culture and Belonging Champions Network. This network includes:

  • Culture and Belonging Champions (CBC) — a unifying group that synergizes the efforts of our Culture Coalition, Inclusion Network Groups and facility-based CBC Committees.
  • Community Impact Council (CIC) — a cross-functional group of subject matter experts to align Cone Health’s community partnerships, engagement initiatives and social impact efforts in support of Strategic Vision 2030.

These groups help to align culture, equity, belonging and community engagement, driving sustainable transformation and preparing a future-ready workforce developed for value-based care. Culture, equity and belonging will continue to be infused into decision-making, policies and interactions at every level. This unified approach ensures Cone Health remains poised to lead with purpose, compassion and measurable impact for years to come.

employee carrying lunch tray of food
group of employees take a silly photo
employee standing in front of desk
group of volunteers in front of Cone Health sign
two employees smiling in front of computer

Cone Health in the Marketplace

Awards Gallery

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Communications

Caring For Our Patients

In 2025, Cone Health strengthened system-wide alignment and public trust through clear, people‑centered communication supporting Strategic Vision 2030 and integration with Risant Health. Executive messaging, leadership engagement and storytelling connected team members to system priorities.

Media relations expanded regional reach by positioning clinicians as trusted experts and highlighting prevention, access and equity. WFMY 2 Your Well‑Being segments delivered regular wellness guidance. Key announcements, including state approval of the Cone Health Mebane Hospital and the Bernard J. Tyson Award for Pursuit of Healthcare Equity, increased visibility and reinforced leadership in value‑driven care.

Communications also elevated human stories and key leadership updates, such as a wedding outside Moses Cone Hospital, the retirement of CEO Dr. Mary Jo Cagle and the naming of Dr. Paul Krakovitz as Cone Health’s next CEO. Corporate events, including the Leadership Retreat, Women’s Heart Community Event, the Steven D. Bell Family Heart & Vascular Center opening, and major employee celebrations, strengthened culture and community engagement.

Digital and Social

Cone Health modernized its web presence and aligned with AI‑driven search. The team launched new Heart & Vascular and Cancer Care sites, improved Google reviews in partnership with the patient experience team, continued weekly WFMY wellness interviews, activated social media for five MedCenters, collaborated with community and business partners, and produced internal videos supporting Strategic Vision 2030.

screenshot of cone health website

Marketing and Advertising

cancer care worth celebrating

Marketing advanced Cone Health’s vision through integrated, insight‑driven campaigns. Vital Signs (images below) highlighted value‑based care. Ripple in Reverse and Where the Heart Lives showcased advanced cardiac capabilities. Additional campaigns elevated cancer care, pharmacy convenience, urgent and virtual access, and expanded orthopedics visibility across print, digital and billboard channels.

Our efforts delivered strong performance across key brand metrics. Cone Health continues to outperform all competitors across every measured age group in brand empathy, reinforcing the trust and emotional connection we have built with our communities. We maintained visible awareness and presence in the market, ensuring our message reached audiences consistently. These results underscore the effectiveness of our integrated marketing approach and validate our investment in campaigns that resonate deeply with patients and families.

Vital Signs Campaign Images

Vital Signs Campaign Image 1

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New Strategic Partnership: Greensboro Gargoyles Hockey

In 2025, Cone Health continued to expand its commitment to community wellness and engagement through innovative partnerships that bring people together around active, family-friendly experiences. Our collaboration with the Greensboro Gargoyles, the city’s first professional hockey team, represents an exciting new chapter in Greensboro’s sports and cultural landscape. One that connects the energy of athletics with the power of community. Learn more about our partnership.

greensboro gargoyles

Community Grants

medical students walking and talking holding books

Investing in Local Impact

In the first half of 2025, Cone Health advanced its mission to improve the health and well-being of the communities we serve by awarding $257,500 in community grants across four counties: Guilford, Alamance, Rockingham and Randolph. Through these investments, Cone Health supported programs that address social drivers of health, expand access to care and strengthen the community safety net.

Funding prioritized three key themes identified in our Community Health Needs Assessment:

  • Food Security & Nutrition — from the Guilford Backpack Ministry providing meals to rural students to regional collaborations such as the Triad Black Faith Leaders & Black Farmers Network, delivering fresh produce and nutrition education in east Greensboro.
  • Mental Health & Social Connection — supporting partners like Open Arms Healthcare, Hirsch Wellness Network and Alternative Resources of the Triad (IMPAQT GSO) to expand culturally responsive mental-health access, wellness programs and peer-support networks.
  • Youth & Workforce Development — investing in initiatives such as Crossroads: Pathways to Success and Salem Academy and College to cultivate the next generation of health care professionals and empower young people through mentorship and experiential learning.

Together, these partnerships reflect Cone Health’s belief that improving health outcomes requires collective investment — combining clinical care, community collaboration and local leadership to build a healthier future for all.

Note: Second-half 2025 grant review totals will be reported following the December funding cycle.

Community Sponsorships

Strengthening Connection Through Presence and Partnership

In 2025, Cone Health deepened its community footprint through sponsorships that brought health, visibility and connection to every corner of our region. Each partnership, whether at a gala, in a stadium or out in the community square, reflected our belief that wellness begins with belonging.

Across Guilford, Alamance, Rockingham and Randolph counties, Cone Health showed up where people gather, learn and celebrate. From the Burlington Sock Puppets summer league and UNCG Spartan Sports Series to Movies in the Park and Fitness on the Square, these moments promoted movement, joy and community spirit.

We stood beside partners tackling issues that shape well-being, supporting the American Cancer Society, Alzheimer’s Association, Habitat for Humanity, Out of the Garden Project, and many others. Cone Health also remained an active voice through the Greensboro Chamber’s Coffee & Conversations, the Triad Business Journal’s Leaders in Diversity and Women’s Health Summit, and other civic forums that advance inclusion and economic vitality.

By investing in the arts, health awareness and local causes, Cone Health continues to bring its mission to life outside hospital walls; meeting neighbors where they are and creating spaces where health, hope and humanity come together.

child with burlington sock puppet mascot during easter egg hunt

Government Affairs

Throughout 2025, hospitals and health systems across the state faced significant legislative challenges from the federal and state governments passing laws that impact the way we operate and care for patients.

In July, President Trump signed H.R. 1, the One Big Beautiful Bill Act, which serves as one of the most consequential pieces of health care legislation since the Affordable Care Act. H.R. 1 made several changes to the Medicaid program to reduce federal spending on the program. New work requirements, for example, will add administrative complexity and are projected to reduce enrollment in Medicaid. Patients losing coverage are expected to delay care and, when those patients finally seek care, it is expected they will seek care at emergency departments.

NHCA advocacy day group photo

In October, the federal government shutdown included the closure of two programs important to Cone Health’s efforts to provide value-based care: telehealth for Medicare patients and hospital-at-home, which enables some patients who need acute-level care to receive care in their homes, rather than in a hospital. Both programs enjoy broad support from patients, providers and members of Congress — and both programs have been shown to improve health at lower costs.

At the state level, the underfunding of the North Carolina Medicaid program led to reimbursement cuts to all Medicaid providers. Cuts of this size on relatively short notice significantly disrupts providers’ operations, which threatens their ability to provide care not only to Medicaid recipients but to all North Carolinians. Further, legislation introduced at the state level continues to show legislators’ increasing interest in getting more involved in how health systems operate, grow and care for patients.

With the increased attention on the cost of health care, we expect health policy to remain top of mind for our lawmakers at the state and federal level. The Government Affairs team, along with other Cone Health providers and employees, will continue to fight for Cone Health’s patients, and we appreciate the support of the communities we serve in our advocacy efforts.

About Us

Cone Health is a not-for-profit health care network serving people in Alamance, Forsyth, Guilford, Randolph, Rockingham and surrounding counties. Our brand promise – We Are Right Here With You – is shared by our more than 13,000 employees, 1,650 physicians on our medical staff and 1,000 volunteers. Cone Health is part of Risant Health, a nonprofit organization created by Kaiser Foundation Hospitals, dedicated to improving the health of millions of people by bringing together like-minded organizations to increase access to value-based care and coverage and raise the bar for approaches that bring the best health outcomes. Learn more about us.

Leadership TeamBoard of Trustees


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