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HCA Healthcare

May 03, 2024

HCA Healthcare, Inc. is an American for-profit operator of health care facilities that was founded in 1968. It is based in Nashville, Tennessee, and, as of May 2020, owned and operated 186 hospitals and approximately 2,000 sites of care, including surgery centers, freestanding emergency rooms, urgent care centers and physician clinics in 21 states and the United Kingdom.[6] As of 2023, HCA Healthcare is ranked #66 on the Fortune 500 rankings of the largest United States corporations by total revenue.[7]

HCA Healthcare, Inc.
FormerlyHCA Holdings, Inc.
Company typePublic
IndustryHealth care
Founded1968; 56 years ago (1968)
Nashville, Tennessee, U.S.
FoundersThomas F. Frist Sr., Thomas F. Frist Jr., Jack C. Massey
Headquarters
Nashville, Tennessee
,
U.S.
Number of locations
186 hospitals, approximately 2,000 sites of care located in 21 states and the United Kingdom[1]
Area served
United States and the United Kingdom
Key people
Sam Hazen (CEO)
John Reay (CEO, HCA UK)[2]
RevenueUS$60.23 billion (2022)[3]
US$3.759 billion (2020)[4]
Number of employees
235,000 (2021)[5]
Websitehcahealthcare.com

The company engaged in illegal accounting and other crimes in the 1990s that resulted in the payment of more than $2 billion in federal fines and other penalties, and the dismissal of the CEO Rick Scott by the board of directors.[8]

History edit

Early years edit

 
HCA founders (left to right) Thomas Frist Sr., Jack Massey, Thomas Frist Jr.

Hospital Corporation of America (HCA) was founded in 1968 in Nashville, Tennessee, by Thomas F. Frist Sr., Thomas F. Frist Jr. and Jack C. Massey.[9] The founders envisioned a company that would bring together hospitals to deliver patient-focused care while using the combined resources of the organization to strengthen hospitals and improve the practice of medicine.[10] The company began with Nashville's Park View Hospital, which the elder Frist had founded in 1960 with other doctors and where he was serving as chief executive.[10]

The company included 11 hospitals when it filed its initial public offering on the New York Stock Exchange (NYSE) in 1969[10] and had 26 hospitals and 3,000 beds by the end of the year.[9][10]

 
Parkview Hospital circa 1968

Growth and merger edit

 
HCA's first office in Nashville, Tennessee

The 1970s were characterized by rapid growth in the industry and for HCA Healthcare. In the early 1980s, the focus shifted to consolidation with HCA Healthcare acquiring General Care Corporation, General Health Services, Hospital Affiliates International and Health Care Corporation. By the end of 1981, the company operated 349 hospitals with more than 49,000 beds.[11] Operating revenues had grown to $2.4 billion.[9]

In 1987, HCA Healthcare, which had grown to operate 463 hospitals (255 owned and 208 managed), spun off HealthTrust, a privately owned, 104-hospital company. Believing its stock was undervalued, the company completed a $5.1 billion leveraged management buyout led by chairman Thomas F. Frist, Jr.[12] in 1988.[9] HCA Healthcare re-emerged as a public company in 1992.

In February 1994, HCA Healthcare merged with Louisville, Kentucky-based Columbia Hospital Corporation, which earlier had acquired 73 hospitals of Galen Health Care from Humana,[13] to form Columbia/HCA.[14] Related names of note include HCA International[15] and Health Corporation of America.

Columbia Hospital Corporation edit

In 1988, Rick Scott and Richard Rainwater each put up $125,000 in working capital in their new company, Columbia Hospital Corporation;[16] they borrowed the remaining money needed to purchase two struggling hospitals in El Paso for $60 million.[17] Then they acquired a neighboring hospital and shut it down. Within a year, the remaining two were doing much better.[18] By the end of 1989, Columbia Hospital Corporation owned four hospitals with a total of 833 beds.[17]

In 1992, Columbia made a stock purchase of Basic American Medical, which owned eight hospitals, primarily in southwestern Florida. In September 1993, Columbia did another stock purchase, worth $3.4 billion, of Galen Healthcare, which had been spun off by Humana Inc. several months earlier.[19] At the time, Galen had approximately 90 hospitals. After the purchase, Galen stockholders had 82% of the stock in the combined company, with Scott still running the company.[17]

Recent history edit

On November 17, 2006, HCA became a private company for the third time when it completed a merger in which the company was acquired by a private investor group including affiliates of Kohlberg Kravis Roberts and Bain Capital, together with Merrill Lynch and HCA Healthcare founder Thomas F. Frist, Jr. The total transaction was valued at approximately $33 billion, making it the largest leveraged buyout in history at the time, eclipsing the 1989 buyout of RJR Nabisco.[20]

In May 2010, HCA announced that the corporation would once again go public with an expected $4.6-billion IPO as HCA Holdings, Inc. In March 2011, HCA sold 126.2 million shares for $30 each, raising about $3.79 billion, at that time, the largest private-equity backed IPO in U.S. history.[21] In May 2017, the corporation was renamed HCA Healthcare.[22]

In December 2018, a historical marker was installed in the parking lot of HCA's Sarah Cannon Cancer Center in Nashville, formerly the location of HCA's first hospital, Park View Hospital.[23]

In 2018, the company was ranked No. 67 in the 2019 Fortune 500 list of the largest United States corporations by total revenue.[24]

In May 2021, the company finalized a deal with Google to develop healthcare algorithms using patient records.[25] In August 2021, HCA announced a deal with venture capital firm General Catalyst to develop digital solutions to streamline workflows and improve patient care; as part of the deal, HCA sold its healthcare app development firm PatientKeeper to General Catalyst's portfolio company Commure.[26]

In April 2022, HCA Healthcare announced a $1.5 million partnership with Florida International University's Nicole Wertheim college of Nursing and Health Sciences, to expand its facilities to address the national nursing shortage.[27]

In October 2022, LCMC Health in partnership with Tulane University announced that it would acquire Tulane Medical Center, Lakeview Regional Medical Center, and Tulane Lakeside Hospital from HCA for $150 million pending regulatory approval.[28]

In March 2024, it was announced HCA had completed the sale of West Hills Hospital and Medical Center and related assets in Los Angeles, California to UCLA Health, for an undisclosed amount.[29][30]

Facilities edit

United States edit

As of 2020, HCA reports it operates 185 hospitals and more than 2,000 sites of care, including surgery centers, freestanding ERs, urgent care centers, and physician clinics located in 21 U.S. states and in the United Kingdom.[31] A significant portion of those hospitals are situated in Florida and Texas. As of 2022, HCA had 47 hospitals and 31 surgery centers in Florida,[32] and 45 hospitals and 632 affiliated sites of care in Texas.[33] In 2021, it announced plans to build 3 new hospitals in Florida.[34] In 2022, the Dallas News reported that HCA will build 5 new hospitals in Texas. They also have a strong presence in Tennessee, where it began. HCA had 13 hospitals there as of 2019.[35]

Between 2003 and 2017, HCA did not enter any new markets. However, in July 2007, HCA sold its hospitals in Switzerland.[36]

In 2017, HCA acquired the Memorial University Medical Center in Savannah, Georgia.[37] That same year, they acquired three Houston, Texas, hospitals from Tenet Healthcare.[38]

In 2019 they purchased Mission Health System which operates hospitals in North Carolina.[39]

In January 2020, HCA Healthcare acquired Valify, a healthcare cost-management company.[40][41] In May 2020, HCA acquired 49-bed Shands Starke (Fla.) Regional Medical Center and 25-bed Shands Live Oak (Fla.) Regional Medical Center from CHS. HCA is operating the two facilities as off-campus emergency departments of Lake City (Fla.) Medical Center and North Florida Regional Medical Center in Gainesville.[42] Later that year, it signed an agreement to sell Garden Park Medical Center to Singing River Health System.[43]

In 2021, HCA sold Redmond Regional Medical Center to AdventHealth for $635M,[44] and four other Georgia hospitals to Piedmont Healthcare for $950 million.[45] They also announced the acquisition of Meadows Regional Medical Center.[46]

United Kingdom edit

HCA International, the "UK arm" of Hospital Corporation of America, "caters for around half of all private patients in London."[15] The main hospital sites within the United Kingdom it operates include:

It opened urgent care walk-in centres at London Bridge Hospital and the Portland Hospital in March 2018. It claims that patients, on average, wait just seven minutes to see a nurse and 17 minutes to see a doctor.[48] In February 2022,[49] outsourced cleaning staff at London Bridge Hospital reported a lack of PPE, no access to sick pay, a lack of training and no prior warning about which rooms may be contaminated with the virus through the COVID-19 pandemic.

The Princess Grace Hospital specializes in breast cancer and surgery, aided by Kefah Mokbel and Nick Perry who, in 2005, founded The London Breast Institute.

The company intends to open The Harborne Hospital, a new-built private hospital located close to the Queen Elizabeth Hospital, Birmingham, in January 2024.[50]

Significant areas of operation edit

Medical education edit

In recent years, HCA Healthcare has become a significant provider of clinical and medical education. It is the largest sponsor of graduate medical education programs in the U.S., with 56 teaching hospitals in 14 states, primarily in regions with a deficit of physician training programs. [citation needed] The company includes Research College of Nursing and Mercy School of Nursing, and has several advanced nursing simulation training centers.[51] In early 2020, it completed the purchase of a majority stake in Galen College of Nursing,[52] which operates five campuses and offers Bachelor of Science and Associate of Science nursing degrees.[53]

Controversies edit

Medicare billing practices lawsuit edit

In 1993, lawsuits were filed against HCA by former employees who alleged that the company had engaged in questionable Medicare billing practices.[8] In 1997, with a federal investigation by the FBI, the IRS and the Department of Health and Human Services in its early stages, the Columbia/HCA board of directors forced Rick Scott to resign as chairman and CEO amid growing evidence that the company "had kept two sets of books, one to show the government and one with actual expenses listed."[8] Thomas Frist, a co-founder of HCA and brother of U.S. Senator Bill Frist, returned to the company as CEO in 1997[8] and called on longtime friend and colleague Jack O. Bovender, Jr. to help him turn the company around.[54]

The federal probe culminated in 2003 with "the government receiving a total of over $2 billion in criminal fines and civil penalties for systematically defrauding federal health care programs."[55] Columbia/HCA pleaded guilty to 14 felonies and admitted to systematically overcharging the government. The federal probe has been referred to as the longest and costliest investigation for health-care fraud in U.S. history.[54]

2005 insider trading suit edit

In July 2005, U.S. Senator Bill Frist sold all of his HCA shares, which were held in a blind trust, two weeks before disappointing earnings sent the stock on a 9-point plunge. At the time, Frist was considering a run for president and said that he had sold his shares to avoid the appearance of a conflict of interest.[56] When the company disclosed that other executives had also sold their shares during that same time, shareholders alleged that the company had made false claims about its profits to drive up the price, which then fell when the company reported disappointing financial results. Eleven of HCA's senior officers were sued for accounting fraud and insider trading.[57] HCA settled the lawsuit in August 2007, agreeing to pay $20 million to the shareholders but admitting no wrongdoing, and no charges were brought.[58]

COVID-19 PPE edit

During the COVID-19 pandemic in the United States, HCA hospital nurses and other workers spoke out about the lack of PPE.[59] In April 2020,[60] there was an outcry against HCA following the deaths of two nurses Celia Yap-Banago and Rosa Luna who worked at HCA hospitals in Kansas City and California and had contracted coronavirus, despite the alarm having been raised about the lack of PPE at work.[61]

Mission Hospital Acquisition Complaints edit

On December 14, 2023, the North Carolina Attorney General sued HCA for violating the terms of an agreement that allowed HCA to purchase Mission Health. [62][63][64]

On February 13, 2024, HCA Healthcare denied the allegations and asked a judge to dismiss the lawsuit by the Attorney General.[65][66][67] And in return the hospital network filed a counterclaim against the Attorney General.[66]

See also edit

References edit

  1. ^ "HCA Healthcare Fact Sheet" (PDF). HCA Healthcare. June 2019. Retrieved 23 June 2020.
  2. ^ "John Reay President and Chief Executive Officer". HCA Healthcare. Retrieved 23 June 2020.
  3. ^ "KKR & Co. (KKR) - Revenue".
  4. ^ "HCA Healthcare Annual Report Pursuant to Section 13 or 15(D) of the Securities Exchange Act of 1934" (PDF). HCA Healthcare. 20 February 2020. Retrieved 23 June 2020.
  5. ^ "HCA Healthcare". fortune.com. Retrieved 8 December 2021.
  6. ^ "HCA Healthcare - Corporate Profile".
  7. ^ "Fortune 500". Fortune. Retrieved 2023-09-11.
  8. ^ a b c d Appleby, Julie (December 18, 2002). "HCA to settle more allegations for $631M". USA Today.
  9. ^ a b c d "Our History". HCA Healthcare. Retrieved 2018-06-22.
  10. ^ a b c d "Dr. Thomas Frist Sr., HCA Founder, Dies at 87". The New York Times. January 8, 1998.
  11. ^ Brett Kellman (16 August 2018). "HCA: From single hospital to health care behemoth". The Tennessean. Retrieved 24 June 2020.
  12. ^ Freudenheim, Milt. Buyout Set For Chain Of Hospitals. The New York Times, November 22, 1988.
  13. ^ Steve Ivey; Ed Green (11 November 2011). "Humana's history has been one of recognizing opportunities". Louisville Business Journal. Retrieved 24 June 2020.
  14. ^ "Factbox: Hospital operator HCA goes public again". Reuters. 9 March 2011. Retrieved 24 June 2020.
  15. ^ a b Paul Gallagher (June 14, 2013). "World's largest private healthcare company HCA plans expansion into NHS". The Independent.
  16. ^ Milt Freudenheim (October 4, 1993). "Largest Publicly Held Hospital Chain Is Planned". The New York Times.
  17. ^ a b c Floyd Norris (October 6, 1994). "Efficiencies of scale are taken to the nth degree at Columbia". The New York Times. Retrieved August 16, 2015.
  18. ^ "Time 25". Time. June 17, 1996. Retrieved April 5, 2009. [dead link]
  19. ^ Kathryn Jones (November 21, 1993). "A Hospital Giant Comes to Town, Bringing Change". The New York Times.
  20. ^ Sorkin, Andrew Ross. "HCA Buyout Highlights Era of Going Private." New York Times, July 25, 2006.
  21. ^ "HCA IPO prices at $30, sells more shares: sources". Reuters. 9 March 2011. Retrieved 2015-02-02.
  22. ^ Emily Overholt (May 2, 2017). "HCA Holdings, Inc. to change name to include 'healthcare" - Nashville Business Journal"". Nashville Business Journal. Retrieved September 16, 2020.
  23. ^ Stinnett, Joel (December 7, 2018). "Nashville marks the spot where HCA was born". Nashville Business Journal. Retrieved December 10, 2018.
  24. ^ . Fortune. Archived from the original on 2019-01-15. Retrieved 2018-11-10.
  25. ^ Evans, Melanie (2021-05-26). "WSJ News Exclusive | Google Strikes Deal With Hospital Chain to Develop Healthcare Algorithms". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-06-28.
  26. ^ Brian, Gormley (August 18, 2021). "General Catalyst, HCA Healthcare Team Up on Digital Innovation". The Wall Street Journal.
  27. ^ "HCA Healthcare Announces $1.5 Million Partnership With Florida International University to Address National Nursing Faculty Shortage". Businesswire. 26 April 2022. Retrieved 29 April 2022.
  28. ^ "LCMC Health and Tulane University announce partnership". Tulane News. Retrieved 2022-10-10.
  29. ^ Diaz, Naomi (2024-03-29). "HCA sells hospital to UCLA Health". www.beckershospitalreview.com. Retrieved 2024-04-02.
  30. ^ Sharma, Soumya (2024-04-01). "UCLA Health acquires HCA's West Hills Hospital and Medical Center in US". Hospital Management. Retrieved 2024-04-02.
  31. ^ "Who We Are".
  32. ^ "Metro Orlando to get 3 new hospitals". BizJournals.com (Orlando Business Journal). Retrieved 2019-06-09.
  33. ^ "HCA Healthcare Announces Plans to Build Five New Hospitals in Texas". Retrieved 2022-02-27.
  34. ^ "HCA Healthcare to Build 3 New Hospitals in Florida - Construction".
  35. ^ HCA Fact Sheet 2014. HCA currently owns the University of Central Florida College of Medicine and controls the board of directors for the medical school which it purchased in August 2017. (PDF). Archived from the original (PDF) on September 5, 2015. Retrieved September 9, 2017.
  36. ^ HCA sells Switzerland hospitals BizJournals.com (Nashville Business Journal), June 20, 2007.
  37. ^ "Board OKs $710 million sale of Memorial University Medical Center". Savannah Morning News.
  38. ^ "HCA Announces Agreement to Acquire Three Houston Hospitals from Tenet - HCA Investor Center". investor.hcahealthcare.com. Retrieved 20 December 2018.
  39. ^ "HCA's success over 50 years banks on sticking with the basics". Modern Healthcare. 2018-10-06. Retrieved 2019-06-09.
  40. ^ "HCA Healthcare Acquires Technology and Analytics Company Valify". Bloomberg.com (Press release). 2020-01-10. Retrieved 2020-03-19.
  41. ^ "HCA Healthcare Acquires Technology and Analytics Company Valify". www.nasdaq.com (Press release). Retrieved 2020-03-19.
  42. ^ "For-profit hospital M&A update: 12 deals involving CHS, HCA and Quorum". beckershospitalreview.com. Retrieved 2020-05-13.
  43. ^ "HCA to sell only Mississippi hospital".
  44. ^ "HCA to sell Georgia hospital to AdventHealth for $635M".
  45. ^ "Piedmont to Buy 4 Georgia Hospitals From HCA in $950M Deal". U.S. News & World Report. 2021-05-03. Retrieved 2022-09-17.
  46. ^ "Meadows Boards Approve Sale to HCA – the Advance News".
  47. ^ 52 Alderly Road
  48. ^ "HCA expands network of urgent care centres". LaingBuisson. 12 March 2018. Retrieved 11 May 2018.
  49. ^ "HCA: Promoting US style for-profit healthcare in the UK". 14 April 2022.
  50. ^ https://www.hcahealthcare.co.uk/facilities/the-harborne-hospital/ 02 December 2023
  51. ^ "HCA Healthcare Welcomes Record Class of 1,453 Residents and Fellows". HCA Healthcare. 1 July 2019. Retrieved 6 July 2020.
  52. ^ "HCA Healthcare Completes Purchase of Majority Stake in Galen College of Nursing". Bloomberg News. 7 January 2020. Retrieved 6 July 2020.
  53. ^ "Campuses and Programs". Galen College of Nursing. Retrieved 6 July 2020.
  54. ^ a b David Stires (9 February 2004). "Bringing HCA Back to Life After years of scandal, the hospital chain is healthy again--and might just be a buy". Fortune. Retrieved 19 June 2020.
  55. ^ "Largest Health Care Fraud Case in U.S. History Settled". US Department of Justice. 26 June 2003. Retrieved 19 June 2020.
  56. ^ Jonathan M. Katz (21 September 2005). "Senator Sold Stock Before Price Dropped". The Washington Post. Retrieved 30 June 2020.
  57. ^ "In re HCA Inc., Securities Litigation". Retrieved Jul 26, 2013.
  58. ^ "HCA settles insider trading lawsuit for $20 million". law.com. 14 August 2007. Retrieved 30 June 2020.
  59. ^ "In the Midst of a Pandemic, Big Hospitals Accepted Billions in Bailouts While Laying off Workers and Neglecting Safety | Consumers for Quality Care".
  60. ^ Silver-Greenberg, Jessica; Drucker, Jesse; Enrich, David (8 June 2020). "Hospitals Got Bailouts and Furloughed Thousands While Paying C.E.O.s Millions". The New York Times.
  61. ^ "Nurse who raised concern about lack of PPE died from coronavirus – just days before her planned retirement". CBS News.
  62. ^ Bannow, Tara (2023-12-14). "North Carolina attorney general sues HCA for lapses at Mission Health". Stat. Retrieved 2023-12-14.
  63. ^ Vogel, Susanna (2023-12-15). "North Carolina AG sues HCA over degraded care quality at Mission Health". Healthcare Dive. Retrieved 2024-03-26.
  64. ^ Craver, Richard (2023-12-14). "NC attorney general sues for-profit HCA over Mission contract". Winston-Salem Journal. Retrieved 2024-03-26.
  65. ^ Black, Mitchell (2024-02-13). "HCA and Mission respond to lawsuit, denying breach of contract". Asheville Citizen-Times. Retrieved 2024-03-26.
  66. ^ a b Sonmez, Felicia (2024-02-13). "HCA files motion to dismiss and counterclaim, denies allegations in lawsuit by Attorney General Josh Stein". Blue Ridge Public Radio. Retrieved 2024-03-26.
  67. ^ Jones, Andrew (2024-02-14). "HCA, responding to Stein lawsuit, says it never committed to quality care at Mission". Asheville Watchdog. Retrieved 2024-03-26.

Further reading edit

  • Lutz, Sandy; Gee, E. Preston (1998). Columbia/HCA: Healthcare on Overdrive. McGraw-Hill. ISBN 0070248044.
  • "2015 Annual Report to Shareholders" (PDF). Investor.healthcare.com. Retrieved 2 October 2017.

External links edit

  • Official website  
  • Business data for HCA Healthcare:
    • Bloomberg
    • Google
    • Reuters
    • SEC filings
    • Yahoo!

May 03, 2024
healthcare, this, article, lend, undue, weight, certain, ideas, incidents, controversies, specific, problem, long, list, controversies, that, just, compilation, recent, news, this, organization, rather, than, relevant, list, eventsplease, help, improve, rewrit. This article may lend undue weight to certain ideas incidents or controversies The specific problem is long list of controversies that may be just a compilation of recent news on this organization rather than a relevant list of eventsPlease help improve it by rewriting it in a balanced fashion that contextualizes different points of view December 2023 Learn how and when to remove this message This article needs to be updated Please help update this article to reflect recent events or newly available information April 2024 HCA Healthcare Inc is an American for profit operator of health care facilities that was founded in 1968 It is based in Nashville Tennessee and as of May 2020 owned and operated 186 hospitals and approximately 2 000 sites of care including surgery centers freestanding emergency rooms urgent care centers and physician clinics in 21 states and the United Kingdom 6 As of 2023 HCA Healthcare is ranked 66 on the Fortune 500 rankings of the largest United States corporations by total revenue 7 HCA Healthcare Inc FormerlyHCA Holdings Inc Company typePublicTraded asNYSE HCAS amp P 500 componentIndustryHealth careFounded1968 56 years ago 1968 Nashville Tennessee U S FoundersThomas F Frist Sr Thomas F Frist Jr Jack C MasseyHeadquartersNashville Tennessee U S Number of locations186 hospitals approximately 2 000 sites of care located in 21 states and the United Kingdom 1 Area servedUnited States and the United KingdomKey peopleSam Hazen CEO John Reay CEO HCA UK 2 RevenueUS 60 23 billion 2022 3 Net incomeUS 3 759 billion 2020 4 Number of employees235 000 2021 5 Websitehcahealthcare wbr com The company engaged in illegal accounting and other crimes in the 1990s that resulted in the payment of more than 2 billion in federal fines and other penalties and the dismissal of the CEO Rick Scott by the board of directors 8 Contents 1 History 1 1 Early years 1 2 Growth and merger 1 2 1 Columbia Hospital Corporation 1 3 Recent history 2 Facilities 2 1 United States 2 2 United Kingdom 3 Significant areas of operation 3 1 Medical education 4 Controversies 4 1 Medicare billing practices lawsuit 4 2 2005 insider trading suit 4 3 COVID 19 PPE 4 4 Mission Hospital Acquisition Complaints 5 See also 6 References 7 Further reading 8 External linksHistory editEarly years edit nbsp HCA founders left to right Thomas Frist Sr Jack Massey Thomas Frist Jr Hospital Corporation of America HCA was founded in 1968 in Nashville Tennessee by Thomas F Frist Sr Thomas F Frist Jr and Jack C Massey 9 The founders envisioned a company that would bring together hospitals to deliver patient focused care while using the combined resources of the organization to strengthen hospitals and improve the practice of medicine 10 The company began with Nashville s Park View Hospital which the elder Frist had founded in 1960 with other doctors and where he was serving as chief executive 10 The company included 11 hospitals when it filed its initial public offering on the New York Stock Exchange NYSE in 1969 10 and had 26 hospitals and 3 000 beds by the end of the year 9 10 nbsp Parkview Hospital circa 1968 Growth and merger edit nbsp HCA s first office in Nashville Tennessee The 1970s were characterized by rapid growth in the industry and for HCA Healthcare In the early 1980s the focus shifted to consolidation with HCA Healthcare acquiring General Care Corporation General Health Services Hospital Affiliates International and Health Care Corporation By the end of 1981 the company operated 349 hospitals with more than 49 000 beds 11 Operating revenues had grown to 2 4 billion 9 In 1987 HCA Healthcare which had grown to operate 463 hospitals 255 owned and 208 managed spun off HealthTrust a privately owned 104 hospital company Believing its stock was undervalued the company completed a 5 1 billion leveraged management buyout led by chairman Thomas F Frist Jr 12 in 1988 9 HCA Healthcare re emerged as a public company in 1992 In February 1994 HCA Healthcare merged with Louisville Kentucky based Columbia Hospital Corporation which earlier had acquired 73 hospitals of Galen Health Care from Humana 13 to form Columbia HCA 14 Related names of note include HCA International 15 and Health Corporation of America Columbia Hospital Corporation edit In 1988 Rick Scott and Richard Rainwater each put up 125 000 in working capital in their new company Columbia Hospital Corporation 16 they borrowed the remaining money needed to purchase two struggling hospitals in El Paso for 60 million 17 Then they acquired a neighboring hospital and shut it down Within a year the remaining two were doing much better 18 By the end of 1989 Columbia Hospital Corporation owned four hospitals with a total of 833 beds 17 In 1992 Columbia made a stock purchase of Basic American Medical which owned eight hospitals primarily in southwestern Florida In September 1993 Columbia did another stock purchase worth 3 4 billion of Galen Healthcare which had been spun off by Humana Inc several months earlier 19 At the time Galen had approximately 90 hospitals After the purchase Galen stockholders had 82 of the stock in the combined company with Scott still running the company 17 Recent history edit On November 17 2006 HCA became a private company for the third time when it completed a merger in which the company was acquired by a private investor group including affiliates of Kohlberg Kravis Roberts and Bain Capital together with Merrill Lynch and HCA Healthcare founder Thomas F Frist Jr The total transaction was valued at approximately 33 billion making it the largest leveraged buyout in history at the time eclipsing the 1989 buyout of RJR Nabisco 20 In May 2010 HCA announced that the corporation would once again go public with an expected 4 6 billion IPO as HCA Holdings Inc In March 2011 HCA sold 126 2 million shares for 30 each raising about 3 79 billion at that time the largest private equity backed IPO in U S history 21 In May 2017 the corporation was renamed HCA Healthcare 22 In December 2018 a historical marker was installed in the parking lot of HCA s Sarah Cannon Cancer Center in Nashville formerly the location of HCA s first hospital Park View Hospital 23 In 2018 the company was ranked No 67 in the 2019 Fortune 500 list of the largest United States corporations by total revenue 24 In May 2021 the company finalized a deal with Google to develop healthcare algorithms using patient records 25 In August 2021 HCA announced a deal with venture capital firm General Catalyst to develop digital solutions to streamline workflows and improve patient care as part of the deal HCA sold its healthcare app development firm PatientKeeper to General Catalyst s portfolio company Commure 26 In April 2022 HCA Healthcare announced a 1 5 million partnership with Florida International University s Nicole Wertheim college of Nursing and Health Sciences to expand its facilities to address the national nursing shortage 27 In October 2022 LCMC Health in partnership with Tulane University announced that it would acquire Tulane Medical Center Lakeview Regional Medical Center and Tulane Lakeside Hospital from HCA for 150 million pending regulatory approval 28 In March 2024 it was announced HCA had completed the sale of West Hills Hospital and Medical Center and related assets in Los Angeles California to UCLA Health for an undisclosed amount 29 30 Facilities editUnited States edit As of 2020 update HCA reports it operates 185 hospitals and more than 2 000 sites of care including surgery centers freestanding ERs urgent care centers and physician clinics located in 21 U S states and in the United Kingdom 31 A significant portion of those hospitals are situated in Florida and Texas As of 2022 HCA had 47 hospitals and 31 surgery centers in Florida 32 and 45 hospitals and 632 affiliated sites of care in Texas 33 In 2021 it announced plans to build 3 new hospitals in Florida 34 In 2022 the Dallas News reported that HCA will build 5 new hospitals in Texas They also have a strong presence in Tennessee where it began HCA had 13 hospitals there as of 2019 35 Between 2003 and 2017 HCA did not enter any new markets However in July 2007 HCA sold its hospitals in Switzerland 36 In 2017 HCA acquired the Memorial University Medical Center in Savannah Georgia 37 That same year they acquired three Houston Texas hospitals from Tenet Healthcare 38 In 2019 they purchased Mission Health System which operates hospitals in North Carolina 39 In January 2020 HCA Healthcare acquired Valify a healthcare cost management company 40 41 In May 2020 HCA acquired 49 bed Shands Starke Fla Regional Medical Center and 25 bed Shands Live Oak Fla Regional Medical Center from CHS HCA is operating the two facilities as off campus emergency departments of Lake City Fla Medical Center and North Florida Regional Medical Center in Gainesville 42 Later that year it signed an agreement to sell Garden Park Medical Center to Singing River Health System 43 In 2021 HCA sold Redmond Regional Medical Center to AdventHealth for 635M 44 and four other Georgia hospitals to Piedmont Healthcare for 950 million 45 They also announced the acquisition of Meadows Regional Medical Center 46 United Kingdom edit HCA International the UK arm of Hospital Corporation of America caters for around half of all private patients in London 15 The main hospital sites within the United Kingdom it operates include The Christie Private Care Manchester The Wilmslow Hospital 47 The Harley Street Clinic HCA at The Shard The Lister Hospital London Bridge Hospital The Portland Hospital for Women and Children The Princess Grace Hospital The Wellington Hospital Leaders in Oncology Care It opened urgent care walk in centres at London Bridge Hospital and the Portland Hospital in March 2018 It claims that patients on average wait just seven minutes to see a nurse and 17 minutes to see a doctor 48 In February 2022 49 outsourced cleaning staff at London Bridge Hospital reported a lack of PPE no access to sick pay a lack of training and no prior warning about which rooms may be contaminated with the virus through the COVID 19 pandemic The Princess Grace Hospital specializes in breast cancer and surgery aided by Kefah Mokbel and Nick Perry who in 2005 founded The London Breast Institute The company intends to open The Harborne Hospital a new built private hospital located close to the Queen Elizabeth Hospital Birmingham in January 2024 50 Significant areas of operation editMedical education edit In recent years HCA Healthcare has become a significant provider of clinical and medical education It is the largest sponsor of graduate medical education programs in the U S with 56 teaching hospitals in 14 states primarily in regions with a deficit of physician training programs citation needed The company includes Research College of Nursing and Mercy School of Nursing and has several advanced nursing simulation training centers 51 In early 2020 it completed the purchase of a majority stake in Galen College of Nursing 52 which operates five campuses and offers Bachelor of Science and Associate of Science nursing degrees 53 Controversies editMedicare billing practices lawsuit edit In 1993 lawsuits were filed against HCA by former employees who alleged that the company had engaged in questionable Medicare billing practices 8 In 1997 with a federal investigation by the FBI the IRS and the Department of Health and Human Services in its early stages the Columbia HCA board of directors forced Rick Scott to resign as chairman and CEO amid growing evidence that the company had kept two sets of books one to show the government and one with actual expenses listed 8 Thomas Frist a co founder of HCA and brother of U S Senator Bill Frist returned to the company as CEO in 1997 8 and called on longtime friend and colleague Jack O Bovender Jr to help him turn the company around 54 The federal probe culminated in 2003 with the government receiving a total of over 2 billion in criminal fines and civil penalties for systematically defrauding federal health care programs 55 Columbia HCA pleaded guilty to 14 felonies and admitted to systematically overcharging the government The federal probe has been referred to as the longest and costliest investigation for health care fraud in U S history 54 2005 insider trading suit edit In July 2005 U S Senator Bill Frist sold all of his HCA shares which were held in a blind trust two weeks before disappointing earnings sent the stock on a 9 point plunge At the time Frist was considering a run for president and said that he had sold his shares to avoid the appearance of a conflict of interest 56 When the company disclosed that other executives had also sold their shares during that same time shareholders alleged that the company had made false claims about its profits to drive up the price which then fell when the company reported disappointing financial results Eleven of HCA s senior officers were sued for accounting fraud and insider trading 57 HCA settled the lawsuit in August 2007 agreeing to pay 20 million to the shareholders but admitting no wrongdoing and no charges were brought 58 COVID 19 PPE edit During the COVID 19 pandemic in the United States HCA hospital nurses and other workers spoke out about the lack of PPE 59 In April 2020 60 there was an outcry against HCA following the deaths of two nurses Celia Yap Banago and Rosa Luna who worked at HCA hospitals in Kansas City and California and had contracted coronavirus despite the alarm having been raised about the lack of PPE at work 61 Mission Hospital Acquisition Complaints edit On December 14 2023 the North Carolina Attorney General sued HCA for violating the terms of an agreement that allowed HCA to purchase Mission Health 62 63 64 On February 13 2024 HCA Healthcare denied the allegations and asked a judge to dismiss the lawsuit by the Attorney General 65 66 67 And in return the hospital network filed a counterclaim against the Attorney General 66 See also editPrivate medicine in the United KingdomReferences edit HCA Healthcare Fact Sheet PDF HCA Healthcare June 2019 Retrieved 23 June 2020 John Reay President and Chief Executive Officer HCA Healthcare Retrieved 23 June 2020 KKR amp Co KKR Revenue HCA Healthcare Annual Report Pursuant to Section 13 or 15 D of the Securities Exchange Act of 1934 PDF HCA Healthcare 20 February 2020 Retrieved 23 June 2020 HCA Healthcare fortune com Retrieved 8 December 2021 HCA Healthcare Corporate Profile Fortune 500 Fortune Retrieved 2023 09 11 a b c d Appleby Julie December 18 2002 HCA to settle more allegations for 631M USA Today a b c d Our History HCA Healthcare Retrieved 2018 06 22 a b c d Dr Thomas Frist Sr HCA Founder Dies at 87 The New York Times January 8 1998 Brett Kellman 16 August 2018 HCA From single hospital to health care behemoth The Tennessean Retrieved 24 June 2020 Freudenheim Milt Buyout Set For Chain Of Hospitals The New York Times November 22 1988 Steve Ivey Ed Green 11 November 2011 Humana s history has been one of recognizing opportunities Louisville Business Journal Retrieved 24 June 2020 Factbox Hospital operator HCA goes public again Reuters 9 March 2011 Retrieved 24 June 2020 a b Paul Gallagher June 14 2013 World s largest private healthcare company HCA plans expansion into NHS The Independent Milt Freudenheim October 4 1993 Largest Publicly Held Hospital Chain Is Planned The New York Times a b c Floyd Norris October 6 1994 Efficiencies of scale are taken to the nth degree at Columbia The New York Times Retrieved August 16 2015 Time 25 Time June 17 1996 Retrieved April 5 2009 dead link Kathryn Jones November 21 1993 A Hospital Giant Comes to Town Bringing Change The New York Times Sorkin Andrew Ross HCA Buyout Highlights Era of Going Private New York Times July 25 2006 HCA IPO prices at 30 sells more shares sources Reuters 9 March 2011 Retrieved 2015 02 02 Emily Overholt May 2 2017 HCA Holdings Inc to change name to include healthcare Nashville Business Journal Nashville Business Journal Retrieved September 16 2020 Stinnett Joel December 7 2018 Nashville marks the spot where HCA was born Nashville Business Journal Retrieved December 10 2018 Fortune 500 Companies 2019 Who Made the List Fortune Archived from the original on 2019 01 15 Retrieved 2018 11 10 Evans Melanie 2021 05 26 WSJ News Exclusive Google Strikes Deal With Hospital Chain to Develop Healthcare Algorithms Wall Street Journal ISSN 0099 9660 Retrieved 2021 06 28 Brian Gormley August 18 2021 General Catalyst HCA Healthcare Team Up on Digital Innovation The Wall Street Journal HCA Healthcare Announces 1 5 Million Partnership With Florida International University to Address National Nursing Faculty Shortage Businesswire 26 April 2022 Retrieved 29 April 2022 LCMC Health and Tulane University announce partnership Tulane News Retrieved 2022 10 10 Diaz Naomi 2024 03 29 HCA sells hospital to UCLA Health www beckershospitalreview com Retrieved 2024 04 02 Sharma Soumya 2024 04 01 UCLA Health acquires HCA s West Hills Hospital and Medical Center in US Hospital Management Retrieved 2024 04 02 Who We Are Metro Orlando to get 3 new hospitals BizJournals com Orlando Business Journal Retrieved 2019 06 09 HCA Healthcare Announces Plans to Build Five New Hospitals in Texas Retrieved 2022 02 27 HCA Healthcare to Build 3 New Hospitals in Florida Construction HCA Fact Sheet 2014 HCA currently owns the University of Central Florida College of Medicine and controls the board of directors for the medical school which it purchased in August 2017 HCA Facts PDF Archived from the original PDF on September 5 2015 Retrieved September 9 2017 HCA sells Switzerland hospitals BizJournals com Nashville Business Journal June 20 2007 Board OKs 710 million sale of Memorial University Medical Center Savannah Morning News HCA Announces Agreement to Acquire Three Houston Hospitals from Tenet HCA Investor Center investor hcahealthcare com Retrieved 20 December 2018 HCA s success over 50 years banks on sticking with the basics Modern Healthcare 2018 10 06 Retrieved 2019 06 09 HCA Healthcare Acquires Technology and Analytics Company Valify Bloomberg com Press release 2020 01 10 Retrieved 2020 03 19 HCA Healthcare Acquires Technology and Analytics Company Valify www nasdaq com Press release Retrieved 2020 03 19 For profit hospital M amp A update 12 deals involving CHS HCA and Quorum beckershospitalreview com Retrieved 2020 05 13 HCA to sell only Mississippi hospital HCA to sell Georgia hospital to AdventHealth for 635M Piedmont to Buy 4 Georgia Hospitals From HCA in 950M Deal U S News amp World Report 2021 05 03 Retrieved 2022 09 17 Meadows Boards Approve Sale to HCA the Advance News 52 Alderly Road HCA expands network of urgent care centres LaingBuisson 12 March 2018 Retrieved 11 May 2018 HCA Promoting US style for profit healthcare in the UK 14 April 2022 https www hcahealthcare co uk facilities the harborne hospital 02 December 2023 HCA Healthcare Welcomes Record Class of 1 453 Residents and Fellows HCA Healthcare 1 July 2019 Retrieved 6 July 2020 HCA Healthcare Completes Purchase of Majority Stake in Galen College of Nursing Bloomberg News 7 January 2020 Retrieved 6 July 2020 Campuses and Programs Galen College of Nursing Retrieved 6 July 2020 a b David Stires 9 February 2004 Bringing HCA Back to Life After years of scandal the hospital chain is healthy again and might just be a buy Fortune Retrieved 19 June 2020 Largest Health Care Fraud Case in U S History Settled US Department of Justice 26 June 2003 Retrieved 19 June 2020 Jonathan M Katz 21 September 2005 Senator Sold Stock Before Price Dropped The Washington Post Retrieved 30 June 2020 In re HCA Inc Securities Litigation Retrieved Jul 26 2013 HCA settles insider trading lawsuit for 20 million law com 14 August 2007 Retrieved 30 June 2020 In the Midst of a Pandemic Big Hospitals Accepted Billions in Bailouts While Laying off Workers and Neglecting Safety Consumers for Quality Care Silver Greenberg Jessica Drucker Jesse Enrich David 8 June 2020 Hospitals Got Bailouts and Furloughed Thousands While Paying C E O s Millions The New York Times Nurse who raised concern about lack of PPE died from coronavirus just days before her planned retirement CBS News Bannow Tara 2023 12 14 North Carolina attorney general sues HCA for lapses at Mission Health Stat Retrieved 2023 12 14 Vogel Susanna 2023 12 15 North Carolina AG sues HCA over degraded care quality at Mission Health Healthcare Dive Retrieved 2024 03 26 Craver Richard 2023 12 14 NC attorney general sues for profit HCA over Mission contract Winston Salem Journal Retrieved 2024 03 26 Black Mitchell 2024 02 13 HCA and Mission respond to lawsuit denying breach of contract Asheville Citizen Times Retrieved 2024 03 26 a b Sonmez Felicia 2024 02 13 HCA files motion to dismiss and counterclaim denies allegations in lawsuit by Attorney General Josh Stein Blue Ridge Public Radio Retrieved 2024 03 26 Jones Andrew 2024 02 14 HCA responding to Stein lawsuit says it never committed to quality care at Mission Asheville Watchdog Retrieved 2024 03 26 Further reading editLutz Sandy Gee E Preston 1998 Columbia HCA Healthcare on Overdrive McGraw Hill ISBN 0070248044 2015 Annual Report to Shareholders PDF Investor healthcare com Retrieved 2 October 2017 External links editOfficial website nbsp Business data for HCA Healthcare BloombergGoogleReutersSEC filingsYahoo Retrieved from https en wikipedia org w index php title HCA Healthcare amp oldid 1219426564, wikipedia, wiki, book, books, library,

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