Hospital Corporation of America (HCA) was founded in Nashville, Tennessee in 1968 by Thomas F. First, Sr., Jack C. Massey, and Dr. Thomas F. First.
At first the founders worked out of a small house and owned only one hospital, Park View Hospital.
In 1969 the company went public on the New York Stock Exchange. The company continued to grow and they built new headquarters in 1972, also in Nashville.
During the 1970s and 1980s HCA experienced tremendous growth, acquiring hundreds of hospitals. This reached the peak numbers of 255 owned and 208 managed by HCA.
Columbia Hospital Corporation acquired HCA in 1988 for $5.3 billion. The new company was called Columbia/HCA.
In 1997 Columbia/HCA was embroiled in a medicare billing and doctor-kickback scandal which rocked the company. They fired their CEO, changed leadership, changed their name back to HCA, and turned the company around. They ended up paying $2 billion to settle the lawsuits stemming from the scandal.
In 2005 they were again part of a scandal, this time insider trading by eleven of their executives. This scandal cost HCA $20 million.
In 2006 the company was bought out by a group of investors, including the founders. HCA again went public in 2010.
Today HCA manages 162 hospitals and 113 freestanding surgery centers in the U.S. and the U.K. Their revenue for 2010 was $33 billion.
Hospital Corporation of AmericaHospital Corporation of America (HCA) was founded in Nashville, Tennessee in 1968 by Thomas F. First, Sr., Jack C. Massey, and Dr. Thomas F. First.
At first the founders worked out of a small house and owned only one hospital, Park View Hospital.
In 1969 the company went public on the New York Stock Exchange. The company continued to grow and they built new headquarters in 1972, also in Nashville.
History
During the 1970s and 1980s HCA experienced tremendous growth, acquiring hundreds of hospitals. This reached the peak numbers of 255 owned and 208 managed by HCA.
Columbia Hospital Corporation acquired HCA in 1988 for $5.3 billion. The new company was called Columbia/HCA.
In 1997 Columbia/HCA was embroiled in a medicare billing and doctor-kickback scandal which rocked the company. They fired their CEO, changed leadership, changed their name back to HCA, and turned the company around. They ended up paying $2 billion to settle the lawsuits stemming from the scandal.
In 2005 they were again part of a scandal, this time insider trading by eleven of their executives. This scandal cost HCA $20 million.
In 2006 the company was bought out by a group of investors, including the founders. HCA again went public in 2010.
Today HCA manages 162 hospitals and 113 freestanding surgery centers in the U.S. and the U.K. Their revenue for 2010 was $33 billion.