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Health Care and Retirement Corporation of America history
Health Care and Retirement Corporation of America company history timeline
In 1944, C. V. Wolfe and two partners acquired the Lima Lumber Company.
Together they created the Lima Mortgage Co. in 1957 to offer mortgage services to their construction clients.
In 1962, the family changed the name of this company to Western Ohio Corp. and divested the mortgage business to concentrate on real estate development, most notably the development of nursing homes.
A physiology professor at the time, Sutherland wins the 1971 Nobel Prize in Physiology and Medicine “for his discoveries concerning the mechanisms of the action of hormones.”
The company undertook management of its first facility in 1974, when it acquired Indian Lake Manor, a 62-bed nursing home.
In 1975 the company created Heartland Health Care Company to acquire Heartland of Perrysburg (Ohio), an upscale 136-bed nursing home.
Frist, Sr., and a group of Nashville businessmen began what would become American Retirement Corporation in 1978 to provide consulting and management services to retirement communities.
After a successful decade on the market, Gordon and team will sell to HCA for $78 million in 1980.
By the end of 1981, the company operates 349 hospitals with more than 49,000 beds and operating revenue of $2.4 billion.
Joel Gordon, founding president and vice-chairman of General Care Corporation, creates SCA in 1982 with HCA exec Andrew “Woody” Miller and $14 million.
HealthPlans is acquired by Maxicare in 1986.
Under the direction of Paul Ormond, who served as president from 1986 and CEO after the spinoff, the company distinguished itself not only by its size, but also by its strategies for profitable expansion.
After former execs from Republic Health make a run at purchasing HCA in 1987, Tommy Frist responds by reducing the size of HCA’s corporate staff by 25 percent and divesting of 104 smaller hospitals.
In 1988, Canada-based Diversicare will acquire Wessex and move the Diversicare headquarters to Franklin.
Joe Hutts, who helped found PhyCor in 1988, partners with Mike Gould and Jeff Bogle to create another ambulatory surgery center (ASC) owner and operator.
Walker, Rob, “Retirement Centers Sold by Forum,” Fort Worth Star-Telegram, April 6, 1992.
Revenues represented an aggregate annual growth rate of 43 percent since 1992, when the companies recorded combined revenues of $17.8 million and a combined loss of $500,000.
With CEO James Dalton at the helm, Quorum begins as the hospital management arm of HCA. In 1993, it moves into hospital ownership by purchasing 10 campuses from Macon, Ga.-based Charter Medical Corp.
Advocat goes public in May 1994, raising $5.2 million.
AMG was formed in Nashville in 1994, out of a merger between Anesthesia Consultants of Nashville and Middle Tennessee Anesthesia.
Republic Health will later be renamed OrNda and eventually sell to Tenet Healthcare for $3.2 billion in 1996.
In 1996, CHS will be purchased by an affiliate of Forstmann Little & Co. and taken back to the private sector.
Ken Melkus serves as chairman and CEO of HealthWise, until United HealthCare buys the company for $290 million in 1996.
In May 1997 ARCLP purchased the Remington in Corpus Christi and leased the Remington in nearby Victoria.
Led by Wayne T. Smith, who becomes CEO in 1997, CHS will eventually become the largest operator of hospitals in the United States (by facility count) and the largest non-urban provider of health care services in the nation.
In 1997 alone, public PPMs raised $2 billion to fund their acquisition spree.
Founded in Southern California in 1997, Cogent is one of the nation’s leading hospitalist companies when it relocates to Brentwood under its renowned leader, Doctor Ron Greeno.
Curt Thorne takes over as president and CEO in 1998 and will eventually widen the company’s management reach even broader, to include diagnostic imaging, musculoskeletal treatments, post-acute care and other areas of health care.
It will be incorporated as Passport Health Communications, Inc. in 1998.
ARC opened two company-owned properties in 1998, Village at Homewood in Lady Lake, Florida, a joint venture, and Homewood at Deanne Hill in Knoxville.
ARC discontinued its poorly performing home healthcare agencies in 1998.
American Healthcorp renames itself American Healthways, Inc. in 1999.
His company, which relocated to Nashville from New York in 1999, is the first tenant in the space.
When HealthStream launches its first IPO in 2000, its business model will revolve around providing Internet-based educational resources to health care companies across the country.
Founder Robert Martin will serve as CEO and chairman of the board until one year before NAHC files for bankruptcy in 2000.
Under Shelton’s leadership, Triad grows to become the third largest health care provider in the United States In 2000, Triad acquires a fellow HCA spinoff, Quorum Health Group.
Several construction projects came to completion in 2000.
In June 2001 ARC sold its leasehold for the Rossmoor Regency in California for $21.5 million as projects related to developing a Senior Living Network in the area had been terminated.
The company goes public in 2001, and three years later, acquires Nashville-based Province Healthcare Company, growing to encompass 50 hospitals across 19 states.
He will be named chairman of the board in 2001.
The Council organization presents its inaugural LHC Legacy of Leadership Award to entrepreneur Jim Lackey Jr., chairman of Complete Holdings Group, in recognition of his support of LHC and of the professional development of emerging health care leaders since the program’s founding in 2002.
After selling his company, Bredesen goes on to serve as Nashville’s mayor before being elected the 48th Governor of Tennessee in 2003.
In September 2003, Caremark Rx buys out AdvancePCS for $5.6 billion and surpasses HCA as Nashville’s largest public company.
Former Columbia/HCA exec Jay Grinney will be named HealthSouth’s CEO in 2004.
Province enters the public market and stays there for six years before selling to LifePoint Hospitals Inc. (now LifePoint Health) in 2004 for more than $1 billion.
CET also manages the Cool Springs Life Sciences Center when it launches in 2005.
He will be replaced as president in 2006 by John E. Maupin Jr. — another former president of Meharry Medical College.
By 2006, Surgis operates 24 centers across the country and has seven more under construction.
The Emeritus deal caps almost a decade of large-scale expansion for Brookdale, beginning with its merger of the Frist-founded American Retirement Corp. in 2006.
500’s list of fastest-growing private firms, and when it launches an IPO in August 2009, Cumberland raises $85 million from investors.
Five years later, in 2010, Universal Health Services announces its purchase of the behavioral health organization for $3.1 billion.
Regarded as an industry leader in 2010, providing document services for roughly 500 hospitals and health systems, Spheris leaders ultimately confirm a long-standing rumor that the company’s debt has led to a bankruptcy filing.
Founders Doctor Michael Finke, Doctor Juergen Fritsch, and Detlef Koll as Chief Technology Officer will maintain their executive titles after August 2011, when the company merges with MedQuist to form M*Modal.
In 2011, Aegis Sciences buys Diagnovus, a Nashville startup co-founded by Doctor James Stover, with a focus on molecular diagnostics.
In 2011, Essent is purchased by Brentwood-based RegionalCare Hospital Partners for $260 million.
In 2012, Denver-based Excellere Partners invests $42 million in AMG and forms PhyMed Healthcare Group.
In March 2013, the Brentwood-based spin-off, Advocat, will officially change its name to Diversicare Healthcare Services Inc.
The facility, International Hospital, opens its doors in August 2013 — 45 years after cofounder Tommy First Jr.’s first HCA hospital.
In 2013, after owning the Baptist hospitals for nearly 12 years, Saint Thomas Health changes the hospitals’ names to match the expanding network’s brand.
PHS CEO Rich Hallworth navigates the merger and leads the new company until 2013.
In 2014, Acadia pays $1.18 billion to purchase CRC Health Group Inc., the nation’s largest behavioral health provider at the time.
In September 2015, Shareable Ink announces plans to drop the “Ink” from its name as part of its new brand: Shareable.
The hospital company, led by Marty Rash, later merged with Capella Healthcare in May 2016.
CleanSlate Centers, an outpatient opioid and alcohol addiction treatment company, announces it will be relocating its headquarters from western Masschusetts to Nashville in fall 2017 as it embarks on a national expansion.
At the 2019 Council International Study Mission, member delegates establish relationships with key government and industry leaders in Israel.
In response to the worldwide pandemic, the Council establishes a COVID-19 Readiness Team, holding its first meeting in March 2020 with more than 50 attendees.
"American Retirement Corporation ." International Directory of Company Histories. . Retrieved April 16, 2021 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/american-retirement-corporation
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Health Care and Retirement Corporation of America competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Wingate Healthcare | 1986 | $180.0M | 1,800 | - |
| Greenfield Senior Living | 2001 | $23.0M | 750 | 24 |
| Fortis Management Group | - | $14.9M | 4,734 | - |
| Priority Healthcare Group | 2015 | $7.7M | 750 | - |
| Plantation Management, LLC | 1997 | $20.0M | 2,000 | - |
| Daybreakventure | 1991 | $450.0M | 5,500 | - |
| Advanced Healthcare Solutions | - | $1.2M | 50 | - |
| Extendicare Health Facility Holdings Inc | 1983 | $5.4M | 50 | 13 |
| Geriatric & Medical Companies Inc | - | $5.4M | 50 | - |
| Skilled Healthcare | 2003 | $114.4M | 7,500 | 1 |
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