Medica history

Over the course of two years, he helped shift the company's focus to non-urban hospitals and brought in $7 million in outside investments, which led to Schoen being named co-CEO with Greene in December 1985.

To help support this expansion, Schoen took HMA public at $10 per share in 1986.

In August 1988, a management-led investment group paid $14.75 for each share of stock, nearly $85 million in all, and removed HMA and its chain of a dozen hospitals from public ownership.

In January 1989, HMA purchased an Orlando psychiatric hospital and a year later added the second of the company's two psychiatric hospitals by acquiring a Tesquesta, Florida, facility.

1991: HMA returns to public ownership.

In 1993, HMA acquired hospitals in Greater Haines City, Florida, and Natchez, Mississippi.

And in 1994, Medica merged with HealthSpan to form Allina Health System, an integrated organization offering both health care coverage and medical services.

In 1995, they added two hospitals, one in Hartsville, South Carolina, and another in Statesboro, Georgia.

HMA picked up the acquisition pace in 1998, adding five hospitals to the chain, leasing facilities in Brooksville, Florida, and Spring Hill, Florida, and buying two hospitals in Flowood and another in Meridian, Mississippi.

Also in 2000, HMA added hospitals in Dade City, Florida, and Statesville, North Carolina.

The company was well positioned for the change, its finances so strong that later in 2001 HMA was added to the S&P 500 Index, joining the ranks of other notable large-capitalization stocks.