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Subacute Management Corporation Of America Inc history
Subacute Management Corporation Of America Inc company history timeline
In 1944, C. V. Wolfe and two partners acquired the Lima Lumber Company.
C.V.'s son F. D. Wolfe, an alumnus of Harvard Business School, joined the growing family business soon after his graduation in 1955.
Together they created the Lima Mortgage Co. in 1957 to offer mortgage services to their construction clients.
Private CompanyIncorporated: 1960 as Park View Hospital, Inc.Employees: 68,000Sales: $4.27 billion
To provide better care for his own patients, Frist, together with ten investors, built Nashville-based Park View Hospital in 1960, which later became the company’s flagship operation.
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.
The family built its first long-term care facility in 1963, and it leased that first property to an outside operator.
F. D. Wolfe succeeded his father as chairman of the family business upon his father's death in 1967.
Thus, in 1968, Hospital Corporation of America was formed to own and manage hospitals with Thomas Frist Sr. at the helm as president and Jack C. Massey, a businessman with hospital-management experience, serving as the first chairman.
John A. Hill, former chairman and CEO of Aetna Life & Casualty, was appointed president and Thomas Frist Sr. became vice chairman and chief medical officer of HCA, in 1970.
In 1971 Robert Van Tuyle was recruited as a director from his 40-year career in the chemical industry, and he immediately began to streamline Beverly, divesting the company of its unrelated interests and focusing on long-term health care.
The Totally Kids organization was established in 1971 as a family business with the vision of providing a better place for children with disabilities to reside.
In 1972 Hospital Corporation put together its first board of governors, consisting of prominent physicians from throughout the HCA network of hospitals.
By 1973, Hospital Corporation had become the world’s largest publicly owned hospital-management company, representing 51 hospitals with a total of 7,900 beds.
In 1973, HCA also entered the international marketplace, taking on management of the King Faisal Specialist Hospital and Research Centre in Riyadh, Saudi Arabia.
HCR's history stretches back more than 50 years, but the company has only been involved in the operation of nursing homes since 1974.
Though all these factors posed problems, HCA still grew to 10,000 beds by 1975.
In 1975 the company created Heartland Health Care Company to acquire Heartland of Perrysburg (Ohio), an upscale 136-bed nursing home.
Growth became Beverly's trademark beginning in 1977 when it purchased Leisure Lodges from its parent company, Stephens Inc., of Little Rock, Arkansas.
With the launching of its management contracts division, HCA Management Company, and Parthenon Insurance Company in 1977, HCA ushered in a period of heightened expansion and diversification.
In 1977, the company expanded its reach into the neighboring state of West Virginia through the acquisition of two more nursing homes, thereby adding over 400 beds to its total capacity.
In 1978 the corporation celebrated its tenth anniversary with 100 hospitals and 28,000 employees.
David R. Banks, who had been chairman of the Leisure Lodges chain, joined Beverly as president and CEO in 1979.
In April 1980, HCA acquired General Health Services, which owned 14 hospitals and various ancillary healthcare services.
In 1981, Hospital Corporation bought rival Hospital Affiliates International (HAI), a wholly owned subsidiary of INA Corporation.
HCA Psychiatric Company, the new subsidiary stemming from the 1981 purchase of Health Care Corporation, grew into a network of 53 hospitals, becoming one of the nation’s largest owners and managers of psychiatric facilities.
The company finally abandoned all its non-healthcare operations in 1981, when it spun off these businesses as Wolfe Industries, Inc. and retained the nursing home business as Health Care and Retirement Corporation of America.
“HCA: Champion In a New Growth Industry, Dun’s Business Month, December 1982; “HCA History,” Hospital Corporation of America Corporate typescript [n.d.].
Although in 1982 HCA sold the 18 nursing homes it had acquired via HAI, in exchange for an 18% interest in Beverly Enterprises, the nation’s largest nursing home-management company.
By 1983 Beverly was the nation's largest operator of nursing homes.
At the same time, the 1983 legislation changing Medicaid-Medicare reimbursement made the health care industry suddenly cost-conscious.
By 1983, HCA ran 30 projects in seven foreign countries.
A second offering of 825,000 shares at about $14.50 per share raised $12 million in 1983.
By the end of 1984, the company owned a total of 46 facilities with over 5,000 beds, and had broken into the nursing home industry's top 10.
In 1985 HCA also purchased Kansas-based Wesley Medical Center, a nonprofit teaching hospital affiliated with the University of Kansas School of Medicine.
Problems began to surface by 1986, as allegations of neglect prompted investigations by various state health officials.
In 1986, officials in Texas suspended Medicaid payments to 24 of Beverly's 134 nursing homes in that state, citing hazardous health deficiencies; the state revoked the license of one home.
In 1986 HCA’s money-losing health insurance units were folded into a joint venture with the Equitable Life Assurance Society of America, called EQUICOR-Equitable HCA Corporation.
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.
In 1987 health care officials in Maine and Washington, D.C. denied Beverly permission to open any new homes in their domains because of its poor patient-care record.
HCA also purchased the Health Care Corporation, which spawned HCA’s extensive psychiatric-hospital network. It was determined in 1987 that HCA had a monopoly in a portion of the Tennessee market, which the company rectified by selling two hospitals and terminating the management contract with a third.
About the same time that Beverly was taken off probation in California late in 1988, Minnesota moved to revoke the license of all 42 of the company's nursing homes in that state.
By late 1988 Frist planned to concentrate on the profitable psychiatric and medical and surgical hospital businesses.
In March 1989 Frist Jr. and chief financial officer Roger Mick, along with other HCA managers, had taken the company private via a $4.9 billion leveraged buyout.
The occupancy rate at Beverly's more than 1,000 homes stabilized at 88 percent by 1989.
Some of these planned sales, however, were not completed by the end of 1989.
Robert Van Tuyle stepped down as chairman of the board in May 1990, after 19 years of leadership.
Stephens helped Beverly put through a sale of 41 of its Iowa nursing homes in 1990 to raise cash.
After having lost $160 million over the preceding three years, the company turned a profit in 1990 of $13 million.
Beverly sold close to 200 of its homes by 1991, and the company's debt became more manageable.
Growth through acquisition continued in 1994, when HCR purchased two privately held businesses in the Mid-Atlantic region.
Then in 1995 Beverly proposed to spin off PCA, selling 20 percent to the public and distributing the rest to shareholders.
Problems with pricing at PCA reportedly made the spin-off unadvisable, and management promised to pursue it in early 1996 instead.
By the end of 1996, it had 66 outpatient therapy clinics and 33 home healthcare offices.
Demographic experts forecast that the number of Americans aged 85 and over would double from 3.3 million to 6.6 million by 2010.
"Hospital Corporation of America ." International Directory of Company Histories. . Retrieved June 21, 2022 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/hospital-corporation-america
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