HCA, the top provider of healthcare services in the country, was co-founded by Thomas Frist Jr., MD, who also serves as chairman emeritus.
On May 19, 2017, the university conferred an honorary doctor of humane letters degree on Dr Frist.
Thomas Frist Jr Bio/Wiki
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Born on August 12, 1938, Thomas F. Frist Jr. Thomas F. Frist Sr. was his father and was well-known in Nashville for his expertise in internal medicine.
Theodora Cate was his mother. Dr Bill Frist, a physician and a former majority leader of the US Senate, has four siblings: Dorothy F. Boensch, Mary F. Barfield, Dr Robert A. Frist, and Dr Robert A. Frist. Belle Meade, a Nashville suburb on the west side, was where Frist was raised.
He studied in the Nashville prep school for males called Montgomery Bell Academy. When MBA won the state football championship in 1956, Frist started as a quarterback. Frank Drowota, who later rose to the position of chief justice on the Tennessee Supreme Court, served as the team’s halfback under Frist.
After graduating from Vanderbilt University, Frist earned his medical degree from Washington University in St. Louis. He belonged to Phi Delta Theta at Vanderbilt University. During his time in the American Air Force, he worked as a flight surgeon.
Jack Massey, an early investor in the Kentucky Fried Chicken franchise and later in Wendy’s, and his father helped him form Hospital Corp. of America in 1968. As one of the nation’s first for-profit providers of healthcare, the company rose to prominence. In 1977, Frist was appointed HCA’s president.
Ten years later, he was named the company’s chairman and CEO. When HCA and Columbia merged in February 1994, he presided as chairman of the new corporation. When the company merged with HealthTrust in April 1995, he took on the role of vice chairman. In 1997, he came back to the organization and was appointed chairman and CEO, a position he held until January 2001.
He assisted in the 2006 privatization of HCA for $31.6 billion, which at the time was the largest leveraged buyout in history, with funding from Merrill Lynch, KKR, Bain Capital, and the Frist family.
Four years later, the business offered its shares for sale in a public offering. The Alexis de Tocqueville Society, a United Way spinoff that encourages giving, was founded by Frist. Additionally, he serves as chairman of both the Frist Center for the Visual Arts, located in Nashville, and the Frist Foundation, a philanthropic organization run by his family.
Thomas Frist Jr Philanthropy
He was admitted to the Hall of Fame for Health Care. From 1995 to 1997, he held the position of vice president of the Vanderbilt University Board of Trust. He has received Vanderbilt University’s exceptional graduate award. He serves as the chairman of both the Frist Center for the Visual Arts and the Frist Foundation.
He is a foundation member of the Nashville Public Library. The United Way Alexis de Tocqueville Society included him as a co-founder. Along with that, he was the United Way of America’s board of governors’ chair. Established by the United Way in 1996, the Dr. Thomas F. Frist Jr. Excellence in Volunteer Leadership Award is given annually.
He was given the Lifetime Achievement Award by the United Way in 2012 The Thomas F. Frist Jr. College of Medicine will be constructed in collaboration with HCA’s clinical facilities, which are known by the brand name TriStar Health, according to a 2020 announcement made by Nashville’s Belmont University.
Thomas Frist Jr Personal Life
His father was the renowned internal medicine expert Thomas F. Frist Sr. from Nashville. He knew his mother by the name of Dorothy Cate. His four siblings include Dr Robert A. Frist, Dorothy F. Boensch, Mary F. Barfield, who is a physician, and Bill Frist, a former majority leader of the US Senate He shares the same state with his brother, a former Republican U.S. senator.
A general partner in Frisco Partners, a Frist family investment company, Frist III is also listed as a director of HCA, the Frist Foundation, and HCA on the HCA website. There are three children from Frist’s marriage to Patricia C. Frist, which lasted from 1961 until her death in 2021. They are homeowners of an $18 million home in Belle Meade, Tennessee.
Thomas Frist Jr Net Worth
A 23 per cent ownership share in the publicly traded health services provider HCA Healthcare is where the majority of Frist’s wealth comes from. He has authority over the shares through Hercules Holding II, a limited liability corporation situated in Nashville, Tennessee, whose stockholders include the billionaire’s two sons According to HCA’s proxy form submitted to the US Securities and Exchange Commission in 2022, Frist and his sons possess close to 70 million shares of the company.
In order to highlight his role as a co-founder, he is given credit for all of these shares. On its website, HCA claims to operate 182 hospitals that provide care for more than 35 million patients in 20 US states and the UK. Additionally, Frist has personal investments derived from dividends and share sales of HCA, including a payout of more than $500 million in one year in 2012.
Established in 1968, HCA Healthcare is a for-profit American company that manages healthcare facilities. Its headquarters are in Nashville, Tennessee, and as of May 2020, it owned and ran 186 hospitals as well as almost 2,000 other healthcare facilities in 21 states as well as the UK, including surgery centres, freestanding emergency rooms, urgent care facilities, and physician clinics. On the list of the 500 biggest American companies by total revenue as of 2021, HCA Healthcare is ranked #62.
In the 1990s, the business participated in fraudulent accounting practices and other offences that led to the payment of more than $2 billion in federal fines and other penalties, as well as the board of directors’ decision to fire CEO Rick Scott.
HCA Healthcare has published a number of medical studies in peer-reviewed journals, including the REDUCE MRSA study published in the New England Journal of Medicine, by working with partners like the Harvard Pilgrim Institute and the CDC to conduct extensive clinical research and use data gathered from their patients.
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Significant Areas of Operation
Over the past few years, HCA Healthcare has grown to be a key supplier of clinical and medical education. With 56 teaching hospitals spread over 14 states, mostly in areas where there aren’t many programs for training doctors, it is the largest supporter of graduate medical education in the United States.
A number of cutting-edge nursing simulation training facilities are owned and operated by the firm, which also includes Mercy School of Nursing and Research College of Nursing. Controlling ownership in Galen College of Nursing, which has five campuses and grants bachelor’s and associate’s degrees in nursing, was acquired by the company in the beginning of 2020.
Around 50,000 stroke patients are treated by HCA Healthcare every year at 31 reputable comprehensive stroke facilities.
As of November 2019, the typical wait time between a patient’s arrival and obtaining necessary medication was 42 minutes, which was 30% quicker than the national average.
In 2019, more than 219,000 newborns, or almost one out of every 17 born in the United States, are delivered by HCA Healthcare.
2019 saw a decrease in maternal mortality at HCA Healthcare hospitals to around half the national average. HCA Healthcare collaborates on a national level with March of Dimes.
Workforce Education and Support
HCA Healthcare invests in leadership and workforce education programs for its approximately 280,000 workers and affiliates, including 98,000 registered nurses and 46,000 doctors (2020). Through its voucher program, HCA invested $70.8 million in 2019 to help students with their student loans, pay for their tuition, and support their certifications.
The HCA Healthcare Hope Fund provides financial assistance to employees who are struggling because of a natural disaster, illness, injury, domestic violence, the loss of a loved one, or another unforeseen tragedy. In 2019, the fund gave away $7.7 million, and since 2005, it has helped out with $56 million.
HCA hospital employees, including nurses, raised concerns about the lack of PPE during the COVID-19 outbreak in the US. Despite the fact that the issue of the absence of PPE at work had been addressed, there was a backlash against HCA in 2020 after two nurses, Celia Yap-Banago and Rosa Luna, who had died from coronavirus and worked at HCA hospitals in Kansas City and California, respectively, passed away.
According to a May 2020 Intercept investigation, HCA engaged union-busting professionals at a rate of $400 per hour to disperse planned union demonstrations by nurses in North Carolina who were protesting staff reductions, poor communication, and a lack of protective equipment.
Thomas Frist Jr Controversies
Former workers of HCA who claimed that the business had used improper Medicare billing techniques brought lawsuits against the company in 1993. A growing body of evidence that the company “had kept two sets of books, one to show the government and one with actual expenses listed” led the Columbia/HCA board of directors.
It was to force Rick Scott to resign as chairman and CEO in 1997, as a federal investigation by the FBI, the IRS, and the Department of Health and Human Services were just getting started. As CEO once more in 1997, Thomas Frist, a co-founder of HCA and the sibling of U.S. Senator Bill Frist, enlisted the aid of a longtime friend and coworker Jack O. Bovender, Jr. to assist him to turn the business around.
After a lengthy investigation by the federal government, “the government received a total of almost $2 billion in criminal fines and civil penalties for systematically cheating federal health care programs” in 2003.
In addition to admitting to routinely overcharging the government, Columbia/HCA entered a guilty plea to 14 offences. The federal inquiry has been referred to as the most extensive and expensive investigation into healthcare fraud in American history.
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Patricia C. Frist
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