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| Rick Scott |
Richard Lynn "Rick" Scott (born December 1, 1952) is an American politician who is the 45th and current Governor of the U.S. state of Florida.
Scott served in the U.S. Navy and then went into business. He earned a business degree and law degree and joined a Dallas firm where he became partner. In 1987 he helped found the Columbia Hospital Corporation with two business partners; this merged with Hospital Corporation of America in 1989 to form Columbia/HCA and eventually became the largest private for-profit health care company in the U.S. He was forced to resign as Chief Executive of Columbia/HCA in 1997 amid a scandal over the company's business and Medicare billing practices; the company ultimately admitted to fourteen felonies and agreed to pay the federal government over $600 million. Scott later became a venture capitalist, and entered into politics in 2010, when he announced his intention to run for Governor of Florida. Having defeated Bill McCollum in the Republican primary election, Scott defeated Democrat Alex Sink in a close race in the 2010 Florida gubernatorial election.
Early life and education
Rick Scott was born in Bloomington, Illinois, and raised in Kansas City, Missouri, where his father was a truck driver and his mother worked as a clerk at J.C. Penney, among other jobs. Scott graduated from high school in 1970, and then attended one year of community college after which he enlisted in the United States Navy. He was in the Navy for 29 months and served on the USS Glover as a radar technician. Scott later graduated from the University of Missouri–Kansas City with a bachelor’s degree in business administration and earned a law degree from Southern Methodist University.
In 1972, he married his high school sweetheart. As of early 2009 the couple lived in Naples, Florida.
Early business career
Scott made his first foray into business while he was in college, buying and reviving two Kansas City donut shops. After graduating from law school, Scott practiced law in Dallas, Texas. He was a partner at Johnson & Swanson, which was the largest law firm in Dallas at that time. One of his major clients was Tom Hicks of HM Capital Partners.
Scott history at Columbia Hospital Corporation
In April 1987, Scott made his first attempt to buy the Hospital Corporation of America (HCA). While still a partner at Johnson & Swanson, Scott formed the HCA Acquisition Company with two former executives of Republic Health Corporation, Charles Miller and Richard Ragsdale. With financing from Citicorp conditional on acquisition of HCA, the proposed holding company offered $3.85 billion for 80 million shares at $47 each, intending to assume an additional $1.2 billion in debt, for a total $5 billion deal. However, HCA declined the offer, and the bid was withdrawn.
In 1988, Scott and Richard Rainwater, a multimillionaire financier from Fort Worth, each put up $125,000 in working capital in their new company, Columbia Hospital Corporation, and borrowed the remaining money needed to purchase two struggling hospitals in El Paso for $60 million. Then they acquired a neighboring hospital and shut it down. Within a year, the remaining two were doing much better. By the end of 1989, Columbia Hospital Corporation owned four hospitals with a total of 833 beds.
In 1992, Columbia made a stock purchase of Basic American Medical, which owned eight hospitals, primarily in southwestern Florida. In September 1993, Columbia did another stock purchase, worth $3.4 billion, of Galen Healthcare, which had been spun off by Humana Inc. a few months before. At the time, Galen had approximately 90 hospitals. After the purchase, Galen stockholders had 82 percent of the stock in the combined company, with Scott still running the company.
In 1994, Columbia purchased Scott's former acquisition target, HCA, which had approximately 100 hospitals. In 1995, Columbia purchased Healthtrust, which had approximately 80 hospitals, primarily in rural communities. By 1997, Columbia/HCA had become the world's largest health care provider with more than 340 hospitals, 130 surgery centers, and 550 home health locations in 38 states and two foreign countries. With annual revenues in excess of $23 billion, the company employed more than 285,000 people, making it the 7th largest U.S. employer and the 12th largest employer worldwide. Based on market capitalization, Columbia ranked in the top 50 companies in America and top 100 worldwide. That same year, the company was recognized by Business Week magazine as one of the 50 Best Performing Companies of the S&P 500.
Florida Governor
Rick Scott assumed office as the 45th Governor of Florida on January 4, 2011.
Source: Wikipedia
Scott served in the U.S. Navy and then went into business. He earned a business degree and law degree and joined a Dallas firm where he became partner. In 1987 he helped found the Columbia Hospital Corporation with two business partners; this merged with Hospital Corporation of America in 1989 to form Columbia/HCA and eventually became the largest private for-profit health care company in the U.S. He was forced to resign as Chief Executive of Columbia/HCA in 1997 amid a scandal over the company's business and Medicare billing practices; the company ultimately admitted to fourteen felonies and agreed to pay the federal government over $600 million. Scott later became a venture capitalist, and entered into politics in 2010, when he announced his intention to run for Governor of Florida. Having defeated Bill McCollum in the Republican primary election, Scott defeated Democrat Alex Sink in a close race in the 2010 Florida gubernatorial election.
Early life and education
Rick Scott was born in Bloomington, Illinois, and raised in Kansas City, Missouri, where his father was a truck driver and his mother worked as a clerk at J.C. Penney, among other jobs. Scott graduated from high school in 1970, and then attended one year of community college after which he enlisted in the United States Navy. He was in the Navy for 29 months and served on the USS Glover as a radar technician. Scott later graduated from the University of Missouri–Kansas City with a bachelor’s degree in business administration and earned a law degree from Southern Methodist University.
In 1972, he married his high school sweetheart. As of early 2009 the couple lived in Naples, Florida.
Early business career
Scott made his first foray into business while he was in college, buying and reviving two Kansas City donut shops. After graduating from law school, Scott practiced law in Dallas, Texas. He was a partner at Johnson & Swanson, which was the largest law firm in Dallas at that time. One of his major clients was Tom Hicks of HM Capital Partners.
Scott history at Columbia Hospital Corporation
In April 1987, Scott made his first attempt to buy the Hospital Corporation of America (HCA). While still a partner at Johnson & Swanson, Scott formed the HCA Acquisition Company with two former executives of Republic Health Corporation, Charles Miller and Richard Ragsdale. With financing from Citicorp conditional on acquisition of HCA, the proposed holding company offered $3.85 billion for 80 million shares at $47 each, intending to assume an additional $1.2 billion in debt, for a total $5 billion deal. However, HCA declined the offer, and the bid was withdrawn.
In 1988, Scott and Richard Rainwater, a multimillionaire financier from Fort Worth, each put up $125,000 in working capital in their new company, Columbia Hospital Corporation, and borrowed the remaining money needed to purchase two struggling hospitals in El Paso for $60 million. Then they acquired a neighboring hospital and shut it down. Within a year, the remaining two were doing much better. By the end of 1989, Columbia Hospital Corporation owned four hospitals with a total of 833 beds.
In 1992, Columbia made a stock purchase of Basic American Medical, which owned eight hospitals, primarily in southwestern Florida. In September 1993, Columbia did another stock purchase, worth $3.4 billion, of Galen Healthcare, which had been spun off by Humana Inc. a few months before. At the time, Galen had approximately 90 hospitals. After the purchase, Galen stockholders had 82 percent of the stock in the combined company, with Scott still running the company.
In 1994, Columbia purchased Scott's former acquisition target, HCA, which had approximately 100 hospitals. In 1995, Columbia purchased Healthtrust, which had approximately 80 hospitals, primarily in rural communities. By 1997, Columbia/HCA had become the world's largest health care provider with more than 340 hospitals, 130 surgery centers, and 550 home health locations in 38 states and two foreign countries. With annual revenues in excess of $23 billion, the company employed more than 285,000 people, making it the 7th largest U.S. employer and the 12th largest employer worldwide. Based on market capitalization, Columbia ranked in the top 50 companies in America and top 100 worldwide. That same year, the company was recognized by Business Week magazine as one of the 50 Best Performing Companies of the S&P 500.
Florida Governor
Rick Scott assumed office as the 45th Governor of Florida on January 4, 2011.
Source: Wikipedia
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