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Richard Lynn "Rick" Scott (born 1953 in Bloomington, Illinois) is a healthcare industry executive and founder of Conservatives for Patients' Rights (CPR) which advertises against expanding the U.S. government's role in regulating the healthcare system.
Scott founded the Columbia Hospital Corporation in 1987. With Columbia HCA Chairman Thomas J. Frist, the brother of Senator Bill Frist, the company merged Columbia with Hospital Corporation of America in 1989 to form Columbia/HCA. Ten years later, Scott was ousted by the company's board of directors in the midst of the nation's biggest health care fraud scandal in which the company ultimately plead guilty to the nation's then largest Medicaid and Medicare fraud and paid a record fine of $1.7 billion dollars. In 2001, Scott co-founded the Solantic Corporation, which operates walk-in medical care centers. He also owns Continental Structural Plastics, North America's largest industrial composites molder.
In 2009 Scott founded CPR, a group opposed to President Barack Obama's health-care policy goals.
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, 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. In 1972, he married his high school sweetheart; as of early 2009 they live in Naples, Florida.
Scott later attended the University of Missouri and earned a law degree from Southern Methodist University.
Business career
While he was in college, Scott made his first foray into business by buying and reviving two Kansas City doughnut shops. After graduating from law school, Scott practiced law in Dallas, Texas, where he specialized in health care mergers and acquisitions. The State Bar of Texas, which regulates the practice of law in Texas, reflects that Scott's license to practice law in the state of Texas has been on "inactive" status since November 1978, however. 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.
Columbia Hospital Corporation
In April 1987, while a partner at Johnson & Swanson, Scott, along with two former executives of the Republic Health Corporation, a Dallas-based hospital chain, made a $3.8 billion all-cash offer to purchase the Hospital Corporation of America (HCA). HCA's board rejected the offer. Although Scott had never operated a hospital or other medical facility nor been licensed to practice law, he had represented hospitals and hospital chains as an attorney, including being the lead lawyer in 1986 in what was then his firm's largest transaction, a leveraged buyout of Republic Healthcare.
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.
Columbia/HCA fraud cases
Numerous New York Times stories , beginning in 1996, began scrutinizing Columbia/HCS'a business and Medicare billing practices. These culminated in the company being raided by Federal agents searching for documents and eventually the ousting of Scott by his fellow board directors. Among the crimes uncovered were doctors being offered financial incentives to bring in patients, falsifying diagnostic codes to increase reimbursements from Medicare and other government programs, and billing the government for unnecessary lab tests, though Scott personally was never charged with any wrongdoing. HCA wound up pleading guilty to more than a dozen criminal and civil charges and paying fines totaling $1.7 billion. In 1999, Columbia/HCA changed its name back to HCA, Inc.
In 2001, HCA reached a plea agreement with the U.S. government that avoided criminal charges against the company and included $95 million in fines. In late 2002, HCA agreed to pay the U.S. government $631 million, plus interest, and pay $17.5 million to state Medicaid agencies, in addition to $250 million paid up to that point to resolve outstanding Medicare expense claims. In all, civil law suits cost HCA more than $1.7 billion to settle, including more than $500 million paid in 2003 to two whistleblowers.
Venture capitalist
After his forced departure from Columbia/HCA in 1997, Scott launched Richard L. Scott Investments, based in Naples, Florida (originally in Stamford, Connecticut), which has stakes in health care, manufacturing and technology companies.
Between 1998 and 2001, Scott purchased 50% of CyberGuard Corporation for approximately $10 million. Amongst his investors was Metro Nashville finance director David Manning. In 2006, CyberGuard was sold to Secure Computing for over $300 million.
In February 2005, Scott purchased Continental Structural Plastics, Inc. (CSP) in Detroit, Michigan. In July 2006, CSP purchased Budd Plastics from ThysseenKrupp, making Continental Structural Plastics the world's largest industrial composites molder in North America.
In 2005-2006, Scott provided the initial round of funding of $3 million to Alijor.com, which offered hospitals, physicians, and other health care providers the opportunity to post information about their prices, hours, locations, insurance accepted, and personal backgrounds online. The company was founded with his daughter Allison. In 2008, Alijor was sold to Healthgrades,Inc.
In May 2008, Scott purchased Drives, one of the world's leading independent designers and manufacturers of heavy-duty drive chain-based products and assemblies for industrial and agricultural applications and precision-engineered augers for agricultural, material handling, construction and related applications.
Scott reportedly has an interest in a chain of family fun centers/bowling alleys, S&S Family Entertainment, in Kentucky and Tennessee led by Larry Schmittou, one of baseball's legendary minor league owners.
The Health Network
In July 1997, Columbia/HCA Healthcare purchased purchased controlling interest in America's Health Network (AHN), the first 24-hour health care cable channel, which had 6.5 million viewers at the time. Later in 1997, Scott became majority owner of AHN. In 1998, Scott and former Columbia/HCA Healthcare President David Vandewater were the leaders in a group of investors that gave AHN a major infusion of cash so that the company could continue to operate.
In mid-1999, AHN merged with Fit TV a subsidiary of Fox Networks; the combination was renamed The Health Network. Later in 1999, in a deal between News Corp., Fox Network's owner, and WebMD, the latter received half-ownership of The Health Network. WebMD planned to relaunch The Health Network as WebMD Television in the fall of 2000, with new programming, but that company announced cutbacks and restructuring in September 2000, and in January 2001, Fox regained 100% ownership. In September 2001, The Fox Cable Networks Group sold The Health Network to its main rival, the Discovery Health Channel, for $155 million in cash plus a 10 percent equity stake in Discovery Health.
Solantic
Solantic, based in in Jacksonville, Florida, was co-founded in 2001 by Scott and Karen Bowling, a former television anchor whom Scott met after Columbia bought what is now Memorial Hospital Jacksonville in 1995. Solantic opened its first urgent care center in 2002. It provides urgent care services, immunizations, physicals, drug screening, and care for injured workers. The corporation attracts patients who do not have insurance, cannot get appointments with their primary care physicians, or do not have primary care physicians. Solantic is intended to be an alternative to the emergency room care that these types of patients often seek, or for not seeing a doc
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