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Healthcare · Profile from Healthcare Research Companion

HCA Healthcare, Inc.

The Nashville hospital company that invented the investor-owned hospital chain in 1968 and became the largest for-profit hospital operator in the world. Its history covers the full arc of US hospital capitalism: founding roll-up, a management LBO, the Columbia/HCA merger and the largest healthcare fraud case of its era, a record private-equity buyout in 2006, a record PE-backed IPO in 2011, and a decade of share-price outperformance built on dense urban markets in high-growth Sun Belt states. Its 2019 purchase of Mission Health in North Carolina made it the leading test case of what happens when a for-profit chain buys a regional nonprofit.

At a glance

Founded
1968, Nashville, Tennessee, as Hospital Corporation of America (first hospital: Park View Hospital, Nashville)
Founders
Dr. Thomas F. Frist Sr. (physician), Dr. Thomas F. Frist Jr. (physician) and Jack C. Massey (businessman, earlier the owner who built up Kentucky Fried Chicken)
Headquarters
Nashville, Tennessee
Ownership / structure
Public company, NYSE: HCA (re-listed March 2011 after the 2006 buyout); the Frist family remains a significant holder
Leadership (2026)
Samuel N. Hazen, CEO since January 2019; Thomas F. Frist III, chairman (verify current titles); Michael Schlosser, MD, chief clinical officer from September 2026 (reported)
Segment
Provider: acute-care hospitals, freestanding emergency rooms, ambulatory surgery centers, urgent care (CareNow), physician clinics, a UK private hospital business (HCA Healthcare UK) and nursing education (Galen College of Nursing)
Scale
~190 hospitals and ~2,400+ sites of care in 20 US states and England (reported, 2025); roughly 300,000+ colleagues (verify)
Revenue
2025 revenue ~$75.6bn, net income attributable to HCA ~$6.8bn, adjusted EBITDA ~$15.6bn, operating cash flow ~$12.6bn (reported); 2026 guidance ~$76.5–80bn revenue
Capital / valuation
2006 LBO ~$33bn including debt (then the largest LBO on record); 2011 IPO raised ~$3.8bn; market capitalisation roughly $100bn+ in 2025–26 (verify)
Signature moves (incl. failures)
Founding roll-up and 1969 IPO; HealthTrust ESOP spin-off (1987) and management LBO (1989); Columbia/HCA merger (1994); federal fraud investigation, CEO ouster and ~$1.7bn settlements (1997–2003); KKR/Bain/Merrill LBO (2006); IPO (2011); Mission Health acquisition and North Carolina AG lawsuit (2019–); return of ~$6bn of CARES Act funds (2020); 2023 data breach affecting ~11m patients

9 strategic moves analysed

Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.

  1. 1968

    Founding and Hospital Roll Up

    Founding / roll-up

  2. 1987

    HealthTrust Spinoff and Management LBO

    Spin-off (to an employee stock ownership plan) followed by a management-led leveraged buyout

  3. 1994

    Columbia HCA Merger

    Merger

  4. 1997

    Columbia HCA Fraud and Settlements

    Regulatory settlement / restructuring / leadership change

  5. 2006

    Leveraged Buyout

    Leveraged buyout (take-private)

  6. 2011

    IPO

    IPO (return to public markets)

  7. 2019

    Mission Health Acquisition

    Acquisition (for-profit purchase of a nonprofit regional system)

  8. 2020

    COVID and CARES Act Repayment

    Capital / policy decision (voluntary repayment of federal relief)

  9. 2023

    Data Breach

    Failure / privacy incident and response