Likened to the fabled Phoenix as it rises from the ashes of litigation, HCA-The
Hospital Company has re-emerged with a new name and a new strategic focus.
HCA, formerly Columbia-HCA, spent the past three years under intense government
investigation on charges of Medicare fraud. As a result, it refocused, revamped,
and streamlined its network to meet settlements of nearly $1 billion with the
U.S. Justice Department.
During the year 2000, the company sold 10 hospitals, eight surgery centers,
and other non-core assets to reach a pre-tax gain of $34 million. Despite this
activity (and similar sales in previous years during the investigation), this
leading U.S. provider of healthcare services still boasts a full portfolio,
comprised of 200 hospitals and 70 surgery centers in 24 states, England, and
Switzerland. For the year 2000, HCA revenues totaled $16.67 billion, up slightly
from the previous year.
In 2001 HCA expects to invest $1.3 billion in improvements and expansions at
its existing hospitals. It is scheduled to undertake 38 capital improvements
this year including new emergency departments; new and replacement facilities;
additional acute care beds; and new and expanded services such as cardiology,
cancer centers, and women's health at various facilities in its network.
