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Rick Scott - Wikipedia. Richard Lynn Scott (born December 1, 1. American businessman and politician who has been the 4.
Governor of Florida, since 2. He is a member of the Republican Party of Florida. Born in Bloomington, Illinois, Scott is a graduate of the University of Missouri, Kansas City, later receiving his law degree from Southern Methodist University's Dedman School of Law. He served in the United States Navy before starting his business career, joining the Dallas firm Johnson & Swanson, where he became partner.
In 1. 98. 7, at age 3. Columbia Hospital Corporation with two business partners; this merged with Hospital Corporation of America in 1. Columbia/HCA and eventually became the largest private for- profit health care company in the U.
S.[3]He resigned as chief executive of Columbia/HCA in 1. Medicare billing practices.
He was succeeded by Thomas F. Frist Jr. Columbia/HCA ultimately admitted to fourteen felonies and agreed to pay the federal government over $6. US history. Scott was not implicated and no charges were leveled against him personally.[4][5][6][7][8] Scott later became a venture capitalist. Scott announced his intention to run for governor of Florida in 2. He defeated Bill Mc.
Collum in the vigorously contested Republican primary election and narrowly defeated Democratic nominee Alex Sink in a close race in the general election, spending roughly $7. In 2. 01. 4, he won re- election over former Republican turned Democratic challenger, former governor Charlie Crist and several third- party and/or independent candidates. Scott's net worth was estimated at $2. On July 1, 2. 01.
Scott's net worth had grown to $1. Early life, education, and marriage[edit]Born in Bloomington, Illinois, he was raised in North Kansas City, Missouri, the second of five children in a lower middle- class, financially struggling family.
His mother, Esther J. Fry; October 2. 0, 1. November 1. 3, 2. J. C. Penney, among other jobs.[1.
His parents divorced and, in 1. Orba Scott, Jr. (died 2. Orba adopted Rick, who took his stepfather's surname.[1. Scott graduated from North Kansas City High School in 1.
United States Navy, also in 1. Scott was in the U. S. Navy for 2. 9 months[1. USS Glover (FF- 1. Scott made his first foray into business while working his way through college and law school, initially buying and reviving a failing donut shop, the Flavor Maid Do- Nut, and revived it by adding workplace delivery, which his father ran, instead of relying on foot traffic. He later bought and revived another donut shop.[2. He attended college on the GI Bill, later graduating from the University of Missouri–Kansas City with a bachelor's degree in business administration and earned a law degree by working his way through Southern Methodist University.
He was licensed by the Texas Bar to practice law on November 6, 1. On April 2. 0, 1.
Scott, who was 1. Frances Annette Holland (born February 1. The Scotts live in Naples and are founding members of Naples Community Church.[2. Career in health care[edit]Hospital Corporation of America[edit]In April 1.
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.[2. With financing from Citicorp conditional on acquisition of HCA,[2.
However, HCA declined the offer, and the bid was withdrawn.[2. In 1. 98. 8, Scott and Richard Rainwater, a financier from Fort Worth, each put up $1. Columbia Hospital Corporation,[2. El Paso for $6. 0 million.[2. Then they acquired a neighboring hospital and shut it down.
Within a year, the remaining two were doing much better.[1. By the end of 1. 98. Columbia Hospital Corporation owned four hospitals with a total of 8. In 1. 99. 2, Columbia made a stock purchase of Basic American Medical, which owned eight hospitals, primarily in southwestern Florida. In September 1. 99.
Columbia did another stock purchase, worth $3. Galen Healthcare, which had been spun off by Humana Inc. At the time, Galen had approximately 9. After the purchase, Galen stockholders had 8. Scott still running the company.[2.
Columbia/HCA[edit]On March 1. FBI, the Internal Revenue Service and the Department of Health and Human Services served search warrants at Columbia/HCA facilities in El Paso and on dozens of doctors with suspected ties to the company.[2. Eight days after the initial raid, Scott signed his last SEC report as a hospital executive before resigning. He was succeeded by Thomas F. Frist Jr.[3. 0] Four months later the board of directors pressured Scott to resign as Chairman and CEO.[3. He was paid $9. 8.
The directors had been warned in the company's annual public reports to stockholders that incentives Columbia/HCA offered doctors could run afoul of a federal anti- kickback law passed in order to limit or eliminate instances of conflicts of interest in Medicare and Medicaid.[3. In settlements reached in 2.
Columbia/HCA pleaded guilty to 1. U. S. history. Columbia/HCA admitted systematically overcharging the government by claiming marketing costs as reimbursable, by striking illegal deals with home care agencies, and by filing false data about use of hospital space. They also admitted fraudulently billing Medicare and other health programs by inflating the seriousness of diagnoses and to giving doctors partnerships in company hospitals as a kickback for the doctors referring patients to HCA.
They filed false cost reports, fraudulently billing Medicare for home health care workers, and paid kickbacks in the sale of home health agencies and to doctors to refer patients. In addition, they gave doctors "loans" never intending to be repaid, free rent, free office furniture, and free drugs from hospital pharmacies.[4][5][6][7][8]In late 2. HCA agreed to pay the U. S. government $6. Medicaid agencies, in addition to $2. Medicare expense claims.[3.
In all, civil lawsuits cost HCA more than $2 billion to settle; at the time this was the largest fraud settlement in U. S. history.[3. 6][3. Venture capitalist career[edit]After his departure from Columbia/HCA in 1. Richard L. Scott Investments, based in Naples, Florida (originally in Stamford, Connecticut[3.
Between 1. 99. 8 and 2. Scott purchased 5. Cyber. Guard Corporation for approximately $1. Among his investors was Metro Nashville finance director David Manning.[3.
In 2. 00. 6, Cyber. Guard was sold to Secure Computing for more than $3. In February 2. 00. Continental Structural Plastics, Inc. CSP) in Detroit, Michigan. In July 2. 00. 6, CSP purchased Budd Plastics from Thyssen.
Krupp, making Continental Structural Plastics the largest industrial composites molder in North America.[3. In 2. 00. 5- 0. 6, Scott provided the initial round of funding of $3 million to Alijor.
Scott co- founded the company with one of his daughters, Allison.[3. In 2. 00. 8, Alijor was sold to Health. Grades. In May 2. 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, a minor league baseball team owner.[4. America's Health Network (AHN)[edit]In July 1. Columbia/HCA Healthcare purchased controlling interest in America's Health Network (AHN), the first 2.
They pulled out of the deal on the day of the closing because Scott and Vanderwater were terminated, which caused the immediate layoffs of more than 2. Orlando. Later that same year, Scott became majority owner of AHN.[4. In 1. 99. 8, Scott and former Columbia/HCA Healthcare President David Vandewater led a group of investors who gave AHN a major infusion of cash so that the company could continue to operate.