February 7, 1998 |
Columbia/HCA Healthcare Corp., the target of a massive federal investigation, on Friday said it expected to report a loss in the fourth quarter, suggesting the world's largest health-care company may be much sicker than previously thought. Columbia said it expects the loss to be $1.25 billion to $1.35 billion in the fourth quarter. Stock in Columbia fell $1.69 to close at $24.38 in heavy trading on the New York Stock Exchange.
May 8, 1996 |
Columbia/HCA Healthcare Corp. said Tuesday that first-quarter profit rose 16% on strong gains in inpatient admissions and the addition of new hospitals during the quarter. Louisville, Ky.-based Columbia, the nation's largest hospital operator, said it had net income of $416 million, or 92 cents a share, compared with $358 million, or 80 cents, in the year-earlier period. Per-share earnings matched the average estimate of Wall Street analysts.
August 14, 1997 |
Shares of Columbia/HCA Healthcare Corp. plunged nearly 4% on Wednesday in heavy trading on reports of more troubles for the hospital chain as the government intensifies its industrywide health-care fraud investigation. Justice Department spokeswoman Carole Florman confirmed Wednesday that federal prosecutor Kathleen Haley has named the Nashville-based company itself--in addition to individual employees--as a target of the probe.
August 16, 1997 |
Columbia/HCA Healthcare Corp. has received queries from companies wanting to buy parts of its far-flung network of health-care businesses, Chief Operating Officer Jack Bovender said Friday. Bovender said in an interview that potential buyers, including HealthSouth Corp., have approached the company but that Columbia isn't in talks with any of them. In addition to its 342 hospitals and 570 home-health sites, Columbia runs skilled-nursing, rehabilitation and outpatient-surgery businesses.
November 14, 1997 |
Columbia/HCA Healthcare Corp. said it agreed to pay former Chairman and Chief Executive Richard Scott $9.88 million when he resigned in July amid a government probe of the company. Scott, 44, received a one-time payment of $5.13 million and will receive an annual "consulting fee" of $950,000 for five years, under a severance agreement included in Columbia's quarterly filing with the Securities and Exchange Commission. The package is Columbia's farewell to the man who built up the largest U.S.
CALIFORNIA | LOCAL
February 27, 1998 |
America's two largest hospital chains are gearing up for a battle royal in the Westlake area, each scrambling to tap a market left wide open when the Westlake Medical Center closed in 1996. The country's biggest chain, Columbia/HCA Healthcare Corp., may reopen the vacant Westlake Medical Center, possibly turning it into a 24-hour urgent-care center or a women's hospital, officials said.
March 29, 1997 |
The nation's largest health-care company, Columbia-HCA Healthcare Corp., is being investigated for possible Medicare fraud, officials said Friday. Columbia, which has 350 hospitals across the nation, faces questions about whether it padded bills to the government. Federal regulators may also be looking into whether the company broke the law by getting doctors to invest indirectly in, and then refer patients to, its outpatient-care facilities, a newspaper reported.
October 6, 1998 |
The Justice Department on Monday joined a whistle-blower lawsuit charging Columbia/HCA Healthcare Corp., the nation's largest hospital chain, with a massive scheme to defraud Medicare by filing inflated cost reports. The government has "been damaged in the amount of many millions of dollars," the Justice Department said in legal documents unsealed in U.S. District Court in Tampa, Fla. Also named as a defendant in the case is Quorum Health Group Inc.
CALIFORNIA | LOCAL
January 4, 1996 |
Less than a year after buying Westlake Medical Center, an international hospital conglomerate announced Wednesday it is ceasing all inpatient care at the 23-year-old hospital and selling the facility. But officials at a Los Angeles-based cancer center that already leases part of the Westlake hospital immediately said they will buy the facility to expand their operations. The fate of the 190 full-time employees at Westlake is still undecided, though both the seller--Columbia/HCA Healthcare Corp.
July 31, 1997 |
Prosecutors charged three Columbia/HCA Healthcare Corp. executives with allegedly cheating Medicare of $1.8 million in indictments unsealed Wednesday, the first charges in a federal probe that has shaken the nation's largest for-profit hospital chain. Two regional executives for Columbia and another from the the firm's Nashville headquarters each face charges of conspiracy and making false statements.