How rich that rick scott shot a commercial accusing Joe Biden of corruption
In April 1987, 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.[26] With financing from Citicorp conditional on acquisition of HCA,[27] the proposed holding company offered $3.85 billion for 80 million shares at $47 each, intending to assume an additional $1.2 billion in debt, for a total $5 billion deal. However, HCA declined the offer, and the bid was withdrawn.[28]
In 1994, Columbia Hospital Corporation merged with HCA, "forming the single largest for-profit health care company in the country." Scott became CEO of Columbia/HCA.[29] According to The New York Times, "[in] less than a decade, Mr. Scott had built a company he founded with two small hospitals in El Paso into the world's largest health care company – a $20 billion giant with about 350 hospitals, 550 home health care offices and score of other medical businesses in 38 states."[30]
On March 19, 1997, investigators from the Federal Bureau of Investigation, 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.[31] Eight days after the initial raid, Scott signed his last SEC report as a hospital executive. Four months later, the board of directors pressured Scott to resign as chairman and CEO.[32] He was succeeded by Thomas F. Frist Jr.[33] Scott was paid $9.88 million in a settlement, and left owning 10 million shares of stock then worth more than $350 million.[34][35][36] 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.
[33]
During Scott's 2000 deposition, he pleaded the Fifth Amendment many times.[37] In settlements reached in 2000 and 2002, Columbia/HCA pleaded guilty to 14 felonies and agreed to a $600+ million fine in what was at the time the largest health care fraud settlement in American 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.
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In late 2002, HCA agreed to pay the United States 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.[39]
In all, civil lawsuits cost HCA more than $2 billion to settle; at the time, this was the largest fraud settlement in American history.
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https://en.wikipedia.org/wiki/Rick_Scott
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