Free «Hospital Corporation of America (HCA)» UK Essay Paper
Table of Contents
- Section I: Introduction to the Organization
- Corporation Name, Date of Foundation and Founding Leaders
- Essential Events and Critical Incidents of the Company’s History
- Buy Hospital Corporation of America (HCA) essay paper online
- Initial and Current Products and Services and the Evolution of the Current Products and Entry into New Business
- Main Competitors
- Section II: Statement of the Problem
- Section III: Research Questions
- Section IV: Hypothesis
Section I: Introduction to the Organization
Corporation Name, Date of Foundation and Founding Leaders
The corporate name is Hospital Corporation of America (HCA). The corporation was established in the year 1968. It has its headquarters in Nashville, in the state of Tennessee, the United States. The founder members of the organization were Jack C. Massey, Thomas F. Frist Sr., and Thomas F. Frist Jr (Herman, 2014). For the first few years, they started working from a small office in Nashville HCA with the aim of offering management services.
Essential Events and Critical Incidents of the Company’s History
The Hospital Corporation of America was established in a small office, but it later developed into a robust business and owned the first hospital called Park View. The organization originally began its operations as a private entity; however, in 1969, it was listed on the New York Stock Exchange after issuing the first Initial Public Offer. The company experienced steady growth in the business in the early 1970s and 1980s (Herman, 2014). In fact, it is during this fruitful period that the business was in a position to acquire and merge with numerous hospitals across the country. Some of the hospitals were directly owned and managed by the corporation, while others were managed by its partners. The corporation has successfully signed several merger deals and management agreements that have since provided it with substantial advantages as well as boosted its operations and revenue.
Recently, the company has been able to sign merger and acquisition deals that at some point changed the corporation ownership status from publicly-owned to privately-owned enterprise. Evidently, this happened in 2006 when the company signed the first of its kind acquisition deal with Bain Capital, Kohlberg Kravis and Merrill Lynch (Herman, 2014). However, this merger did not last long, as it was outdone by the buyout deals of the TXU and Equity Office Properties.
Later in the year 2010, the corporation declared to go public again and list in the New York Stock Exchange. The company expected to make an Initial Public Offer that would generate more than $4 billion (Cosgrove et al., 2013). In the year that followed, the company made a major move and became one of the largest private-stock backed IPO in the history of the United States when it sold more than 126 million shares for about $3.8 billion Herman, 2014). Currently, Hospital Corporation of America is one of the largest enterprises in the world offering services in both the United States and the United Kingdom. Nowadays, it operates approximately 100 surgery centers and about 100 hospitals.
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Initial and Current Products and Services and the Evolution of the Current Products and Entry into New Business
The company’s aim after initiation was to offer management services and solutions to hospitals. However, since its inception, tremendous growth and changes have been experienced to meet new demands and changes in the industry. It started by providing services to hospital industries; however, due to huge merger deals, it acquired the hospital and started offering medical services. Clark, Christmas, Frye, Meyers, and Perlin (2014) note that HCA runs major hospitals and surgery centers in the USA which have played a key role in reducing maternal mortality. What is more, HCA has numerous holdings that participate in different health care businesses. Apparently, such business units are key in generating more revenue for the organization. It has decided to provide new business solutions such as outsourcing services. Therefore, the organization has successfully offered management solutions, health care cost management solutions, and supply chain services.
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The health care industry in the United States is accompanied by stiff competition, and HCA is not an exception. Healthy competition in a business environment is good for the soundness of the industry and its craving for success (Huang et al., 2014). As a result of competition among the players, the consumers of the services get quality services that are affordable to many customers. The sector has worthy competitors, including Community Health Systems Inc., Diversicare Healthcare Services, Adcare Health Systems Inc., Genesis HealthCare Services, Health Care Service Corporation, and Fresenius Medical Care Corporation Inc. (Dunn, 2014).
Section II: Statement of the Problem
HCA has been experiencing tremendous growth within the industry for many years due to its competitive advantage. The company enjoys a network of more than 265 branches of hospitals and more than 100 surgical facilities (Herman, 2014). The company has also been recording an annual increase in both the sales revenues, hence the accumulation of profits. The success has resulted from many services and structuring of the services offered by the company to the many patients and customers who visit these facilities annually. The company has more than 200,000 employees around the globe, mainly in the United States and the United Kingdom (Herman, 2014). HCA is, therefore, regarded by many as a giant in the health care industry.
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Though HCA hold a leading position in the industry, like any other player who is considered successful in the industry, they attract much more critical scrutiny. For example, HCA has been a center of investigations on several occasions. It was first investigated in around 1997 by some government department (Van Way, 2013). Consequently, the investigations led to the settlement of the amount close to $2 billion in the year 2002 (Van Way, 2013). It was followed by the then chairperson Ricky Scott. In fact, the case was termed as one of the largest fraudulent acts experienced in the US history (Van Way, 2013). Since then, several investigations have been done by the company, leading to the payment of compensation and fees as well as the resignation of key staff members from the corporation. In turn, this has been a considerable challenge to the industry. Some of the issues investigated range from the legal issues regarding compliance and conformity to law, spiraling profits, and ethical issues and operations questions.
In response to the said problem, the study focuses on the investigation of the causes of such issues in the corporation. In a broader view, the study will aim at investigating the legal and compliance mechanism that the company has in place to prevent the occurrence of such cases in the future and seal all the loopholes that could exist. The study sought to establish if the corporation has a relevant code of conduct that guides its operations and ethical compliance, and if it is well formulated and communicated so that every employee of the HCA is aware of what is expected of them.
Section III: Research Questions
The study will answer the following questions. Considering the current law enforcement mechanism that has been put in place, has the company become ignorant of the implications of the failure to comply with the law? Is the corporation experiencing troubles in implementing its ethical code of conduct if it has one? Finally, the study will be investigating whether the company has faced challenges in implementing the operation procedures. The questions above will form the basis for the study.
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Section IV: Hypothesis
The hypothesis will assist in formulating the necessary tool for data collection. The research will be grounded on the following hypothesis. The study assumes that the corporation has issues in understanding the meaning of compliance to the law. It also assumes that the company has an ethical code of conduct in place, but it is not well implemented. Finally, the study will assume that HCA has challenges in monitoring its operations.
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