Surgical Care Affiliates

Surgical Care Affiliates, Inc.
Public
Industry Healthcare
Predecessor Surgical Care Affiliates (1982 to 1995)
Division of HealthSouth (1995 to 2007)
Founded 2007
Headquarters Deerfield, Illinois,[1]
Number of locations
 199
Key people
 Andrew Hayek, President and Chief Executive Officer
Tom De Weerdt, Chief Financial Officer
Joseph T. Clark Chief Development Officer
Michael Rucker, Chief Operating Officer
Rich Sharff, General Counsel
Products Ambulatory Surgery Centers
Revenue Increase $1.5+ billion USD (2014) [2]
Number of employees
 5,000 (2013) [3]
Website www.scasurgery.com

Surgical Care Affiliates, Inc., based in Deerfield, Illinois, is an outpatient ambulatory surgical care company in the United States. The company is the former outpatient surgical division of HealthSouth Corporation. The company has network of 199 outpatient surgery centers located in 34 states.[4]

History

SCA was founded in 1982 by Joel Gordon in Nashville, Tennessee. Gordon has stated that, "Back then, a lot of things used to take a three- or four - day hospital stay were beginning to be done on an outpatient basis." The initial investment used to start the company was boot-strapped from the founders and their acquaintances, totaling $800,000. The company then purchased out-patient centers in Louisville KY, Lexington KY, and Fort Worth. Following this, company applied for certificates of need, in order to open approximately twelve more centers in the southwestern US.[5]

In 1982 SCA was listed on the New York Stock Exchange. Gordon had previously founded General Care Corp (NYSE: GCE) in 1969,[6] a hospital company that was later sold to Hospital Corporation of America (“HCA”) in 1980.[7] Subsequent to selling General Care Group to HCA, Gordon partnered with Andrew "Woody" Miller, an HCA executive, and Jack Massey, a co-founder of HCA and American venture capitalist, to launch SCA.[5][8] Surgical Care Affiliates also ran the SCA Centers, a for-profit subsidiary,[9] in addition to their subsidiary SCA Management.[10] In 1992 the company had 39 facilities,[11] and in 1995, SCA had 67 facilities.[12][13] with Ken Melkus serving as the CEO for most of that time.[14] In October 1995 HealthSouth acquired publicly held Surgical Care Affiliates for $1.2 billion.[5][15] The deal added 67 more surgery centers including 10 more that were under development to HealthSouth, and made HealthSouth the largest provider of outpatient surgery in the United States with a total of 122 surgery centers.[16]

Return as Surgical Care Affiliates

The current incarnation of Surgical Care Affiliates was created on June 30, 2007 when the division was sold to TPG. The new stand alone company was renamed Surgical Care Affiliates, in which the name came from a surgical company HealthSouth had previously acquired.[17] Current President & CEO, Andrew Hayek, was hired in May 2008.[18] SCA has a total of five executive officers.[19] MemorialCare Health System – In February 2013, SCA and MemorialCare Medical Foundation announced their joint venture partnership to develop and implement an ASC strategy in Orange and Los Angeles Counties.[20] In June 2013, SCA acquired Health Inventures, a national surgical and physician services company.[21] In November 2013, SCA completed its initial public offering of shares of its common stock. The shares are listed on the NASDAQ Global Select Market and trade under the symbol "SCAI".[22] At this time, SCA also changed the company's headquarter office location to Deerfield, Illinois.[23]

Surgeries

SCA centers provide out-patient surgeries, including procedures such as cataract removal, gallbladder removal, or tonsillectomies.[24] The company has 179 ambulatory surgery centers, a sleep center with eleven locations, and six surgical hospitals.[25]

References

  1. ↑ "Surgical Care Affiliates, Inc.". SEC.
  2. ↑ "SCAI 2014 Form 10-K". www.sec.gov. SEC.
  3. ↑ "SCAI 2013 Form 10-K". www.sec.gov. SEC.gov. Retrieved 2 July 2014.
  4. ↑ http://www.sec.gov/Archives/edgar/data/1411574/000156459015009229/scai-ex991_6.htm
  5. 1 2 3 Bill Carey (2005). Master of the Big Board: The Life, Times, and Businesses of Jack C. Massey. Cumberland House Publishing. p. 201.
  6. ↑ "Joel C. Gordon - Avondale Partners - Avondale Partners". avondalepartnersllc.com.
  7. ↑ "Nashville now and then: Endings and beginnings - Nashville Post". nashvillepost.com.
  8. ↑ David A. Fox (August 27, 2002). "Surgical Care Affiliates, years after its sale to HealthSouth, to re-emerge as independent public company". Nashville Post.
  9. ↑ Renee Beaver, Diane M. Rubin, and Lance S. Smith (2012). Novogradac Nonprofit Housing Developers Handbook - 2012 Edition. Novogradac & Company. p. 174.
  10. ↑ Thomas K. Hyatt and Bruce R. Hopkins (2013). The Law of Tax-Exempt Healthcare Organizations. John Wiley & Sons. p. 557.
  11. ↑ Jeff Kosnett (March 1992). "Health Care Stocks". Kiplinger. p. 88.
  12. ↑ "Surgical Care Affiliates Inc · 10-Q · For 6/30/95". SEC Info. Retrieved 25 March 2014.
  13. ↑ Lynn B. Rogut, James R. Knickman, David Mechanic, and David Colby (2005). Policy Challenges in Modern Health Care. Rutgers University Press. p. 57.
  14. ↑ "OHL Board of Directors". OHL. Retrieved 25 March 2014.
  15. ↑ J. D. Kleinke (1998). Bleeding Edge: The Business of Health Care in the New Century. Jones & Bartlett Learning. p. 118.
  16. ↑ "Rethinking Rehab: Caremark Sells Clinics To Big Rival". Chicago Tribune. October 17, 1995.
  17. ↑ "Texas Pacific Group". tpg.com.
  18. ↑ "Andrew P. Hayek". Businessweek.com.
  19. ↑ Executive, Officers. "Form 10-K". www.edgar.org. Edgar.gov. Retrieved 23 December 2014.
  20. ↑ Staff. "Initiative Expands MemorialCare’s Integrated Delivery System". www.memorialcare.org. MemorialCare Health System. Retrieved 23 August 2015.
  21. ↑ Miller, Laura. "Surgical Care Affiliates Acquires Health Inventures". Becker's ASC Review.
  22. ↑ "Surgical Care Affiliates Announces Closing of Its Initial Public Offering of Common Stock". NASDAQ OMX.
  23. ↑ "FORM S-1 Registration Statement". www.sec.gov. EDGAR. Retrieved 18 June 2014.
  24. ↑ Murray L. Weidenbaum (2005). One-Armed Economist: On the Intersection of Business And Government. Transaction Publishers. p. 107.
  25. ↑ "Surgical Care Affiliates Inc.". The New York Times.

External links

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