Thomas F. Frist Jr.
Thomas F. Frist Jr. | |
|---|---|
| Born | August 12, 1938 Nashville, Tennessee, U.S. |
| Occupation(s) | Physician, entrepreneur |
| Known for | Co-founder of HCA Healthcare, Tennessee's wealthiest individual |
| Notable work | Founding HCA Healthcare |
Thomas Fearn Frist Jr. (born August 12, 1938) is a physician and entrepreneur from the United States with billionaire status. He played a key role in founding HCA Healthcare and holds the distinction of being Tennessee's wealthiest individual.
Early life
Frist was born to Dorothy Cate and Thomas F. Frist Sr., a well-known internal medicine doctor based in Nashville. He has four siblings, including Bill Frist, who is both a physician and a former U.S. Senate Majority Leader. Raised in the Nashville suburb of Belle Meade, Tennessee, he attended Montgomery Bell Academy where he was quarterback on the 1956 state championship football squad alongside Frank Drowota, later Chief Justice of the Tennessee Supreme Court. Frist completed his undergraduate studies at Vanderbilt University and earned his medical degree from Washington University School of Medicine. During his time at Vanderbilt, he was affiliated with the Phi Delta Theta fraternity and later served as a flight surgeon for the United States Air Force.
Business career
In 1968, along with his father Thomas F. Frist Sr. and Jack C. Massey, he established the Hospital Corporation of America (HCA). He was appointed president of HCA in 1977 and advanced to chairman, president, and CEO by 1987. After overseeing mergers with Columbia in 1994 and HealthTrust Inc. in 1995, he took on the role of vice chairman before resuming the positions of chairman and CEO in 1997 following Rick Scott's departure. He held these roles until January 2001 and continued as chairman until January 2002.
In a landmark transaction in 2006, he orchestrated $21 billion in private equity funding from firms including Bain Capital, Kohlberg Kravis Roberts, and Merrill Lynch to privatize HCA at a valuation of $33 billion. This deal set records as the largest leveraged buyout and private equity-backed initial public offering at that time. Frist exited the board in 2009, with Jack Bovender succeeding him as chairman; meanwhile, his son Billy Frist became a board member.
Between 1984 and 1995, he served on IBM's board of directors and led the Nashville Area Chamber of Commerce as chairman from 1999 to 2000. He is also affiliated with The Business Council. In 2008, partnering with Charles A. Elcan, he co-founded China Healthcare Corporation to pursue ventures in Cixi, China. Additionally, he holds presidential roles at Okeechobee Hospital Inc., Galen Of Florida Inc., and Tomco II LLC, an aviation company.
It is noteworthy that two aircraft connected to him were involved in fatal accidents: Scott Mercy, who was chairman and CEO of LifePoint Hospitals Inc., died in a plane crash in 2000; another aircraft owned by Frist crashed in 2006.
Philanthropy
Frist has been inducted into the Healthcare Hall of Fame and served as vice president on Vanderbilt University's board of trust from 1995 to 1997. He earned Vanderbilt's distinguished graduates award and leads both the Frist Foundation and the Frist Center for the Visual Arts. He is also active with the Nashville Public Library Foundation.
As a founding member of the United Way Alexis de Tocqueville Society, he chaired United Way of America's board of governors. The Dr. Thomas F. Frist Jr. Excellence in Volunteer Leadership Award was created to honor him in 1996, and he received the United Way Lifetime Achievement Award in 2012. In October 2020, Nashville's Belmont University announced establishment of the Thomas F. Frist Jr. College of Medicine through collaboration with HCA's TriStar Health clinical network.
Personal life
Frist was united in marriage with Patricia C. Frist from 1961 until her passing in 2021, and together they had three children. The family lives in a residence valued at $18 million located in Belle Meade, Tennessee. Their daughter is married to the investor Charles A. Elcan.
He holds the title of the wealthiest individual in Tennessee and was ranked #35 on the Forbes 400 list with an estimated fortune of $20 billion. By March 2024, Forbes positioned Thomas F. Frist Jr. at #73 worldwide, estimating his net worth at $26.2 billion.
Awards and honors
- Golden Plate Award from the American Academy of Achievement (1984)
- Distinguished Alumni Award from Vanderbilt University (2002)
- Induction into the Healthcare Hall of Fame (2003)
- Lifetime Achievement Award from United Way (2012)