Early Life
Thomas Fearn Frist Jr. was born on August 12, 1938, in Nashville, Tennessee. He is the son of Thomas F. Frist Sr., a prominent internal medicine specialist, and Dorothy Cate. Frist attended Montgomery Bell Academy in Nashville and later graduated from Vanderbilt University with a Bachelor of Arts degree in 1961. He earned his medical degree from Washington University School of Medicine in 1965.
Rise to Success
In 1968, Thomas Frist Jr., along with his father, Thomas F. Frist Sr., and Jack C. Massey, co-founded Hospital Corporation of America (HCA). HCA was established with the vision of centralizing hospital management to improve efficiency and patient care. Under Frist's leadership, HCA expanded rapidly through acquisitions and management contracts, becoming the largest for-profit hospital chain in the United States. He served as president of HCA in 1977 and then as chairman, president, and CEO in 1987.
Key Business Strategies
Frist played a pivotal role in several key strategic decisions that shaped HCA's trajectory. In 1988, he led a leveraged buyout of HCA for $3.6 billion. This allowed the company to restructure and focus on high-growth markets. HCA was taken private in 2006 in a $33 billion leveraged buyout, a move that facilitated operational improvements and strategic planning. The company returned to the public market in 2011. These financial maneuvers, including the initial public offering in 1969, were crucial to HCA's growth and financial flexibility.
Philanthropy
Frist is actively involved in philanthropy, notably through the Frist Foundation and the Frist Center for the Visual Arts. He has also been involved with the United Way, serving as chair of the board of governors and receiving the United Way Lifetime Achievement Award in 2012. He has supported educational institutions, including Vanderbilt University and Washington University.