Thomas F. Frist Jr.

Thomas Fearn Frist Jr. (born August 12, 1938) is an American billionaire physician and businessman.[2] He is a co-founder of HCA Healthcare, and the wealthiest person in Tennessee.[2][3][4][5][6]

Thomas F. Frist Jr.
Thomas Fearn Frist Jr.
Born
Thomas Fearn Frist Jr.

(1938-08-12) August 12, 1938
Nashville, Tennessee, U.S.
EducationVanderbilt University (B.A.)
Washington University in St. Louis (M.D.)
OccupationBusinessman
Net worthUS$13.6 billion (February 2019)[1]
Spouse(s)
​
​
(m. 1961; died 2021)​
Children3, including Thomas F. Frist, III and William R. Frist
Parent(s)Thomas F. Frist Sr.
RelativesBill Frist (brother)
Charles A. Elcan (son-in-law)

Early life

Thomas F. Frist Jr. was born on August 12, 1938. His father was Thomas F. Frist Sr., a prominent internal medicine specialist in Nashville.[2] His mother was Dorothy Cate. He has four siblings: physician and former U.S. Senate Majority Leader Bill Frist;[7] Dr. Robert A. Frist; Dorothy F. Boensch; and Mary F. Barfield

Frist grew up in Belle Meade on the west side of Nashville. He attended Montgomery Bell Academy, a Nashville prep school for boys. In 1956, Frist played quarterback for MBA's state championship football team. Frist's halfback on the team was Frank Drowota, who became the chief Justice of the Tennessee Supreme Court.[8] Frist graduated from Vanderbilt University and received an MD from Washington University in St. Louis. He was a brother of the Vanderbilt chapter of Phi Delta Theta.[2][4][6][9] He served as a flight surgeon in the United States Air Force.[2][3][5]

Business career

In 1968, he co-founded the Hospital Corporation of America with his father, Thomas F. Frist Sr., and Jack C. Massey.[2][3][5][6][10][11]

In 1977, he became president of HCA and, in 1987, chairman, president and chief executive officer (CEO). He served as chairman in 1994, after the merger with Columbia, and after the merger with HealthTrust Inc. in April 1995, as vice chairman. He returned as chairman and CEO of the company in 1997 after the resignation of Rick Scott,[3][5] who later became Governor of Florida.[12]

He was chairman and CEO until January 2001 and chairman until January 2002.[3][5] In 2006, he accepted $21 billion in private equity investments from Bain Capital, Kohlberg Kravis Roberts and Merrill Lynch and took HCA private. The deal valued HCA at $33 billion.[2][13] He holds the record for the biggest leveraged buyout of all time and biggest PE-led IPO of all time.[13] In 2009, he stepped down from the board of directors, and his son, Billy Frist, joined the board.[10] Frist was replaced as Chairman by Jack Bovender.[14]

From 1984 to 1995, he served on the Board of Directors of IBM. He was the chair of the Nashville Area Chamber of Commerce from 1999 to 2000.[3] He is a member of The Business Council.[6] In 2008, he co-founded the China Healthcare Corporation with Charles A. Elcan.[15][16] They have business interests in Cixi, China.[2] He is president of Okeechobee Hospital Inc. and Galen Of Florida Inc.[4]

Frist is president of Tomco II LLC, an aircraft company.[17] In 2000, Scott Mercy, chairman and CEO of LifePoint Hospitals Inc. and chairman of America Service Group Inc., died in a crash.[17][18][19] Similarly, in 2006, another aircraft belonging to Frist crashed.[17]

Philanthropy

He was inducted into the Healthcare Hall of Fame.[3] He served as vice president of the Vanderbilt University board of trust from 1995 to 1997.[3][6] He is a recipient of the distinguished graduates award of Vanderbilt University.[9] He is chairman of the Frist Foundation and the Frist Center for the Visual Arts.[4][20] He is a member of the Nashville Public Library Foundation.[21]

He was a co-founder of the United Way Alexis de Tocqueville Society.[6][22] He also served as chair of the board of governors for United Way of America.[22] The Dr. Thomas F. Frist Jr. Excellence in Volunteer Leadership Award of the United Way was established in 1996.[22] In 2012, he received the United Way Lifetime Achievement Award.[23][24]

Personal life

Frist was married to Patricia C. Frist from 1961 until her death in 2021,[25] and he has three children.[2][5] They reside in an $18-million house in Belle Meade, Tennessee.[26] They have two sons and a daughter, who is married to investor Charles A. Elcan.[16]

He is the wealthiest person in Tennessee and #37 on the Forbes 400, with an estimated wealth of $12.8 billion.[27]

Awards and Honors
  • Golden Plate Award of the American Academy of Achievement (1984)[28]
  • Vanderbilt's Distinguished Alumni Award (2002)
  • Healthcare Hall of Fame (2003)[29]
  • United Way Lifetime Achievement Award (2012)

References
  1. "Forbes profile: Thomas Frist, Jr. & family". Forbes. Retrieved 22 February 2019.
  2. Forbes
  3. Hospital Corporation of America press release
  4. BusinessWeek biography
  5. The Richest Man (or Woman) in Town, BusinessWeek
  6. Avondale Partners biography, avondalepartnersllc.com; accessed September 6, 2015.
  7. "Dr. Thomas Frist Sr., HCA Founder, Dies at 87". NYTimes.com. New York Times. Retrieved 24 June 2015.
  8. "The 1956 Bell (the Yearbook of Montgomery Bell Academy)". e-yearbook.com. Montgomery Bell Academy. p. 93. Retrieved November 28, 2015.
  9. Vanderbilt Graduates
  10. Geert De Lombaerde, End of an era at HCA, Nashville Post, October 29, 2008
  11. Gregory Zuckerman, A Windfall for HCA Investors, The Wall Street Journal, March 4, 2011.
  12. Sack, Kevin; Mazzei, Patricia (October 17, 2018). "To Avoid Conflicts, Rick Scott Created a Trust Blind in Name Only". New York Times. Retrieved January 9, 2019.
  13. David Benoit, Schulze Looks to Join Kinder, Hefner in Founder Buyouts, The Wall Street Journal, August 6, 2012
  14. David A. Fox, Bovender to assume chairman's post at HCA from Frist, Nashville Post, July 30, 2001.
  15. E. Thomas Wood China Healthcare gives details of first hospital, Nashville Post, August 24, 2008
  16. E. Thomas Wood, Opening the floodgates?, Nashville Post, July 27, 2008
  17. "Aircraft owned by Tommy Frist in fatal crash", Nashville Post, July 20, 2006.
  18. David A. Fox, Mercy had problems with fuel switch prior to fatal flight, Nashville Post, October 17, 2001
  19. David A. Fox, Health-care exec Scott Mercy dies in plane crash, Nashville Post, May 31, 2000.
  20. Frist Foundation, About Us
  21. Nashville Public Library Foundation website Archived 2013-04-15 at Archive.today, nplf.org; accessed September 6, 2015.
  22. United Way of America Archived 2013-04-16 at Archive.today
  23. "United Way Lifetime Achievement Award Presented to Dr Thomas F. Frist Jr." Archived 2013-01-04 at the Wayback Machine, Unitedway.org, May 3, 2012.
  24. Frist Gets United Way Lifetime Achievement Award Archived 2012-08-04 at the Wayback Machine, NewsChannel 5, May 3, 2012.
  25. 'An incredible life well-lived': Patricia Frist, longtime Nashville philanthropist, dies at 81
  26. Molly Cate, The House that Frist Built, Nashville Post, July 1, 2002.
  27. "Thomas Frist, Jr. & family". Forbes. Retrieved 2018-11-28.
  28. "Golden Plate Awardees of the American Academy of Achievement". www.achievement.org. American Academy of Achievement.
  29. "Health Care Hall of Fame Past Inductees". Modern Healthcare. Retrieved January 1, 2003.
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