Columbia Healthcare Corp. was formed in 1987 by now-Fla. Gov. Rick Scott and Richard Rainwater. In 1994, the company was renamed when it merged with Hospital Corporation of America, resulting in the largest for-profit hospital chain in the U.S. The stock swap was worth $5.7 billion. In 2000, after a seven-year federal investigation, the company pleaded guilty to a variety of fraud charges that included bilking government programs, and, in the end, paid more than $1.7 billion in fines and penalties. The company admitted to overcharging the government, making illegal deals with home-care agencies and filing false data about the use of hospital space. Scott resigned amidst the investigations in 1999, denying any wrongdoing.
- Round 1: Lost to Intermountain Healthcare