Thomas Frist Jr., the co-founder of Hospital Corporation of America (HCA), is an acclaimed figure in the international healthcare sector. As we enter 2023, curiosity has peaked about the financial standing of this healthcare titan: What is Thomas Frist net worth in 2023?
The following article will take you on a journey through Frist’s financial world.
What is Thomas Frist’s Net Worth and Salary in 2023?
Thomas Frist has amassed a significant net worth through his involvement with HCA Healthcare. As of 2023, Frist’s net worth is estimated to be $21,4 billion, thanks to his co-founding of the company and ownership of over 20% of its shares.
In addition to his substantial wealth, Frist receives compensation for his role on the Board of Directors at HCA Healthcare. In 2022, he earned a total of $402,816, which included $212,945 in cash fees and $189,871 in awarded stock.
Thomas Frist’s Overview
Thomas F. Frist Jr. was born into a wealthy family in Nashville, Tennessee. As a native of the city, he attended Montgomery Bell Academy for his early education before pursuing higher studies at Vanderbilt University.
Growing up in an affluent environment, Frist was exposed to the world of business and healthcare from a young age, as his father and brother founded HCA Inc. (Hospital Corporation of America), the largest for-profit hospital chain in the country.
Thomas F. Frist Jr. embarked on a remarkable career in the healthcare industry when he co-founded the Hospital Corporation of America (HCA) with his father, Thomas F. Frist Sr., in 1968.
As a former Air Force flight surgeon, Frist Jr. utilized his medical expertise to establish HCA as the largest for-profit hospital chain in the United States.
Over the years, HCA has grown exponentially, administering 182 hospitals across its network and serving more than 35 million patients annually in hospitals and clinics across 20 US states and the UK.
Frist Jr. held various positions within HCA throughout his career, including president, chairman, and CEO. In 1977, he became the president of HCA, and in 1987, he assumed the roles of chairman, president, and CEO.
After the merger with Columbia in 1994 and HealthTrust Inc. in April 1995, Frist Jr. served as vice chairman before returning as chairman and CEO in 1997. He continued to lead the company until January 2001 and remained chairman until January 2002.
Under his guidance, HCA accepted $21 billion in private equity investments from Bain Capital, Kohlberg Kravis Roberts, and Merrill Lynch in 2006, taking the company private in a deal valued at $33 billion.
This record-breaking leveraged buyout and confidential equity-led IPO showcased Frist Jr.’s business acumen and solidified his legacy in the healthcare industry.
In addition to his work with HCA, Frist Jr. served on the Board of Directors of IBM from 1984 to 1995 and chaired the Nashville Area Chamber of Commerce from 1999 to 2000.
He was also a member of The Business Council and co-founded the China Healthcare Corporation with Charles A. Elcan in 2008, expanding their business interests to Cixi, China.
Awards and Achievements
Thomas F. Frist Jr. has been honored with many accolades throughout his career, including the United Way Lifetime Achievement Award in 2012 and the United Way Golden Plate Award from the American Academy of Achievement in 1984.
Thomas F. Frist Jr. has been deeply committed to philanthropy. Dr. Frist has been actively involved in numerous board activities, such as The Frist Center, Harvard Business School Board of Dean’s Advisors.
Montgomery Bell Academy, Nashville Health Care Council, United Way—both the national board and United Way of Nashville— and Vanderbilt University, among others.
Furthermore, Dr. Frist is the chairman of the Frist Foundation and the Frist Center for the Visual Arts, both aim to invest in and strengthen Nashville nonprofits.
Thomas F. Frist Jr. has been a devoted family man throughout his life. He married Patricia C. Frist for 60 years, from 1961 until her passing in 2021. Together, they raised three children and built a strong family bond.
The couple resided in an $18-million house in Belle Meade, Tennessee, where they created a loving home for their two sons and a daughter, who later married investor Charles A. Elcan.
Why is Thomas Frist Famous?
Thomas Frist is renowned for his remarkable accomplishments in the healthcare industry.
His visionary leadership and business acumen have not only led to the establishment of a vast network of 182 hospitals across 20 US states and the UK but also provided care to over 35 million patients annually.
Beyond his success in healthcare, Frist’s philanthropic endeavors and active involvement in various organizations.
FAQs about Thomas Frist
How old is Thomas Frist?
Thomas Frist age is 84 years old.
How tall is Thomas Frist?
Thomas Frist height is unknown.
How did the Frist family make their money?
Frist has amassed the bulk of his wealth from his 23 percent holding in HCA Healthcare, a healthcare management firm that is publicly traded.
Is Bill Frist related to Thomas Frist?
The former United States Senate Majority Leader Bill Frist is his sibling. During George W. Bush’s presidency, he served as majority leader of the Senate from 2003 to 2007.
The Frist Art Museum in Nashville was founded largely due to his efforts as Director Emeritus of the Frist Foundation.
His remarkable journey from being a medical practitioner to the co-founder of HCA and his successful foray into entrepreneurship present a compelling narrative of wealth accumulation and financial strategy.
If this deep dive into Frist’s financial world has piqued your curiosity, we encourage you to delve into our series of articles on World Celebrity Net Worth.