It's been a good year for HCA Healthcare.
In January, its stock price hit an all-time high, soaring past $300 per share following an 8% increase in revenue in 2023. The stock maintained momentum in the first six months of the year, hitting $336.91 on June 5 — a year-over-year increase of approximately 24%.
As of July 31, HCA stock is priced $363.05 per share — a new high for the 56-year-old, Nashville, Tenn.-based company.
Behind HCA's 184 hospitals and 2,000 sites of care is Thomas Frist Jr., MD, co-founder and major shareholder of the company. Dr. Frist has seen his estimated net worth climb by about $7 billion year over year, reaching a new high in 2024.
The Bloomberg Billionaires Index puts his net worth at $31.6 billion today. Forbes puts Dr. Frist's wealth at $20.2 billion in 2023 and $28.8 billion today. (The two outlets use different methodologies to arrive at their estimates.)
In April, with the release of HCA's first quarter results, CEO Sam Hazen attributed the system's 11.2% year-over-year increase in revenue at that time to "broad-based volume growth." The system made headlines with Reuters for its projected recovery in surgical procedures, expected to persist throughout the year as staffing approaches pre-pandemic levels.
In the second quarter, HCA reported its net income increased 25% year over year to $1.5 billion. It estimates a net income of $5.7 billion to $6 billion for the year ending Dec. 31, up from its previous estimate of $5.2 billion to $5.6 billion.
The system is expanding in 2024 after growing by seven hospitals from 2019 to 2023. It is finalizing the acquisition of a struggling Texas hospital and entering an asset purchase agreement with Catholic Medical Center, a 330-bed regional health system in Manchester, N.H. Such deals are targeted, Mr. Hazen said during an earnings call in July, with great focus on "selective strategic acquisitions that complement our networks."
At the same time, the system has faced challenges throughout 2024 with local officials and scrutiny regarding its ownership of Mission Health, an Asheville, N.C.-based system that it acquired in 2019 and converted to for-profit.