HCA creates new subsidiary

HCA Holdings Inc. announced its second reorganization in two months today, according to Nashville Business Journal.

This latest restructuring promotes CFO Milton Johnson to president, but he keeps his CFO duties. Beverly Wallace, who was president of HCA's Shared Services Group, becomes president of a new subsidiary that will offer revenue cycle, staffing services and supply chain management to other healthcare providers. The chief medical officer role was expanded to include responsibility for affiliated physician practices and a president of operations position was named.

The changes were made as the company prepares to go public for the third time since the 1960s, the Business Journal reports. In December, the company refiled plans for a $4.6 billion initial public offering after reorganizing so it could issue $1.5 billion in junk bonds and give private equity owners payouts.

As of Dec. 31, 2010, the hospital giant operated 164 hospitals and 106 freestanding surgery centers.

To learn more:
- here's the HCA press release
- read the Nashville Business Journal article

Related Articles:
HCA income surges 31 percent 
HCA files IPO worth up to $4.6 billion
HCA looks to raise $3 billion through potential public offering
Massive HCA dividend: What does it mean?
Case study: HCA mounts 'green' effort chain-wide