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Columbia exec gets $10M
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September 17, 1997: 8:15 a.m. ET
Hospital operator gives Richard Scott big sendoff amid massive federal probe
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NEW YORK (CNNfn) - The former chief executive of Columbia/HCA Healthcare Corp., who left the company amid a federal probe of billing practices, reportedly received a severance package of $10 million, a newspaper said Wednesday.
Richard Scott received a $5 million lump payment and will take home another $5 million over the next five years, the Wall Street Journal said.
The golden sendoff was among a string of severance packages of top executives that contributed to a $60 million pre-tax charge against third-quarter earnings, the newspaper said.
The hospital behemoth has been riddled with problems stemming from a federal and state probe of its Medicaid and Medicare billing practices. Three top officials have been indicted for fraud.
Columbia/HCA expects profits to drop to half their 1996 levels because of declining admissions. It recently eliminated two departments and cut 77 jobs in Texas and Tennessee. 
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Columbia/HCA
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