HCA spins off HealthTrust to create a 104-hospital organization worth $2.1 billion that’s focused on rural and community hospitals. HCA names its president and chief operating officer, Clayton McWhorter, as the new venture’s first CEO.

This move allows HCA to go private in just over a year. It’s also particularly significant because it sets a precedent for many more spin-offs in the industry.

Eight years later, HCA will merge back with HealthTrust. A number of HealthTrust execs will go on to create new health care companies over the years.