Preview

Healthsouth: the Rise and Fall

Satisfactory Essays
Open Document
Open Document
2150 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Healthsouth: the Rise and Fall
Running head: HEALTHSOUTH: THE RISE AND FALL

HealthSouth: The Rise And Fall

Abstract

Richard Scrushy (Scrushy) had a vision and was driven by his leadership and entrepreneurial abilities. Scrushy was the mastermind and major creator of HealthSouth Corporation (HealthSouth). Scrushy served as chairman and Chief Executive Officer (CEO) of the corporation for more than 20 years. A Biographical Sketch: Richard Scrushy and HealthSouth. Retrieved March 22, 2005, from the World Wide Web: http://www.richardscrushy.com/biography.aspx. The U.S. Securities and Exchange Commission charged HealthSouth Corporation and CEO Richard Scrushy with fraud, alleging the earnings of HealthSouth have been extremely overstated since approximately 1999. Bassing, T. (2003, March 19). SEC charges Scrushy; 41.4B civil fraud alleged. Birmingham Business Journal. Retrieved March 23, 2005, from World Wide Web: http://birmingham.bizjournals.com/birmingham/stories/2003/03/17/daily30.html?t=printable. Scrushy has been replaced Jay Grinney (Grinney) who recently accepted the position of President and CEO of HealthSouth. Grinney has a vision for HealthSouth and is confident he will succeed in restoring the corporation to its original status of leadership in the world of healthcare.

HealthSouth: The Rise and Fall

Richard Scrushy (Scrushy) was born in Selma, Alabama in 1952. He had two siblings which consisted of an older sister and a younger brother. Scrushy was raised by two working parents and the family attended a local Methodist Church located in Selma. As a young boy, Richard was always able to find a job making money. His entrepreneur endeavor 's emerged during his teenage years and continued there after. A Biographical Sketch: Richard Scrushy and HealthSouth. Retrieved March 22, 2005, from the World Wide Web: http://www.richardscrushy.com/biography.aspx. Scrushy chose to continue his education beyond high school and was graduated from college,



References: Grinney, J. (2005). A tough job, but I love it. Modern Healthcare, 22 Lander, G.P Bassing, T. (2003, March 19). SEC charges Scrushy; 41.4B civil fraud alleged. Birmingham Business Journal. Retrieved March 23, 2005, from World Wide Web: http://birmingham.bizjournals.com/birmingham/stories/2003/03/17/daily30.html?t=printable Romero, S A Biographical Sketch: Richard Scrushy and HealthSouth. Retrieved March 22, 2005, from the World Wide Web: http://www.richardscrushy.com/biography.aspx. Rehab Resource (March 1, 2005) Retrieved March 22, 2005 from the World Wide Web: Institute For Global Ethics, November 10, 2003, http://www/globalethics.org/newsline/members/issue.tmpl?articleid=11100316510695 Retrieved March 22, 2005 from the World Wide Web: U.S Retrieved March 22, 2005 from the World Wide Web: http://www.al.com/specialreport/birminghamnews/healthsouth/scrushypay.jpg Retrieved April 5, 2005 from the World Wide Web: http://www.healthsouth.com/medinfo/home/app/frame Retrieved April 5, 2005 from the World Wide Web: http://www.al.com/specialreport/birminghamnews/healthsouth/index.ssf Retrieved April 5, 2005 from the World Wide Web: http://www.usatoday.com/money/industries/health/2004-10-25-scrushy-cover_x.htm Retrieved April 6, 2005 from the World Wide Web: A Guide To The Sarbanes-Oxley Act, 2002. http://www.soxlaw.com/

You May Also Find These Documents Helpful

  • Powerful Essays

    Sarbanes Oxley Memo

    • 1426 Words
    • 6 Pages

    As consultants for Ancher Public Trading (APT), Learning Team A would like to discuss the implications of the Sarbanes-Oxley (SOX) legislation. This memorandum provides a brief history of SOX¡¦s creation, explains the relationship amongst the FASB, SEC and PCAOB, describes the pros and cons of SOX, assesses the impacts of SOX, and lists ethical considerations of SOX.…

    • 1426 Words
    • 6 Pages
    Powerful Essays
  • Best Essays

    Acct 504 Case Study 2

    • 1108 Words
    • 5 Pages

    Bibliography: Admin. (2009, January). Core Points of the Sarbanes-Oxley Act. Tuesday, November 27, 2012. http://www.sarbanesoxleyfocus.com/core-points-of-the-sarbanes-oxley-act/…

    • 1108 Words
    • 5 Pages
    Best Essays
  • Satisfactory Essays

    References: Nogler, G., & Inwon, J. (2011, May/June). Sarbanes-Oxley Act: Was the ’one-size-fits-all’ approach justified? Journal of Corporate Accounting & Finance (Wiley), 22(4), 65-76. http://dx.doi.org/10.1002/jcaf.20691…

    • 502 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Sarbanes-Oxley Act of 2002

    • 1496 Words
    • 6 Pages

    I have written this report in order to fulfill my graduation requirements at Southwestern College. Also to become more knowledgeable on the Sarbanes-Oxley Act of 2002 (SOX) and the impact it has had on the business world.…

    • 1496 Words
    • 6 Pages
    Powerful Essays
  • Powerful Essays

    Mr Zhang

    • 42353 Words
    • 170 Pages

    The introduction of Sarbanes-Oxley issues has been accomplished in two ways. First, case content has been altered to include Lakeside’s consideration of financing expansion through an initial public offering, and the resulting impact such a decision would have on Lakeside and on Abernathy and Chapman, CPAs. Second, the discussion questions and exercises have been expanded to include consideration of Sarbanes-Oxley and new auditing and independence standards, both by adding a section in the end-of-chapter material and by reference in the other questions where appropriate. The following list includes all the questions with the location of the question and a brief learning objective.…

    • 42353 Words
    • 170 Pages
    Powerful Essays
  • Powerful Essays

    Six Years of the Sarbanes-Oxley Act: Are We Better Off? By Dodwell, William J: The CPA Journal, August 1 2008…

    • 941 Words
    • 4 Pages
    Powerful Essays
  • Better Essays

    The Sarbanes-Oxley Act

    • 1467 Words
    • 6 Pages

    The Sarbanes-Oxley Act was established in 2002 and has initiated extensive transformation to the parameter of economic practice and shared bureaucracy. Nevertheless, it was named after Legislator Paul Sarbanes and Representative Michael Oxley, who were the founders, given it the title Sarbanes-Oxley Act of 2002. On July 30, 2002, President George Bush signed off on SOX, revising the security laws that, moderately, reevaluate the responsibility of accountants. Although the focal point of this statute is on shared organizations, it is projected that banks and investors, who necessitate reviewed reports of the…

    • 1467 Words
    • 6 Pages
    Better Essays
  • Powerful Essays

    McDermott, Will & Emery. "Two Years Later - A Recap of the Sarbanes-Oxley Act of 2002and Related SEC Rulemaking." Mondaq Business Briefing. September 9, 2004.…

    • 4791 Words
    • 17 Pages
    Powerful Essays
  • Powerful Essays

    Health South

    • 2639 Words
    • 11 Pages

    Carrns, A. (2005, Jul 08). Scrushy should face charges in civil lawsuit, SEC argues. Wall Street…

    • 2639 Words
    • 11 Pages
    Powerful Essays
  • Satisfactory Essays

    Week 5 Article Review

    • 457 Words
    • 2 Pages

    RE: Nogler, G., & Inwon, J. (2011, May/June). Sarbanes-Oxley Act: Was the ’one-size-fits-all’ approach justified? Journal of Corporate Accounting & Finance (Wiley), 22(4), 65-76. http://dx.doi.org/10.1002/jcaf.20691…

    • 457 Words
    • 2 Pages
    Satisfactory Essays
  • Better Essays

    Healthsouth

    • 1394 Words
    • 6 Pages

    Aaron was one of the founding members of HealthSouth. A main focus of “HealthSouth: The Wagon to Disaster” is the life, instructions and actions of Richard Scrushy. Richard was the founding leader of HealthSouth, and by the account of Aaron, Richard was also the origination of the downfall of the health care giant. Richard is also the man behind the “Wagon” theme of this book. Aaron uses a motivating mantra coined by Richard in the early days of the HealthSouth know as “Puling the Wagon” to illustrate to his readers how if everyone is pulling in the same direction, great things can be accomplished.…

    • 1394 Words
    • 6 Pages
    Better Essays
  • Powerful Essays

    Cardinal Health

    • 1918 Words
    • 6 Pages

    Cardinal Health is a Fortune 22 company known as the business behind healthcare in America. Cardinal Health helps pharmacies, hospitals and ambulatory care sites focus on patient care while reducing costs, improving efficiency and quality, and increasing profitability. Cardinal Health was founded in 1971 by Robert D. Walter, who initially opened a small distribution center in Columbus, Ohio. In less than ten years, the then-named Cardinal Foods became a prominent regional food distributor until branching into pharmaceutical distribution in 1979. That same year the company purchased a drug distributor based out of Zanesville, Ohio, and re-branded itself as Cardinal Distribution. The company re-branded itself a third time in 1983 while also going public. Following their NYSE debut, the company grew rapidly throughout the 80 's and 90 's with the acquisition of more than a dozen U.S. drug distributors. By 1991, Cardinal Health had reached revenues exceeding $1B. By 1994, Cardinal Health had established itself as a leader in the drug distribution business with a nationwide presence and annual revenues of approximately $6B. Today Cardinal Health boasts $100+B in annual revenue.…

    • 1918 Words
    • 6 Pages
    Powerful Essays
  • Powerful Essays

    Vine Brook Capital

    • 1591 Words
    • 7 Pages

    Vine Brooks Capital closed in April 2009 with $350 Million of investor commitments and though the last decade had been one filled with highs and lows, the firm realizes that they need to play a bigger game in health care market. However firms were generally taking a longer and more cautious approach with the idea that they want to provide more than just initial seed funding but also provide enough to get the product from the earliest stages to the market. (Rhodes-Kroff, leamon, Strope, 2011)…

    • 1591 Words
    • 7 Pages
    Powerful Essays
  • Best Essays

    Blue Cross Blue Shield of South Carolina and their services fit in the continuum of care by…

    • 1528 Words
    • 7 Pages
    Best Essays
  • Powerful Essays

    HealthSouth Case study

    • 8197 Words
    • 33 Pages

    Case Study HealthSouth: The Trials that Temper an Organization1 Table of Contents Abstract ......................................................................................................................................................... 3 Case Overview............................................................................................................................................... 5 Background ................................................................................................................................................... 6 Execution....................................................................................................................................................... 8 Managing the Project..................................................................................................................................…

    • 8197 Words
    • 33 Pages
    Powerful Essays