Alum, Adeptus Health chair, rings NYSE bell
On Wednesday, June 25, 2014, Stetson alumnus Rick Covert ’90 (sixth from left), and other members of the management team of Adeptus Health, including President and CEO Thomas S. Hall, rang the opening bell at the New York Stock Exchange to celebrate the company’s completion of its initial public offering and first day of trading. To view the video, click Adeptus Health opens NYSE June 25.
Covert, current chair of the board, along with his business partner founded Adeptus Health, based in Lewisville, TX, in 2002. “Our primary business is a company called First Choice Emergency Room, but we adopted Adeptus within the last year as we have branched into other businesses in addition to emergency rooms,” said Covert.
With a Stetson major in finance, and a minor in history, Covert ran the company as CEO through 2012. “We achieved awards as one of the Top 100 Fastest Growing Businesses in North Texas for seven straight years as awarded by the Southern Methodist University Cox School of Business and Dallas Business Journal and also made the Inc. 500/5000 list for several years,” he said.
“In 2011, when we had 14 locations, I brought on a private equity partner, Sterling Partners, to help us grow even faster,” Covert said. “In 2012, I hired Tom Hall as CEO and “retired” to Chairman at 44 years old.”
Originally from Michigan, Covert met his wife-to-be in Stetson’s MBA program. Now, married for more than 20 years, he and Allison reside in the Dallas, TX area with their three children. One will start at Tulane University in the fall; one is 16 and considering Stetson for her school in the fall of 2015; and the youngest is 10.
“There are several ‘truths’ that I probably didn’t appreciate in college or I have learned since then,” said Covert.
1) The management of almost every business involves 80 percent of the same things. Managing people, resources, planning, marketing, etc., are all necessary and the only thing that differs are those things specific to your particular service or product. So, pay attention in marketing class!
2) The challenges and your success hinge on the same things; who you surround yourself with, how you treat them, and are you someone they will follow?
3) Over 90 percent of successful start-ups are not following their original business plan. It is rare that the original vision doesn’t change at least slightly once it encounters the real world. Be comfortable with critique.
4) Involve your employees in your business and your business success. Share the money!
5) Always look for an unfair advantage. It is the best way to win.”