LifePoint Health and R1 RCM Announce Partnership to Deliver Revenue Cycle Excellence and Enhance Patient Experience

Rhea-AI Summary

R1 RCM (NASDAQ:RCM) and LifePoint Health have established a revenue cycle management partnership covering over one-third of LifePoint’s hospitals. This agreement aims to enhance patient experiences and streamline operations. LifePoint seeks to consolidate its revenue cycle to improve performance and focus on delivering high-quality patient care. R1 will implement its technology platform and analytics to drive efficiency in LifePoint’s operations. The partnership reflects a long-term commitment to improving financial operations and patient satisfaction.

Positive

• New partnership with LifePoint Health covers over one-third of its hospitals.
• Focuses on enhancing patient experience and operational efficiency.
• R1's technology platform promises to improve revenue cycle performance.

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• None.

BRENTWOOD, Tenn. and CHICAGO, Oct. 28, 2020 (GLOBE NEWSWIRE) -- R1 RCM Inc. (NASDAQ:RCM), a leader in technology-enabled revenue cycle management (RCM) services to healthcare providers, and LifePoint Health, a national network of hospitals, post-acute services, outpatient centers and providers in more than 80 locations, have entered into a new revenue cycle management agreement that will make R1 the exclusive revenue cycle management partner for more than one-third of LifePoint hospitals. The comprehensive partnership is designed to enhance patient experience and streamline operations to meet the evolving needs of the health system now and into the future for the communities LifePoint serves.

LifePoint’s decision to consolidate and create an enterprise-wide strategy was driven by the company’s ongoing efforts to drive next-level revenue cycle performance, which will further enable the organization to focus its resources on what matters most – delivering high-quality patient care. R1 will deliver its fully integrated, purpose-built technology platform with proven operating methods and enterprise-wide analytics. Powered with intelligent automation and executed upon by a diverse and experienced team of RCM experts, R1’s end-to-end and EHR-agnostic revenue cycle solution is designed to integrate seamlessly into LifePoint’s infrastructure to drive greater efficiency and performance for the organization.

“Following an extensive evaluation process, we are honored to have been selected by LifePoint as a long-term revenue cycle partner and are committed to broadening the partnership as we work together to advance the organization’s revenue cycle capabilities,” said Joe Flanagan, president and chief executive officer at R1. “We look forward to delivering a solution that will improve LifePoint’s financial operations, enrich the patient experience and increase provider satisfaction.”

“R1’s robust technological capabilities combined with its focus on mission and strong commitment to LifePoint’s current revenue cycle employees make them the right partner for LifePoint,” said Rob Jay, executive vice president of integrated operations at LifePoint Health. “We look forward to working with R1 to further strengthen revenue cycle operations across our organization, create a more seamless patient financial process and ensure our hospitals can stay focused on providing high quality care for those we serve.”

About R1 RCM
R1 RCM is a leading provider of technology-enabled RCM services which transform and solve revenue cycle performance challenges across hospitals, health systems and group physician practices. R1’s proven and scalable operating models seamlessly complement a healthcare organization’s infrastructure, quickly driving sustainable improvements to net patient revenue and cash flows while reducing operating costs and enhancing the patient experience. To learn more, visit: r1rcm.com.

About LifePoint Health
LifePoint Health® is a leading healthcare company dedicated to Making Communities Healthier®. Through its subsidiaries, it provides quality inpatient, outpatient and post-acute services close to home. LifePoint owns and operates community hospitals, regional health systems, physician practices, outpatient centers and post-acute facilities across the country. It is the sole community healthcare provider in the majority of the non-urban communities it serves. More information about the company can be found at www.LifePointHealth.net.

Forward Looking Statements
This press release includes statements that may constitute “forward-looking statements” and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as applicable. In particular, statements about future events and relationships, plans, future growth, and future performance, are forward-looking statements. These statements are often identified by the use of words such as “anticipate,” “believe,” “designed,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “will,” “would,” and similar expressions or variations, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on current expectations and projections about future events as of the date hereof and any forward-looking statements contained herein should not be relied upon as representing the views of R1 or LifePoint as of any subsequent date. Subsequent events and developments, including actual results or changes in the assumptions of R1 or LifePoint, may cause views to change. While either R1 or LifePoint may elect to update these forward-looking statements at some point in the future, neither company has the current intention of doing so. Although each of R1 and LifePoint believes that the expectations reflected in such forward-looking statements by them are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Should one or more of these risks and uncertainties materialize, or should underlying assumptions, projections, or expectations prove incorrect, actual results, performance, financial condition, or events may vary materially and adversely from those anticipated, estimated, or expected. Actual results and outcomes could differ materially from those included in these forward-looking statements as a result of various factors, including, but not limited to the factors discussed in the case of R1 under the heading “Risk Factors” in R1’s annual report on Form 10-K for the year ended December 31, 2019, R1’s quarterly reports on Form 10-Q, and any other periodic reports R1 files with the Securities and Exchange Commission.

Contacts:
Investor Relations Atif Rahim R1 RCM Inc. 312.324.5476 investorrelations@r1rcm.com	Media Relations Natalie Joslin                 R1 RCM Inc.                 678.585.1206                 media@r1rcm.com	Michelle Augusty LifePoint Health 615.920.7654 michelle.augusty@lpnt.net

FAQ

What is the new partnership between R1 RCM and LifePoint Health?

R1 RCM and LifePoint Health have entered a partnership for revenue cycle management, covering one-third of LifePoint’s hospitals.

How will the partnership benefit LifePoint Health?

The partnership aims to improve patient experience and streamline LifePoint's financial operations through R1's technology and expertise.

What is the significance of R1 RCM's agreement with LifePoint Health?

This agreement represents a commitment to enhancing revenue cycle efficiency and financial performance for LifePoint’s healthcare system.

What is R1 RCM's role in the partnership with LifePoint Health?

R1 RCM will serve as the exclusive revenue cycle management partner, implementing its platform to optimize LifePoint’s revenue cycle operations.

When was the partnership between R1 RCM and LifePoint Health announced?

The partnership was announced on October 28, 2020.