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R1 RCM Inc. (NASDAQ: RCM) is a distinguished leader in the field of revenue cycle management, serving hospitals, health systems, and physician groups throughout the United States. Leveraging cutting-edge technology, R1 RCM Inc. provides comprehensive solutions designed to enhance the financial performance and patient experience for healthcare providers.
Founded with a mission to streamline healthcare operations, R1 RCM's suite of services includes end-to-end revenue cycle management, technology-driven solutions, and process workflows aimed at improving operating margins, cash flows, and overall satisfaction among patients, physicians, and staff. The company’s technology solutions seamlessly integrate with healthcare providers' existing infrastructure, resulting in sustainable improvements in net patient revenue and operational efficiency.
In recent developments, R1 RCM Inc. reported preliminary financial results for the fourth quarter of 2023, anticipating revenues between $563 to $567 million, marking a 6 to 6.5 percent increase compared to the previous year. This growth is primarily driven by double-digit increases in modular revenue, despite some delays in new client transitions and lower incentive fees. The company also anticipates an operating income of $36 to $39 million and a net loss of $8 to $10 million, with an adjusted EBITDA ranging from $163 to $166 million.
R1 recently completed the acquisition of Acclara from Providence, one of the nation’s largest health systems, establishing a 10-year partnership that is expected to significantly enhance the company’s revenue cycle services. This acquisition is projected to contribute over $625 million in revenue and approximately $185 million to adjusted EBITDA within five years.
R1 RCM's commitment to innovation is evident in its recent advancements through generative AI, and its environmental, social, and governance (ESG) efforts, which align with the United Nations Sustainable Development Goals. The company's 2023 ESG report showcases numerous achievements, underlining its dedication to responsible global citizenship and sustainable business practices.
For further information and updates, visit the company’s official website at r1rcm.com.
R1 RCM Inc. (NASDAQ: RCM) has announced an agreement to acquire Cloudmed, valued at $4.1 billion, in an all-stock deal. This acquisition aims to enhance R1's Revenue Intelligence capabilities and automation in healthcare. Cloudmed, which serves over 400 large health systems in the U.S., recorded $1.5 billion in revenue recovery for clients in 2021. The deal is anticipated to be accretive to earnings per share in the first year post-closing, unlocking significant cost and revenue synergies. The transaction is set to close in Q2 2022, subject to shareholder and regulatory approvals.
MURRAY, Utah, Dec. 31, 2021 (GLOBE NEWSWIRE) -- R1 RCM (NASDAQ: RCM) announced that its management team will present at the 40th Annual J.P. Morgan Healthcare Conference on January 10, 2022, at 11:15 am ET. A live audio webcast of the presentation will be available on the Investor Relations section of R1’s website, with a replay accessible for 90 days after the event. R1 is recognized for its technology-driven solutions that enhance patient experience and financial performance for healthcare providers.
R1 RCM has partnered with Adventist Health to enhance patient billing through the integration of VisitPay into R1's Entri™ platform. This alliance aims to deliver a seamless payment experience for Adventist's 80+ West Coast and Hawaiian communities, aligning with their strategic goal of a digitally-driven, consumer-centric healthcare. The VisitPay solution has a proven track record, evidenced by a significant increase in patient Net Promoter Scores and a more than 70% enhancement in payment yield across comparable systems.
R1 RCM reported robust Q3 2021 results, achieving $379.7 million in revenue, up 23.6% year-over-year. GAAP net income surged to $17.0 million, marking an impressive 226.9% increase, while adjusted EBITDA rose to $89.3 million (77.2% growth). CEO Joe Flanagan expressed optimism for ongoing growth, attributing success to team dedication and strategic technology investments. The company projects 2021 revenues between $1,460 million and $1,480 million, and anticipates GAAP operating income of $142 million to $148 million.
R1 RCM has announced a new $200 million stock repurchase program, building on a previous $50 million program. The initiative, approved by the Board of Directors, highlights the company's robust cash flow and confidence in its long-term performance. Funding will come from cash on hand, aligning with R1's capital allocation strategy that emphasizes business growth and value-accretive mergers and acquisitions. The management retains discretion over the timing and method of repurchases, reflecting their adaptability to market conditions.
R1 RCM (NASDAQ: RCM) announced a collaboration with Memorial Sloan Kettering Cancer Center to deploy the VisitPay platform, enhancing financial care for patients. This partnership aims to provide a seamless digital financial experience, promoting transparency in billing and enabling flexible payment plans. VisitPay's Net Promoter Score (NPS) surpasses healthcare industry averages, reflecting strong patient loyalty. R1's initiative supports its mission to improve patient engagement while advancing financial performance within healthcare systems.
R1 RCM (NASDAQ: RCM) announced an extension of its revenue cycle management partnership with American Physician Partners (APP) until 2031. This collaboration began in 2019 and has led to significant operational improvements, including enhanced collections and reduced customer service wait times. R1's technology-driven solutions have streamlined APP's financial processes and equipped them to navigate reimbursement changes tied to the CARES Act. APP acknowledges the vital role R1 plays in supporting their growth and operational efficiency, especially amid the challenges posed by COVID-19.
R1 RCM Inc. (NASDAQ: RCM) will announce its financial results for Q3 2021 on November 2, 2021, before market opening. Management will host a conference call at 8:00 a.m. ET to discuss the results and future outlook. Investors can participate by calling 888-330-2022 or 646-960-0690 for international access. A live webcast and replay will be available on R1 RCM's investor relations website.
R1 RCM specializes in technology-driven solutions that improve both patient experience and financial performance for healthcare providers.
MURRAY, Utah, Aug. 31, 2021 (GLOBE NEWSWIRE) -- R1 RCM (NASDAQ: RCM) announced its management team will present at three upcoming investor conferences. These include the Morgan Stanley 19th Annual Global Healthcare Conference on September 9 at 2:00pm ET, the Baird 2021 Global Healthcare Conference on September 15 at 10:15am ET, and the 2021 Cantor Global Healthcare Conference on September 27. A live audio webcast will be available on R1's Investor Relations website, with replays accessible for 90 days post-event.
R1 RCM (NASDAQ: RCM) has appointed Agnes Bundy Scanlan to its board of directors, effective August 11, 2021. With over 30 years of experience in regulatory risk management and compliance, Ms. Bundy Scanlan is expected to enhance the company’s oversight and strategic direction. Her previous roles include senior advisor at Treliant and chief regulatory officer at TD Bank. R1's leadership believes her expertise will contribute significantly to the company’s mission in the healthcare industry.
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