R1 Completes Acquisition of RevWorks℠

Rhea-AI Summary

R1 RCM has successfully acquired Cerner's RevWorks services business, enhancing its revenue cycle management capabilities.

This merger is expected to drive financial improvements for healthcare providers while improving patient experiences. The integration aims to combine R1's technology with Cerner's software, delivering innovative RCM solutions and superior client outcomes.

R1 executives expressed optimism about leveraging their collective expertise for growth, ensuring that clients will benefit significantly from the expanded offerings.

Positive

• Acquisition of RevWorks services expected to enhance RCM capabilities.
• Anticipated sustainable financial improvements for healthcare providers.
• Strengthened technology integration with Cerner's software.
• Potential for innovative RCM solutions leading to better client outcomes.

Negative

• Integration challenges may arise post-acquisition.
• Risks associated with not realizing the expected benefits of the acquisition.

CHICAGO, Aug. 03, 2020 (GLOBE NEWSWIRE) -- R1 RCM Inc. (NASDAQ:RCM), a leading provider of technology-enabled revenue cycle management services to healthcare providers, today announced it has completed the acquisition of the Cerner RevWorks services business and commercial, non-federal client relationships.

The combination of R1 and RevWorks is expected to provide enhanced revenue cycle capabilities and expertise to clients and new prospects, helping drive sustainable financial improvements for providers while improving their patients’ overall experience. Significant progress has been made toward seamlessly integrating R1’s technology-enabled services platform and Cerner’s software.

“We are pleased to complete the acquisition of RevWorks,” said Gary Long, executive vice president and chief commercial officer of R1. “Through the commercial partnership, R1 is offering a powerful RCM solution that combines our collective revenue cycle expertise to produce both operational and patient-centric results. As such, we look forward to delivering scalable innovations and successful client outcomes to Cerner’s customers, as well as other healthcare organizations.”

“We’re excited to welcome the talented RevWorks team to R1 as we bring together our collective expertise in and commitment to delivering for our customers,” said Vijay Kotte, executive vice president of physician services at R1.

“We’re thrilled to be working with R1 on this transaction as we’ve had a great partnership for some time,” said Brenna Quinn, senior vice president of revenue cycle management at Cerner. “We are committed to growth and transformation that drives simplicity, scale and more cost-effective solutions for global health care. We’re confident that clients, and the industry, will certainly benefit from this expanded R1 offering.”

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 Cerner
Cerner’s health technologies connect people and information systems at thousands of contracted provider facilities worldwide dedicated to creating smarter and better care for individuals and communities. Recognized globally for innovation, Cerner assists clinicians in making care decisions and assists organizations in managing the health of their populations. The company also offers an integrated clinical and financial system to help manage day-to-day revenue functions, as well as a wide range of services to support clinical, financial and operational needs, focused on people. For more information, visit Cerner.com, The Cerner Blog or connect on Facebook, Instagram, LinkedIn, Twitter or The Cerner Podcast. Nasdaq: CERN. Health care is too important to stay the same.

Forward Looking Statements
This press release includes statements that may constitute “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In particular, statements about future events and relationships, plans, future growth and future performance, including statements about the acquisition of the RevWorks business and the anticipated benefits of the acquisition of the RevWorks business, are forward-looking statements. These statements are often identified by the use of words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “designed,” “may,” “plan,” “predict,” “project,” “would” and similar expressions or variations, although not all forward-looking statements contain these identifying words. We have based these forward-looking statements on our 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 our views as of any subsequent date. Subsequent events and developments, including actual results or changes in our assumptions, may cause our views to change. While we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. Although we believe that the expectations reflected in such forward-looking statements 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. Our 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 risks that the expected benefits from the acquisition of the RevWorks business will not be realized or will not be realized within the expected time period, the risk that the businesses will not be integrated successfully, significant transaction costs, unknown or understated liabilities, as well as the factors discussed under the heading “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2019, our quarterly reports on Form 10-Q and any other periodic reports we file with the Securities and Exchange Commission.

Contacts:
Investor Relations
Atif Rahim
R1 RCM Inc.
312-324-5476
investorrelations@r1rcm.com

Media Relations
Natalie Joslin
678.585.1206
media@r1rcm.com

FAQ

What is the significance of RCM's acquisition of RevWorks?

The acquisition enhances R1 RCM's revenue cycle management services, expanding its capabilities and client offerings.

How will the RevWorks acquisition affect RCM's clients?

It is expected to provide enhanced financial improvements and a better overall patient experience.

What are the potential risks of the R1 RCM acquisition of RevWorks?

Challenges may arise with integration, and there's a risk that expected benefits may not be realized.

When was the acquisition of RevWorks completed by R1 RCM?

The acquisition was completed on August 3, 2020.