R1 RCM and Mednax Announce Enterprise Revenue Cycle Management Agreement to Enhance Patient Experience and Drive Financial Performance
R1 RCM (NASDAQ:RCM) has secured a partnership with Mednax (NYSE:MD) to provide enterprise revenue cycle management services. This collaboration is anticipated to enhance Mednax's patient experience and streamline its clinical and financial operations.
R1's technology-driven solutions aim to reduce operating costs and improve revenue cycle efficiency. Mednax's CEO emphasized that this partnership will allow their clinicians to focus on patient care while benefiting from R1's technological expertise.
- R1 RCM becomes primary revenue cycle management provider for Mednax, potentially enhancing operational efficiencies.
- Partnership expected to improve patient financial experiences and streamline workflows.
- No specific financial metrics or guarantees of success reported, leaving some uncertainty.
- Risks associated with the implementation of new revenue cycle services, including timing and cost factors.
CHICAGO, May 17, 2021 (GLOBE NEWSWIRE) -- R1 RCM Inc. (NASDAQ:RCM), a leading provider of technology-driven solutions that transform the patient experience and financial performance of healthcare providers, and Mednax, Inc. (NYSE:MD), a national medical group specializing in prenatal, neonatal and pediatric services, have entered into an agreement that will make R1 the primary provider of enterprise revenue cycle management services for Mednax.
The agreement is expected to bolster the overall patient experience and optimize clinical, financial and operational performance for Mednax and its hospital partners. R1’s end-to-end revenue cycle model hardwires best practices and processes into its proprietary technology platform while leveraging intelligent automation, advanced data analytics and technical expertise to streamline workflows, improve efficiencies and drive superior outcomes.
“We believe R1 has the size, scale and resources necessary to make this arrangement a successful one for Mednax,” said Mark S. Ordan, chief executive officer of Mednax. “Our collaboration is designed to ensure consistency across our revenue cycle operations and enable meaningful operating expense reduction both near term and going forward. R1’s technology investments and prowess give our affiliated clinicians capabilities we could never match. We believe this is another major step toward furthering our company-wide focus on our core services and will allow our affiliated physicians and clinicians to concentrate on what matters most – delivering the highest quality care to our patients.”
“We look forward to working with Mednax to help them create a seamless patient financial experience,” said Joe Flanagan, president and chief executive officer at R1. “With our sophisticated technology assets and unique operating model, we have demonstrated how organizations can improve both patient experience and financial performance. We are confident we can deliver the same strong results for Mednax.”
About R1 RCM
R1 is a leading provider of technology-driven solutions that transform the patient experience and financial performance of hospitals, health systems, and medical groups. 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 Mednax
Mednax, Inc. is a national medical group comprised of the nation’s leading providers of physician services. Physicians and advanced practitioners practicing as part of Mednax are reshaping the delivery of care within their specialties and subspecialties, using evidence-based tools, continuous quality improvement initiatives, clinical research and telehealth programs to enhance patient outcomes and provide high-quality, cost-effective care. Mednax was founded in 1979, and today, through its affiliated professional entities, Mednax provides services through a network of more than 2,300 physicians in 39 states and Puerto Rico. Additional information is available at mednax.com.
Forward Looking Statements for R1
This press release includes statements that may constitute “forward-looking statements” of R1 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, 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,” “would,” and similar expressions or variations, although not all forward-looking statements contain these identifying words. R1 has based these forward-looking statements on its 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 R1’s views as of any subsequent date. Subsequent events and developments, including actual results or changes in R1’s assumptions, may cause its views to change. While R1 may elect to update these forward-looking statements at some point in the future, it has no current intention of doing so except to the extent required by applicable law. Although R1 believes 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. R1’s 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 under the heading “Risk Factors” in R1’s annual report on Form 10-K for the year ended December 31, 2020, its quarterly reports on Form 10-Q, and any other periodic reports it files with the Securities and Exchange Commission.
Forward Looking Statements for Mednax
This press release includes statements that may constitute “forward-looking statements” of Mednax 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, 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,” “would,” and similar expressions or variations, although not all forward-looking statements contain these identifying words. Mednax has based these forward-looking statements on its 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 Mednax’s views as of any subsequent date. Subsequent events and developments, including actual results or changes in Mednax’s assumptions, may cause its views to change, and Mednax undertakes no duty to update or revise any such statements. Although Mednax believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties, including the future impact the agreement with R1 has on Mednax’s operational and financial results, the timing and costs to Mednax of the implementation of the services contemplated by the agreement with R1, the scale of the services ultimately provided by R1 to Mednax and the degree of expense reduction and improvement in Mednax’s revenue cycle following the implementation of the agreement with R1. Should one or more of these risks and uncertainties materialize, or should underlying assumptions, projections, or expectations prove incorrect, Mednax’s actual results, performance, financial condition, or events may vary materially and adversely from those anticipated, estimated, or expected. Additionally, Mednax’s 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 under the heading “Risk Factors” in Mednax’s annual report on Form 10-K for the year ended December 31, 2020, its quarterly reports on Form 10-Q, and any other reports it files with the Securities and Exchange Commission, and include the impact of the COVID-19 outbreak on Mednax and its financial condition and results of operations, the effects of economic conditions on Mednax’s business, the effects of the Affordable Care Act and potential changes thereto or a repeal thereof, Mednax’s relationships with government-sponsored or funded healthcare programs, including Medicare and Medicaid, and with managed care organizations and commercial health insurance payors, the timing and contribution of any future acquisitions by Mednax, the effects of share repurchases by Mednax; the effects of the Cares Act on Mednax and the effects of Mednax’s transformation and restructuring initiatives.
| Contacts: | |
| R1 RCM Investor Relations Atif Rahim 312.324.5476 investorrelations@r1rcm.com Media Relations Natalie Bennett 678.585.1206 media@r1rcm.com | Mednax Investor Relations Charles Lynch 954.384.0175 ext. 5692 charles_lynch@mednax.com Media Relations Jennifer Gutierrez 954.384.0175 ext. 5684 jennifer_gutierrez@mednax.com |
FAQ
What is the agreement between RCM and Mednax?
How will the R1 RCM and Mednax partnership affect patient experience?
What technology does R1 RCM provide to Mednax?
What are the expected outcomes of the R1 RCM and Mednax collaboration?
What potential risks does Mednax face from this partnership with R1 RCM?
