Expanded Agreement Includes Physician Group Revenue Cycle Management Services
Onboarding of $2.2B in Net Patient Revenue Scheduled to Begin in the Fourth Quarter of 2017
CHICAGO, May 09, 2017 (GLOBE NEWSWIRE) -- R1 RCM Inc. (“R1” or the “Company”) (NASDAQ:RCM), a leading provider of revenue cycle management and physician advisory services to healthcare providers, announced today that it has amended and expanded its agreement with Ascension, the nation’s largest Catholic and non-profit health system. The amendment expands the scope of services provided by the company to Ascension and is expected to increase the net patient revenue (NPR) managed by the company by approximately $1.5 billion over the original scope of committed business under the 2016 contract. Additionally, R1 is excited to announce that the expansion includes physician group revenue cycle services for select health systems. These services include the R1 technology suite, coding, billing, collections, denials management and customer service.
The company expects the amendment to:
- Increase NPR under management by approximately $500 million related to physician group revenue cycle management services.
- Increase NPR under management by approximately $1 billion from the addition of a health system acquired by Ascension that was not included in the scope of committed business under the 2016 agreement.
- Accelerate the onboarding of approximately $700 million in NPR to the fourth quarter of 2017.
“In addition to expanding our acute care revenue cycle management relationship, we are pleased to have partnered with R1 for our physician revenue cycle management services for this market” said Rhonda C. Anderson, Senior Vice President and Chief Financial Officer of Ascension Healthcare, a division of Ascension. “We are confident this integrated solution serving the physician and acute care environments will help improve our patients’ and clinicians’ experience.”
“We are extremely excited to expand our relationship with Ascension,” said Joe Flanagan, President and Chief Executive Officer of R1. “We look forward to further demonstrating our continued commitment to revenue cycle excellence and our customers’ success with this additional new growth and scope expansion.”
Since its founding, R1 has served over 5,000 physicians and managed more than $1.8 billion in physician NPR. The company’s R1 Performance Stack℠, its approach for building stronger commercial infrastructure, provides comprehensive coverage across care settings, revenue cycle phases and payment models. By managing the physician and acute care settings, R1 believes it can deliver a better patient experience, improve operating efficiencies, maximize revenue yield improvements, and provide the necessary infrastructure for providers to succeed with value-based payment models.
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 growth, and expansion of the scope of services provided, 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. The Company 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 the Company’s 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 the Company 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 the Company 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.
Investors are cautioned not to place undue reliance on such forward-looking statements. Any forward-looking statements made herein call involve risks and uncertainties. All forward-looking statements included in this press release are expressly qualified in their entirety by these cautionary statements. 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, the factors discussed under the heading “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2016, and any other periodic reports that the Company files with the SEC.
About R1 RCM
R1 serves as the one revenue cycle management partner for select hospitals and healthcare systems regardless of their payment models, patient engagement strategies or settings of care. The company uses a proven operating model based on the R1 Performance StackSM designed to fit seamlessly into any healthcare organization’s infrastructure and to enhance the patient experience, improve provider economics and provide revenue predictability. To learn more, visit r1rcm.com.
Source:R1 RCM Inc.