Ascension Expands Revenue Cycle Management Agreement with R1 RCM
May 09 2017 - 4:01PM
Expanded Agreement Includes Physician Group
Revenue Cycle Management Services
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.
Contacts:
R1 RCM Inc.
Investor Relations:
Atif Rahim
312-324-5476
investorrelations@r1rcm.com
Media Relations:
Deborah Lacy
650-814-7125
media@accretivehealth.com
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