R1 Completes Acquisition of RevWorks℠
August 03 2020 - 9:00AM
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 CernerCerner’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 StatementsThis 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 RelationsAtif RahimR1 RCM
Inc.312-324-5476investorrelations@r1rcm.com
Media RelationsNatalie Joslin678.585.1206media@r1rcm.com
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