R1 RCM expands collaboration with Microsoft to accelerate integration of Azure OpenAI Service across the R1 enterprise
November 02 2023 - 7:05AM
R1 RCM Inc. (NASDAQ: RCM), a leading provider of technology-driven
solutions that transform the patient experience and financial
performance of healthcare providers, today announced an expansion
of its collaboration with Microsoft to accelerate the development
and integration of generative AI into R1’s industry-leading
healthcare revenue cycle management platform.
R1’s proprietary technology, including automations, workflows
and algorithms, built to reduce costs and drive revenue yield for
the healthcare industry, will use Microsoft Azure OpenAI Service
and other Azure AI services to rapidly introduce new product
capabilities and drive greater productivity, improved customer and
patient experiences, and faster time to value.
R1 recently delivered its first large language model (LLM)
application that increases the productivity of physician coding
quality assurance, integrating tools from Azure AI Studio. The
application evaluates complex unstructured medical records to
predict physician evaluation and management (E/M) codes and improve
coding quality across patient charts. The application was conceived
and delivered in under four months.
“R1 offers a unique combination of software and services, and we
are leading the next wave of advanced technology for the healthcare
revenue cycle – first with automation, then machine learning, and
now with large language models and AI,” said Lee Rivas, chief
executive officer of R1. “We are confident that these models
applied to broad data sets at scale will enable greater automation
and have a transformative impact on revenue cycle performance. Our
collaboration with Microsoft opens the door to greater innovation
with LLM-based applications that scale across the revenue cycle,
supporting both operators and providers to achieve better results
and improve patient satisfaction.”
R1’s technology roadmap features an array of initiatives
leveraging LLMs on applications across the revenue cycle, from call
centers to payer follow-up to scheduling and automation of accounts
receivable activities.
“With the significant financial and staffing challenges facing
healthcare providers today, Microsoft Azure AI plays a critical
role in helping the industry achieve greater efficiencies, improved
financial performance and increase quality of care,” said Peter
Durlach, Corporate Vice President, Health & Life Sciences,
Microsoft. “Our collaboration with R1 leverages their deep revenue
cycle data and expertise with Azure AI to accelerate development of
LLM-based applications that capitalize on AI’s transformative power
to deliver immediate benefits to healthcare providers and the
patients they serve.”
R1’s customer base, including 95 of the largest 100 health
systems in the U.S., enables broad visibility into industry revenue
cycle data including operational, financial, and clinical data. R1
models glean insights from over 500 million records and visibility
into $900+ billion total net patient revenue.
Forward-Looking Statements
This press release contains “forward-looking statements” made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements generally relate to future events and relationships,
plans, future growth, and future performance. These statements are
often identified by the use of words such as “anticipate,”
“believe,” “contemplate,” “designed,” “estimate,” “expect,”
“forecast,” “goal,” “intend,” “may,” “outlook,” “plan,” “predict,”
“project,” “see,” “seek,” “target,” “would,” and similar
expressions or variations or negatives of these words, although not
all forward-looking statements contain these identifying words.
These statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of the R1’s management and are not predictions of actual
performance. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as, and
must not be relied on by any investor as, a guarantee, assurance,
prediction or definitive statement of fact or probability. Actual
outcomes and results may differ materially from those contemplated
by these forward-looking statements as a result of uncertainties,
risks, and changes in circumstances, including but not limited to
risk and uncertainties related to: (i) economic downturns and
market conditions beyond R1’s control, including periods of
inflation; (ii) the quality of global financial markets; (iii) R1’s
ability to timely and successfully achieve the anticipated benefits
and potential synergies of the acquisition of Cloudmed; (iv) R1’s
ability to retain existing customers or acquire new customers; (v)
the development of markets for R1’s revenue cycle management
offering; (vi) variability in the lead time of prospective
customers; (vii) competition within the market; (viii) breaches or
failures of R1’s information security measures or unauthorized
access to a customer’s data; (ix) delayed or unsuccessful
implementation of R1’s technologies or services, or unexpected
implementation costs; (x) disruptions in or damages to R1’s global
business services centers and third-party operated data centers;
(xi) the volatility of R1’s stock price; and (xii) R1’s substantial
indebtedness. Additional risks and uncertainties that could cause
actual outcomes and results to differ materially from those
contemplated by the forward-looking statements are included under
the heading “Risk Factors” in R1’s annual report on Form 10-K for
the year ended December 31, 2022, and any other periodic reports
that R1 may file with the United States Securities and Exchange
Commission. The foregoing list of factors is not exhaustive. All
forward-looking statements included herein are expressly qualified
in their entirety by these cautionary statements as of the date
hereof and involve many risks and uncertainties that could cause
R1’s actual results to differ materially from those expressed or
implied in R1’s forward-looking statements. Subsequent events and
developments, including actual results or changes in R1’s
assumptions, may cause R1’s views to change. R1 assumes no
obligation and does not intend to update these forward-looking
statements, except as required by law. You are cautioned not to
place undue reliance on such forward-looking statements.
About R1 RCMR1 is a leading provider of
technology-driven solutions that transform the patient experience
and financial performance of healthcare providers. 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.
Contact:
R1 RCM Inc.Investor Relations:Evan Smith,
CFA516.743.5184investorrelations@r1rcm.com
Media Relations:Allison + PartnersAmanda
CritelliR1PR@allisonpr.com
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