CHICAGO, Feb. 16, 2018 – R1 RCM Inc. (NASDAQ:RCM), a leading provider of technology-enabled revenue cycle management (RCM) services to healthcare providers, today announced that Presence Health based in Chicago, Illinois has selected R1 to provide its end-to-end RCM services across the Presence Health system’s acute care hospitals and physician care settings.
R1 and Presence Health have signed a non-binding letter of intent, with the expectation of completing negotiations on a definitive agreement and going live with service in the second quarter of 2018.
Presence Health has more than 150 locations in Illinois, including 10 hospitals. As part of the anticipated agreement to manage Presence Health’s $2.2B annual net patient revenue, approximately 1,000 employees would transition to R1.
Presence Health’s CEO, Michael Englehart, stated “R1’s record of accomplishment of delivering on its commitments is outstanding, and its reputation for closely working with its customers as a true partner is highly regarded.”
Joseph Flanagan, R1’s president and CEO, commented “Presence Health is a very important health care provider to the people of Illinois. We look forward to supporting Presence in achieving its patient care goals and maintaining its financial health.”
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 events and relationships, plans, and future growth, 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 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 is a leading provider of technology-enabled revenue cycle management services which transform a health system’s revenue cycle performance across settings of care. R1’s proven and scalable operating model, the R1 Performance Stack℠, seamlessly complements 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 Presence Health
Presence Health (www.PresenceHealth.org) is one of the largest Catholic health systems in Illinois, providing compassionate care to over 4 million people. With over 150 sites of care including 10 hospitals, over 15,000 associates and more than 4,000 medical professionals, Presence Health has annual revenue of $2.6 billion.
R1 RCM Inc.