CHICAGO – April 30, 2020 – R1 RCM Inc. (NASDAQ:RCM), a leader in technology-enabled revenue cycle management services to healthcare providers, announced today that Penn State Health, a multi-hospital academic health system in central Pennsylvania, has entered into a five-year strategic partnership with R1.
Penn State Health selected R1 to help drive revenue cycle improvements, including improved revenue, reduced costs and higher patient satisfaction among the patients and communities it serves through its hospitals and medical groups across central Pennsylvania.
R1’s end-to-end revenue cycle platform embeds technology, automation, best practices and enterprise-wide performance analytics into a healthcare organization’s existing infrastructure and workflow. In turn, the R1 platform helps drive significant and sustainable improvements to net patient revenue and cash flows and enhances the patient experience.
“We’re looking forward to partnering with R1 to support our revenue cycle operations as we grow in our acute and physician markets,” said Paula Tinch, Chief Financial Officer of Penn State Health. “We selected R1 after an extensive process whereby we determined R1 could help us in continuing to achieve our financial goals.”
“We’re proud to welcome Penn State Health, one of the most well-known academic health systems in the country, to our growing base of revenue cycle partners,” said Joe Flanagan, President and CEO of R1 RCM. “During these unprecedented times, it’s never been more important for healthcare organizations to have systems in place and partners they trust to deliver on their mission of caring for patients and their communities. We are honored that Penn State Health selected us to support them for their revenue cycle and patient experience needs.”
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.
Penn State Health is a multi-hospital health system serving patients and communities across 29 counties in central Pennsylvania. It employs more than 14,000 people systemwide. The system includes Penn State Health Milton S. Hershey Medical Center, Penn State Children’s Hospital, and Penn State Cancer Institute based in Hershey, Pa.; Penn State Health St. Joseph Medical Center in Reading, Pa.; and more than 2,000 physicians and direct care providers at more than 100 medical office locations. Additionally, the system jointly operates various health care providers, including Penn State Health Rehabilitation Hospital, Hershey Outpatient Surgery Center, Hershey Endoscopy Center, Horizon Home Healthcare and Pennsylvania Psychiatric Institute. In December 2017, Penn State Health partnered with Highmark Health to facilitate creation of a value-based, community care network in the region. Penn State Health shares an integrated strategic plan and operations with Penn State College of Medicine, the University’s medical school.
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, future growth and future performance, 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 forwrd-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.
R1 RCM Inc.
Content written on behalf of R1 RCM.