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.”
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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.
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.
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.