MURRAY, Utah, July 14, 2022 – R1 RCM Inc. (NASDAQ: RCM) (“R1”), a leading provider of technology-driven solutions that transform the patient experience and financial performance of healthcare providers, announced the execution of the 10-year agreement to be the exclusive provider of enterprise revenue cycle management services for Sutter Health, a not-for-profit integrated health system that provides high-quality care across Northern California.
As part of this partnership, R1’s technology will integrate with Sutter’s existing infrastructure to further elevate the consumer experience by making it even easier for patients to access and engage in their care. Moreover, R1’s technology will help Sutter implement additional efficiencies as part of the organization’s ongoing efforts to reduce operational costs and provide patients with affordable, high-quality care.
The parties believe that the partnership will help improve Sutter’s overall financial performance with an estimated $400 million in cost savings over the next 10 years, helping Sutter achieve more sustainable labor costs and address rising inflation.
As part of the agreement, approximately 1,150 Sutter revenue cycle employees, all in non-clinical roles, will be offered comparable positions, pay and benefits with R1. The jobs in California are expected to remain in the state and, in many cases, employees will have additional opportunities to advance their careers given R1’s focus on revenue cycle management.
“The R1 partnership helps strengthen Sutter’s long-term financial health and our ability to continually reinvest in our patients, communities and integrated network,” said Jeremy Eaves, chief executive officer at Sutter Shared Services. “We have been part of the fabric of Northern California for a century and remain committed to delivering on our mission to provide high-quality care to our patients and communities for years to come.”
“We are pleased to be selected by Sutter Health as this partnership recognizes R1’s deep domain expertise and platform advantage in improving the patient experience while delivering superior financial performance,” said Joe Flanagan, chief executive officer at R1. “Partnering with organizations like R1 is a highly viable strategy that hospitals and health systems are increasingly using to address rising costs. We look forward to helping Sutter deliver on their mission of providing accessible and inclusive care to the more than three million Californians they serve.”
Sutter Health joins a list of distinguished healthcare systems that have chosen R1 to manage their revenue cycle, including Ascension, Intermountain Healthcare, LifePoint Health, Penn State Health, Rush University System for Health, Quorum Health and VillageMD.
R1 is a leading provider of technology-driven solutions that transform the patient experience and financial performance of hospitals, health systems, and medical groups. 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.
Sutter Health’s integrated, not-for-profit network of aligned clinicians, employees and volunteers support more than 3 million Northern Californians in communities across 22 counties. Headquartered in Sacramento, Calif., the Sutter Health system provides access to high quality, affordable care through its network of hospitals, medical foundations, ambulatory surgery centers, urgent and walk-in care centers, telehealth, home health and hospice services. For more information about the Sutter Health network, visit: sutterhealth.org | facebook.com/sutterhealth | youtube.com/sutterhealth | twitter.com/sutterhealth.
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 expected benefits of the agreement with Sutter Health, expectations regarding employees, 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,” “designed,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “seek,” “strive,” “will,” “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, our ability to retain existing customers or acquire new customers; the development of markets for our revenue cycle management offering; variability in the lead time of prospective customers; competition within the market; breaches or failures of our information security measures or unauthorized access to a customer's data; delayed or unsuccessful implementation of our technologies or services, or unexpected implementation costs; disruptions in or damages to our global business services centers and third-party operated data centers; the impact of the COVID-19 pandemic on our business, operating results, and financial condition; and the factors discussed under the heading “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2021, our quarterly reports on Form 10-Q, and any other periodic reports we file with the Securities and Exchange Commission.
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