R1 launches its first LLM-based application to improve physician coding quality
MURRAY, Utah, Nov. 02, 2023 (GLOBE NEWSWIRE) -- 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.
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 RCM
R1 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.
R1 RCM Inc.
Evan Smith, CFA
Allison + Partners
Content written on behalf of R1 RCM.