CHICAGO, June 25, 2018 – R1 RCM Inc. (NASDAQ:RCM), a leading provider of technology-enabled revenue cycle management (RCM) services to healthcare providers, today announced that AMITA Health, based in Chicago, Illinois, has selected R1 RCM to provide its end-to-end RCM services across AMITA Health’s acute care hospitals and physician care settings.
AMITA Health is the largest health system in Illinois, with approximately $4 billion in annual net patient revenue across 19 hospitals and more than 230 sites of care. Approximately $2.2 billion of AMITA Health’s net patient revenue is attributable to its recent inclusion of Presence Health. R1 has entered into an agreement for R1 to provide end-to-end RCM services to Presence Health, as contemplated in the term sheet between R1 and Presence Health announced in February 2018. In addition, AMITA Health has selected R1 to provide end-to-end RCM services across AMITA Health’s other facilities. AMITA Health’s net patient revenue, prior to the inclusion of Presence Health, was $1.8 billion. AMITA Health and R1 have signed a term sheet and expect to enter into a 10-year agreement and go live with RCM services for this incremental business in the second half of 2018.
“R1 offers us the opportunity to combine our revenue cycle operations on an efficient, common platform,” said Mark A. Frey, president and CEO of AMITA Health. “One of our primary goals in bringing Presence Health into AMITA Health is to realize efficiencies that enable us to produce better value for patients. This is a step toward accomplishing that goal.”
Joe Flanagan, R1’s president and CEO, stated “We look forward to supporting the expanded relationship with AMITA Health which began with Presence Health. We are excited to help the AMITA Health team, operating the largest health system in Illinois, in achieving their business and patient care goals.”
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, future growth, future performance and forecasts, 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 our ability to sign a definitive agreement with AMITA Health with respect to the legacy AMITA Health facilities, and to successfully integrate transitioned AMITA Health and Presence Health employees, as well as the factors discussed under the heading “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2017, 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 AMITA Health
AMITA Health www.AMITAhealth.org is a joint operating company formed by the Adventist Health System in Altamonte Springs, Fla., and St. Louis-based Ascension. AMITA Health is the largest health system in Illinois, comprising 19 hospitals and more than 230 sites of care. With the addition of Presence Health, the newly combined health system has 900 providers in its medical groups, more than 26,000 associates and 7,000 physician partners, and now serves over 4.3 million residents in the greater Chicagoland area.
R1 RCM Inc.