Accretive Health swung into the black in the first quarter of 2016.
Here are seven things to know about the revenue cycle management company's first quarter finances.
1. Accretive Health reported $352.2 million in net services revenue in the first quarter of 2016, up from $11 million in the first quarter of 2015.
2. The company reported net income of $167.4 million in the first quarter of 2016, compared to a net loss of $30.4 million for the first quarter of 2015.
3. Gross cash generated from customer contracting activities was $40.9 million in the first quarter of 2016, down from $54.9 million in the first quarter of 2015.
4. Accretive Health saw a loss of $12.6 million in net cash generated from customer contracting activities in the first quarter of 2016. This compares to a $2.3 million profit in the first quarter of 2015.
5. Total assets were $525.8 million in the first quarter of 2016, up from $460.3 million in the first quarter of 2015.
6. Accretive Health currently serves 77 hospitals with collective net patient revenue of $16.5 billion.
7. Emad Rizk, MD, CEO of Accretive Health, said the company closed the transaction with St. Louis-based Ascension and TowerBrook Capital Partners in the first quarter of 2016, and it has now started the transition and onboarding process to the new Ascension contract. "We remain focused on executing on our strategic priorities in 2016," he added.
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