Salt Lake City-based Intermountain Healthcare has acquired a $20 million stake in R1 RCM, which provides revenue cycle management and physician advisory services, according to a recent Securities and Exchange Commission filing.
Intermountain purchased nearly 4.7 million shares of R1 RCM at $4.29 per share. Under the purchase agreement, Intermountain is entitled to nominate one person to R1 RCM's board of directors.
The health system recently announced it would transfer about 2,300 nonclinical employees to R1 RCM. Under the partnership, all current Intermountain employees transitioning to R1 RCM will retain a job at their current rate of pay. In most cases, employees' work sites will not change.
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