R1 RCM completed its acquisition of revenue cycle management company Acclara from Renton, Wash.-based Providence.
Upon closing, R1 RCM begins a 10-year agreement to provide comprehensive RCM services for Providence, according to a Jan. 17 R1 news release.
R1 announced in December that it signed a definitive agreement to acquire Acclara for $675 million and warrants to purchase 12.2 million shares of R1 stock.
Acclara supports patients and providers through streamlined billing and payment processes, improves financial performance and enhances the patient experience. R1 said in December the partnership lays the foundation for the company to "continue to automate revenue management and to extend its scale and diversification to build long-term value for providers, patients and shareholders."
R1 expects the acquisition and partnership with Providence to contribute more than $625 million in revenue and approximately $185 million to adjusted EBITDA by year five of the partnership, not including potential revenue synergies, according to the release.