From health system partnerships to its acquisition of Cloudmed, here are six headlines about R1 RCM Becker's has covered since June 21.
1. R1 RCM gets $2.3B in financing
Capital One Commercial Bank said Sept. 7 that it was the joint lead arranger for an amended and restated credit facility for R1 RCM. The facility increased R1 RCM's borrowing capacity from $1.2 billion to $2.3 billion, according to a Capital One news release emailed to Becker's. R1 is using the increased borrowing capacity for its $4.1 billion purchase of healthcare revenue recovery provider and consultant Cloudmed. The company is also using the facility to refinance its existing debt.
2. Minnesota physician group selects R1 RCM for revenue cycle services
R1 was selected on Aug. 31 to be the exclusive revenue cycle services provider for Bloomington, Minn.-based Emergency Physicians Professional Association. The physician group is independently owned and governed by its physician shareholders. It serves more than 600,000 patients annually across 11 hospitals and medical centers as well as three urgency room locations.
3. R1 RCM's revenue hits $392M in Q2
R1's revenue reached $391.9 million in the second quarter of 2022, according to the revenue cycle firm's financial report released Aug. 3. The firm's revenue is up 10.9 percent compared to the same quarter in 2021.
4. Sutter Health taps R1 RCM for 10-year partnership
Sacramento, Calif.-based Sutter Health selected R1 on July 15 to handle its end-to-end revenue cycle services. As part of the agreement, about 1,150 Sutter revenue cycle employees were offered comparable positions, pay and benefits with R1.
5. Nearly half of RCM departments facing severe labor shortages, report says
R1 released a report June 29 after surveying 205 CFOs and vice presidents of revenue cycle from large health systems and physician groups. Forty-eight percent of respondents said their RCM/billing department is experiencing a severe labor shortage and 34 percent said they are facing a moderate shortage.
6. R1 RCM completes Cloudmed acquisition
R1 completed its acquisition of Cloudmed on June 21. R1 announced in January it planned to acquire the company in an all-stock deal worth about $4.1 billion.