For the third quarter of 2021, revenue cycle company R1 RCM reported a net income of $17 million, more than triple the $5.2 million recorded in the same quarter last year.
It also announced a deal with Walgreens' partner VillageMD. Walgreens is seeking to obtain a 63 percent stake in VillageMD, a value-based primary care provider.
In the three months ended Sept. 30, R1 RCM recorded revenue of $379.7 million, up 23.6 percent from the same period in 2021. It attributed the revenue boost to recovery of patient volume, new customers and its acquisitions of RevWorks and VisitPay.
"Our third quarter results demonstrate continued strong execution across our business, thanks to the dedication of our team members," said Joe Flanagan, president and CEO of R1 RCM. "We remain very optimistic about our growth prospects and continue to see a healthy progression of new business in our pipeline."
During the presentation of its financial results, Mr. Flanagan announced VillageMD has selected R1 RCM as its end-to-end revenue cycle partner.
Through the partnership, R1 RCM will work with VillageMD's athenahealth EHR to improve revenue cycle performance. The partnership also will support VillageMD's efforts to grow from 145 locations to 700 in the next five years, according to R1 RCM.