R1 RCM posted a net loss of $19.9 million in the third quarter of 2024, down from a net income of $1.3 million over the same period last year, according to its Nov. 5 financial report.
The revenue cycle management company said that the quarter's results reflect the impacts to both revenue and cost due to recent vendor and customer outages.
The company reported revenue of $656.8 million for the three months ended Sept. 30, up from $572.8 million during the same period in 2023.
Total operating expenses were $641 million for the quarter, up from $531.6 million over the same period last year.
"R1 continued to successfully execute the onboarding of our newest end-to-end partner while navigating previously disclosed industry and customer-specific technology outages," R1 CFO Jennifer Williams said in the report. "We are proud of the work our global associates are doing on behalf of our customers and remain committed to delivering positive outcomes for the provider industry."
For the nine months ended Sept. 30, R1 reported a net loss of $62.6 million, down from a net income of $1.9 million during the same period in 2023.
Private equity firms TowerBrook Capital Partners and Clayton, Dubilier & Rice are acquiring R1 in a deal valued at $8.9 billion. The deal is expected to close by the end of the year, subject to stockholder and regulatory approvals.