R1 RCM, a revenue cycle management service provider for healthcare organizations, saw revenue increase in the third quarter of this year, but it reported a lower profit than in the same period a year earlier.
The company reported revenue of $307.2 million in the three months ended Sept. 30, up 2 percent from the same period a year earlier. After factoring in expenses, fees and other costs, the company ended the third quarter of this year with a profit of $5.2 million, down from $9.2 million in the third quarter of 2019.
"The quarter was noteworthy as we absorbed the peak of Covid-19 pressure and delivered results ahead of our expectations," said Rachel Wilson, CFO and treasurer of R1 RCM, in an earnings release. "The fundamentals of the business are strong and we look forward to our continued growth, driven by the new business we have signed this year."
For full-year 2020, the company expects revenue of between $1.25 billion and $1.26 billion.