R1 RCM posted revenues of $560.7 million in the second quarter of 2023, up $168.8 million — or 43.1 percent — over the same period last year, according to the revenue cycle firm's Aug. 2 financial report.
The company saw a net income of $300,000 in the three-month period ended June 30, compared to a net loss of $20.4 million over the same period in 2022. Last year's loss was primarily driven by $74.4 million in expenses related to its completed acquisition of Cloudmed.
R1 had adjusted earnings before interest, taxes, depreciation and amortization of $142.9 million, up $55.7 million — 63.9 percent — over the same period last year.
The company's net income and adjusted EBITDA were negatively affected by an $11.6 increase in the reserve for credit losses related to a physician customer, according to the report.
"The results in the quarter and year to date demonstrate our commitment to delivering on our operational and financial objectives to support both our near- and long-term goals," R1 RCM CEO Lee Rivas said in the report. "We believe embedding advanced technology across our portfolio to drive improved performance for our customers is accelerating momentum in market demand and increasing activity in our pipeline."