R1 RCM, a revenue cycle company for healthcare providers, saw its revenue grow 7.1 percent in 2020 to $1.3 billion, according to its financial report released Feb. 18.
The company ended the year with a net income of $117.1 million, compared to a net income of $12 million recorded in 2019.
In 2020, R1 added $5 billion in new end-to-end net patient revenue at Penn State Health and LifePoint Health and signed 100 non-end-to-end agreements with providers across the U.S.
"I am very pleased with our performance in 2020, which was a direct result of tremendous dedication by the entire R1 team in a challenging environment," said R1 President and CEO Joe Flanagan in an earnings release. "We enter 2021 with strong momentum across the business. Market demand for our offerings remains robust and we plan to continue investing in technology and our team to extend our lead in the market."
In the fourth quarter alone, R1 saw a net income of $78.6 million on revenues of $328.4 million. This compares to recording a net income of $7.8 million on revenues of $314 million in the fourth quarter of 2019.
For 2021, R1 expects revenue between $1.4 billion and $1.5 billion.