R1 RCM, a revenue cycle company for healthcare providers, reported year-over-year revenue growth for the second quarter and updated its financial outlook for 2020.
The company reported revenue of $314.7 million in the second quarter of this year, up 6.7 percent from the same period a year earlier. The growth was attributed in part to helping customers navigate challenges presented by the COVID-19 pandemic.
"From enabling contactless check-in to enhancing collections, R1 has been at the forefront of helping customers navigate the current crisis, and I am incredibly proud of the team," said R1 President and CEO Joe Flanagan in an earnings release. "We continue to be prepared for a variety of scenarios in the back half of the year while ensuring R1 is positioned for sustained long-term growth."
The company ended the second quarter with net income of $15.1 million, compared to a net loss of $5.2 million in the same period of last year.
For 2020, R1 expects to generate revenue of between $1.22 billion and $1.25 billion.