RCM - R1 RCM Completes Acquisition of Acclara Providence's Modular Services Business | Benzinga
Company Enters 10-Year Agreement to Provide Comprehensive Revenue Cycle Management Services to Providence
Company to Release Fourth Quarter and Full Year 2023 Financial Results and 2024 Financial Outlook on February 27, 2024
MURRAY, Utah, Jan. 17, 2024 (GLOBE NEWSWIRE) -- R1 RCM Inc. (NASDAQ:RCM) ("R1"), a leading provider of technology-driven solutions that transform the patient experience and financial performance of healthcare providers, today announced that it has completed its previously announced acquisition of Acclara from Providence, one of the nation's largest health systems. In addition, the Company announced that it expects to release financial results for the fourth quarter and full year ended December 31, 2023, and its 2024 outlook and will host a conference call at 8:00 a.m. ET on Tuesday, February 27, 2024, to discuss the results and business outlook.
Upon closing, R1 begins its 10-year partnership with Providence for comprehensive revenue cycle services that leverage the breadth of integrated technology and services capabilities of both R1 and Acclara. Providence is among the top 10 U.S. integrated delivery networks (IDNs), recognized for leadership in developing innovative delivery models and a commitment to technology.
"We are pleased to complete the acquisition of Acclara and enter into our long-term partnership with Providence, and we look forward to the significant value we believe this transaction will create for customers and shareholders. Acclara strengthens our position as the trusted partner of choice in revenue cycle management and extends our ability to deploy advanced technology solutions and drive execution to improve customer and patient outcomes," said Lee Rivas, chief executive officer of R1. "We warmly welcome the Acclara team to R1 and look forward to new growth opportunities together and to leveraging our technology and automation capabilities across our expanded portfolio."
R1 expects the acquisition of Acclara, together with the new partnership with Providence, to contribute more than $625 million in revenue and approximately $185 million to Adjusted EBITDA by year five of the partnership, not including ...