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January 05, 2017 12:00 AM

Accretive Health changes performance, then name to R1

Dave Barkholz
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    R1 RCM Inc.

    Accretive Health, a revenue-cycle vendor that last year was saved by an infusion of cash from Ascension, has changed its name to R1 RCM Inc., the company announced Thursday.

    The R1 reflects the one-stop suite of products that the company can provide to hospitals, physicians or other providers under any payment model, the company said in a release.

    “Our mission is to be the one trusted partner to manage revenue so providers and patients can focus on what matters most,” said R1 CEO Joe Flanagan.

    Companies like R1 supply hospitals and caregivers with software that allows them to register patients, qualify insurance coverage, bill for services and track collections. Revenue cycle is typically managed by the finance department.

    In 2011, Accretive was accused by the Minnesota attorney general of misusing patient data and engaging in overly aggressive collection tactics. Under a settlement, Accretive paid a fine and agreed to temporarily stop doing business in the state.

    Ascension, whose hospitals account for a significant portion of Accretive's revenue, sought to buy the Chicago-based company in 2015. Accretive rejected the offer, deeming it too low.

    St. Louis-based Ascension then threw Accretive a lifeline when it partnered with private equity firm TowerBrook Capital Partners to buy a 40% stake in what's now R1.

    Catholic-sponsored Ascension, the nation's largest not-for-profit hospital company in St. Louis with 141 hospitals across the country, also agreed to a 10-year sole-source contract for acute-care revenue-cycle products and support. All told, Ascension and TowerBrook had plans to invest $200 million in R1.

    R1's board of directors promoted Flanagan to CEO in May after operating losses continued to mount under former CEO Dr. Emad Rizk.

    Flanagan has helped engineer a turnaround of the company's fortunes. After losing $84.3 million in 2015 and $79.6 million for 2014, the company through nine months ended Sept. 30, had posted net income of $163.9 million on revenue of $486.4 million.

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    • News
      • Current News
      • Providers
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      • Finance
      • Technology
      • Safety & Quality
      • Digital Health
      • Transformation
        • Patients
        • Operations
        • Care Delivery
        • Payment
      • ESG
      • People
      • Regional News
        • Midwest
        • Northeast
        • South
        • West
      • Digital Edition (Web Version)
    • Opinion
      • Bold Moves
      • Breaking Bias
      • Commentaries
      • Letters
      • Vital Signs Blog
      • From the Editor
    • Events & Awards
      • Awards
        • Nominate/Eligibility
        • 100 Most Influential People
        • 50 Most Influential Clinical Executives
        • Best Places to Work in Healthcare
        • Excellence in Governance
        • Health Care Hall of Fame
        • Healthcare Marketing Impact Awards
        • Top 25 Emerging Leaders
        • Top Innovators
        • Diversity in Healthcare
          • - Luminaries
          • - Top 25 Diversity Leaders
          • - Leaders to Watch
        • Women in Healthcare
          • - Luminaries
          • - Top 25 Women Leaders
          • - Women to Watch
      • Conferences
        • Digital Health Transformation Summit
        • ESG: The Implementation Imperative Summit
        • Leadership Symposium
        • Social Determinants of Health Symposium
        • Women Leaders in Healthcare Conference
      • Galas
        • Best Places to Work Awards Gala
        • Health Care Hall of Fame Gala
        • Top 25 Diversity Leaders Gala
        • Top 25 Women Leaders Gala
      • Virtual Briefings
        • - Hospital of the Future
        • - Value Based Care
        • - Hospital at Home
        • - Workplace of the Future
        • - Digital Health
        • - Future of Staffing
        • - Hospital of the Future (Fall)
      • Webinars
    • Multimedia
      • Podcast - Beyond the Byline
      • Sponsored Podcast - Healthcare Insider
      • Video Series - The Check Up
      • Sponsored Video Series - One on One
    • Data Center
      • Data Center Home
      • Hospital Financials
      • Staffing & Compensation
      • Quality & Safety
      • Mergers & Acquisitions
      • Data Archive
      • Resource Guide: By the Numbers
      • Surveys
      • Data Points
    • Newsletters
    • MORE+
      • Contact Us
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