Chicago-based revenue cycle management company R1 RCM Inc. announced Monday it has signed a definitive agreement to acquire competitor Intermedix Corp. for about $460 million.
The deal would increase Intermedix's healthcare division, including its physician practice and practice management and analytics businesses. Intermedix serves more than 15,000 healthcare providers nationwide.
The deal, subject to regulatory approval, is expected to close in the second quarter of 2018. It does not include Intermedix's emergency preparedness division.
"We believe the next chapter in healthcare is one of revenue cycle transformation, where an enterprise-wide approach will simplify and contribute to the way patients interact with the revenue cycle," Joseph Flanagan, R1's president and CEO, wrote in a statement.