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R1 RCM (NASDAQ: RCM) announced its acquisition of Cerner's RevWorks services business and commercial client relationships. The acquisition aims to enhance R1's revenue cycle management capabilities, providing better financial improvements for healthcare providers. Cerner's RevWorks associates will transition to R1, ensuring seamless integration between both companies' platforms. The transaction is anticipated to close in Q3 2020, pending customary conditions. This strategic move is expected to boost client services and enrich patient experiences, with both companies committed to collaborative outcomes.
R1 RCM (NASDAQ: RCM) reported a strong financial performance for Q1 2020, with revenue of $320.5 million, marking a 16.2% increase year-over-year. GAAP net income rose to $18.2 million from $0.2 million in the previous year, while Adjusted EBITDA increased by 84.1% to $61.6 million. Despite a decline in patient volumes due to COVID-19, the company is focused on long-term growth and continues to support healthcare providers. The prior financial guidance has been suspended amid uncertainty, with updates expected when visibility improves.
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