R1 Wins Multiple Best in KLAS Awards for Third Straight Year
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Recognition by KLAS, particularly repeated recognition, can be a strong indicator of a company's performance and reliability in the healthcare sector. R1 RCM Inc.'s consecutive wins in Ambulatory RCM Services and new wins in Government Reimbursement Services and Underpayment Recovery Services suggest a consistent and expanding capability to deliver value to healthcare providers. This could translate into increased client retention and acquisition, potentially boosting R1's revenue streams.
Given the current financial pressures on healthcare providers, such as reduced reimbursements and cost challenges, R1's services that optimize workflows and maximize reimbursements are likely to be in high demand. Improved financial performance for healthcare providers can result in a direct positive impact on R1's business, as satisfied clients can lead to case studies and testimonials that support sales and marketing efforts. Furthermore, R1's integration across multiple EHR systems positions the company well in a market where interoperability is increasingly important.
The emphasis on advanced automation and artificial intelligence in R1's offerings is noteworthy. These technologies are critical in addressing the administrative inefficiencies in healthcare, such as coding and billing errors, which can lead to underpayment and revenue loss. R1's technology-driven solutions, by addressing these inefficiencies, not only improve the financial performance of healthcare providers but also enhance patient experiences by potentially reducing wait times for insurance processing and billing resolution.
Moreover, the healthcare industry's reliance on data-driven decision-making is growing and R1's ability to provide actionable insights and operational improvements is a competitive advantage. The integration of such technologies is a trend that investors watch closely as it can lead to scalability and margin improvements over time. R1's alignment with these trends could signify forward-looking growth potential.
Healthcare providers are under increasing pressure to navigate complex regulatory environments, especially in the realm of government reimbursements and underpayment recovery. R1's recognition in these areas indicates a high level of expertise in managing and understanding healthcare regulations, which is critical for providers to ensure compliance and optimize revenue.
The ability to educate staff and improve operational practices in compliance with regulatory demands is a significant value proposition, particularly as healthcare regulations continue to evolve. R1's expertise in this area can help providers mitigate risks associated with non-compliance and underpayment, which can have substantial financial implications. The long-term partnership approach R1 takes with its clients, as reflected in the feedback, is essential for continuous adaptation to regulatory changes and maintaining financial integrity.
Top ranking for Ambulatory RCM Services, Government Reimbursement Services, and Underpayment Recovery Services underscores domain expertise and technology capabilities
MURRAY, Utah, Feb. 07, 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 was ranked number one in three Best in KLAS categories for 2024, including a fourth consecutive award in the Ambulatory RCM Services (EHR-Agnostic) category. Now an 11-time Best in KLAS winner, R1 also earned top rankings this year for Government Reimbursement Services and Underpayment Recovery Services, the first and third time winning in these categories, respectively.
“We appreciate the trust our clients place in us to navigate a challenging environment for providers, and this recognition by KLAS underscores our dedication to helping providers achieve optimal financial and operating performance,” said Lee Rivas, CEO of R1 RCM. “Healthcare providers need us now more than ever, and we are committed to meeting them where they are and helping them on their journey. The Best in KLAS awards validate our team’s efforts to understand our clients’ needs and partner with them to deliver measurable and sustainable results.”
Clients awarded R1 high marks for bringing advanced automation, deep expertise, and operational performance that helped them realize strong financial results and enhanced patient experiences. R1’s ability to integrate across multiple EHR's, maximize earned reimbursement for Medicare cost reports, and recover missed revenue opportunities make R1 a trusted partner in delivering comprehensive solutions that providers seek.
R1 wins 4th consecutive Best in KLAS award for Ambulatory RCM Services
As healthcare providers confront shrinking margins resulting from reimbursement and cost pressures, and workforce shortages, R1 is helping physician groups improve their financial performance by optimizing workflows that remove the in-house administrative burdens linked to coding, billing, and AR follow-up.
R1 clients surveyed by KLAS expressed their satisfaction with the company’s Ambulatory RCM Services, with one hospital CEO commenting in October 2023, “R1 is evolving in a challenging and changing healthcare business environment. They are bringing a resource to bear.”
R1 earns 3rd award for Underpayment Recovery Services, first-ever in Government Reimbursement Services
With ongoing regulatory and contractual complexity, healthcare providers are struggling to optimize revenue. Merging automation and artificial intelligence with deep healthcare regulatory expertise, R1’s underpayment recovery and government reimbursement services are helping clients address the root causes of these issues through staff education and operational improvement.
According to one hospital executive in December 2023, “We brought the firm on board and immediately saw increased revenue. R1 was able to point out where we were missing money, and once we figured out what we were missing, we were able to change our practices. We can get ahead of things now in ways we couldn't before. If we don't agree with what the firm recommends, they are open to discussions because we involve our coders as well. We like that R1 listens to us.”
“R1 is an excellent partner,” noted another hospital executive in November 2023. “I would call them a partner, not a vendor. They have been with us for a long time, and as technology grows, they grow with it.”
Based entirely on provider and payer feedback, the Best in KLAS designation is awarded to the software and services solutions that have the broadest operational and clinical impact on healthcare organizations. For more information about R1’s award-winning suite of revenue cycle solutions, visit r1rcm.com.
About R1 RCM
R1 is a leading provider of technology-driven solutions that transform the patient experience and financial performance of hospitals, health systems and medical groups. R1’s proven and scalable operating models seamlessly complement a healthcare organization’s infrastructure, quickly driving sustainable improvements to net patient revenue and cash flows while reducing operating costs and enhancing the patient experience. To learn more, visit: r1rcm.com.
About KLAS
KLAS is a research and insights firm on a global mission to improve healthcare. Working with thousands of healthcare professionals and clinicians, KLAS gathers data and insights on software and services to deliver timely reports and performance data that represent provider and payer voices and act as catalysts for improving vendor performance. The KLAS research team publishes reports covering the most pressing questions facing healthcare technology today, including emerging technology insights, that provide early insights on the future of healthcare technology solutions. KLAS also fosters measurement and collaboration between healthcare providers and payers and best practice adoption. Learn more at klasresearch.com.
Forward-Looking Statements
This press release contains “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events and relationships, plans, future growth and future performance. These statements are often identified by the use of words such as “anticipate,” “believe,” “contemplate,” “designed,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “outlook,” “plan,” “predict,” “project,” “see,” “seek,” “should,” “target,” “would” and similar expressions or variations or negatives of these words, although not all forward-looking statements contain these identifying words. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of R1’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, assurance, prediction or definitive statement of fact or probability. Actual outcomes and results may differ materially from those contemplated by these forward-looking statements as a result of uncertainties, risks and changes in circumstances, including but not limited to risks and uncertainties related to R1’s ability to timely and successfully achieve the anticipated benefits and potential synergies of the acquisition of Acclara and related transactions and the impact of the restatements of the financial statements for non-reliance periods on the price of R1’s common stock, reputation and relationships with investors, suppliers, customers, employees and other parties. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the heading “Risk Factors” in R1’s Amendment No. 1 to Annual Report on Form 10-K/A for the year ended December 31, 2022, quarterly reports on Form 10-Q and any other periodic reports that R1 may file with the Securities and Exchange Commission. The foregoing list of factors is not exhaustive. All forward-looking statements included herein are expressly qualified in their entirety by these cautionary statements as of the date hereof and involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. Subsequent events and developments, including actual results or changes in R1’s assumptions, may cause R1’s views to change. R1 assumes no obligation and does not intend to update these forward-looking statements, except as required by law. You are cautioned not to place undue reliance on such forward-looking statements.
Contacts
Investor Relations:
Evan Smith, CFA
(516) 743-5184
investorrelations@r1rcm.com
Media Contact:
Yancey Casey
Amendola Communications
(678) 895-9401
ycasey@acmarketingpr.com
FAQ
What are the three Best in KLAS categories R1 RCM Inc. has been ranked number one in for 2024?
How many consecutive awards has R1 RCM Inc. earned in the Ambulatory RCM Services category?
What factors contributed to R1 RCM Inc.'s top rankings in the Best in KLAS categories?
