R1 RCM & Cloudmed Ranked #1 by KLAS in Multiple Categories for 2023
Top rankings in Ambulatory RCM Services, Robotic Process Automation and Denials Management Services underscore expertise and ability to deliver complete range of flexible healthcare revenue cycle solutions
MURRAY, Utah, Feb. 08, 2023 (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, announced today that R1 and Cloudmed, an R1 company, were named highest performers in three categories of the 2023 Best in KLAS: Software and Services Report. The premier rankings again validate R1’s commitment to solving the top revenue cycle challenges for healthcare systems across the full revenue cycle spectrum.
“Today’s healthcare industry is facing an unprecedented combination of challenges. We are honored to be recognized by KLAS as a leader during this critical time,” said Lee Rivas, Chief Executive Officer of R1 RCM. “Continual labor shortages, shrinking margins and supply chain obstacles are dramatically impacting health systems’ financial outcomes as well as providers’ ability to deliver high-quality care. We are proud to offer a leading technology platform that supports the full spectrum of revenue cycle needs so that providers can focus on what they do best – taking care of patients.”
R1 Ranks #1 in KLAS for Ambulatory RCM Services
In 2023, KLAS named R1 as the market leader in Ambulatory Revenue Cycle Management (RCM) Services for the third consecutive year.
As the industry grapples with rising costs, labor shortages and economic uncertainties, R1’s proprietary technology and operational excellence optimize workflows by removing the in-house administrative burdens associated with billing, coding and claims. R1’s ambulatory solutions help hospital-led and independent physician groups in hospital and office-based care settings to improve their financial performance by reducing the cost to collect and increasing net patient service revenue.
Cloudmed Ranks #1 in KLAS for Denials Management Services
Additionally, Cloudmed, an R1 company, and a leader in Revenue Intelligence™ solutions for healthcare providers, has been named by KLAS as the market leader in Denials Management Services. This marks Cloudmed’s first win in the new Denials Management Services category.
With hospital denial rates now higher than ever, health systems today are overwhelmed with added administrative and regulatory work, impacting patients’ continuity of care. Cloudmed Denials Recovery combines denial experts and technology-enabled services to manage, prevent, and reverse claim denials while expediting reimbursement and delivering a better patient experience.
Cloudmed Ranks #1 in KLAS for Robotic Process Automation
Cloudmed was also named the market leader in Robotic Process Automation for the company’s third consecutive win in this category.
Automation services are growing in importance for health systems as labor shortages continue and organizations seek increased efficiency. With ready-to-configure and custom automation capabilities at over 85 hospital and health system clients, Cloudmed’s Automation Suite is built and backed by revenue cycle experts, helping to automate complex and labor-intensive processes, while ensuring accuracy and compliance.
“The 2023 Best in KLAS report highlights the top-performing healthcare IT solutions as determined by extensive evaluations and conversations with thousands of healthcare providers,” said Adam Gale, CEO of KLAS Research. “These distinguished winners have demonstrated exceptional dedication to improving and innovating the industry, and their efforts are recognized through their inclusion in this report. Congratulations to all the winning vendors for setting the bar for excellence in healthcare IT! KLAS continues to be committed to creating transparency and helping providers make informed decisions through our accurate, honest, and impartial reporting.”
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 Cloudmed
Cloudmed, an R1 company, partners with over 3,100 healthcare providers in the United States and recovers over $2.5 billion of underpaid or unidentified revenue for its clients annually. We are unique in our ability to utilize industry-leading expertise and the powerful CloudmedAI™ Platform to help providers boost productivity and increase revenue. Our solution suites have HFMA Peer Review status and are HITRUST certified. To learn more, visit: cloudmed.com.
About KLAS
KLAS is a research and insights firm on a global mission to improve healthcare delivery by amplifying the provider’s voice. Working with thousands of healthcare professionals and clinicians, KLAS gathers data and insights on software, services, and medical equipment to deliver timely reports, trends and statistical overviews. The research directly represents the provider voice and acts as a catalyst for improving vendor performance. Learn more at klasresearch.com.
Forward-Looking Statements
This press release includes information that may constitute “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 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,” “estimate,” “expect,” “intend,” “designed,” “may,” “plan,” “predict,” “project,” “target,” “contemplate,” “will,” “would,” “seek,” “see,” 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 risk and uncertainties related to: (i) geopolitical, economic, and market conditions, including heightened inflation, slower growth or recession, changes to fiscal and monetary policy, higher interest rates, currency fluctuations, and challenges in the supply chain; (ii) R1’s ability to timely and successfully achieve the anticipated benefits and potential synergies of the acquisition of Cloudmed; (iii) R1’s ability to retain existing customers or acquire new customers; (iv) the development of markets for R1’s revenue cycle management offering; (v) variability in the lead time of prospective customers; (vi) competition within the market; (vii) breaches or failures of R1’s information security measures or unauthorized access to a customer’s data; (viii) delayed or unsuccessful implementation of R1’s technologies or services, or unexpected implementation costs; (ix) disruptions in or damages to R1’s global business services centers and third-party operated data centers; and (x) the ongoing impact of the COVID-19 pandemic on R1’s business, operating results, and financial condition. 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 annual report on Form 10-K for the year ended December 31, 2021, and any other periodic reports that R1 may file with the United States 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 R1’s actual results to differ materially from those expressed or implied in R1’s 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:
R1 RCM Inc.
Investor Relations
Atif Rahim
312.324.5476
investorrelations@r1rcm.com
Media Relations
Allison+Partners for R1 RCM
Amanda Critelli
R1PR@allisonpr.com
