R1 Announces Agreement to Acquire Cerner RevWorks℠
Creates Preferred Business Model to Drive Superior Revenue Cycle Results
CHICAGO, June 03, 2020 (GLOBE NEWSWIRE) -- R1 RCM Inc. (NASDAQ:RCM), a leading provider of technology-enabled revenue cycle management services to healthcare providers, today announced that it will acquire Cerner RevWorks services business and commercial, non-federal client relationships. RevWorks associates will be offered positions with R1, and both companies have committed to seamless integration between the company’s technology-enabled services platform and Cerner’s software.
As part of the transaction, Cerner will extend R1’s comprehensive revenue cycle capabilities and expertise to Cerner clients and new prospects, helping drive sustainable financial improvements for providers while enhancing their patients’ overall experience. The closing of the acquisition is expected to take place in the third quarter of 2020, subject to customary closing conditions.
R1’s electronic health record-agnostic revenue cycle platform seamlessly complements a healthcare organization’s infrastructure, quickly driving transformative improvements to net patient revenue and cash flows while reducing operating costs.
“We look forward to working collaboratively with Cerner to deliver superior results for healthcare providers and the communities they serve,” said Gary Long, executive vice president and chief commercial officer of R1. “With our interoperable technology and end-to-end platform, we are well-positioned to serve Cerner’s customers, as well as other healthcare organizations across the country.”
“Cerner’s overall goal is to deliver client success and accelerate our ability to deliver scalable innovations,” said Brenna Quinn, senior vice president of revenue cycle management at Cerner. “We’re focused on having the right strategies, powerful and proven platforms, world-class talent, and partners like R1 to meet these goals.”
Advisors
Centerview Partners LLC acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to R1. Greenhill & Co., LLC acted as an advisor to Cerner.
About R1 RCM
R1 RCM is a leading provider of technology-enabled RCM services which transform and solve revenue cycle performance challenges across hospitals, health systems and group physician practices. 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: .
About Cerner
Cerner’s health technologies connect people and information systems at thousands of contracted provider facilities worldwide dedicated to creating smarter and better care for individuals and communities. Recognized globally for innovation, Cerner assists clinicians in making care decisions and assists organizations in managing the health of their populations. The company also offers an integrated clinical and financial system to help manage day-to-day revenue functions, as well as a wide range of services to support clinical, financial and operational needs, focused on people. For more information, visit , or connect on , , , or . Nasdaq: CERN. Health care is too important to stay the same.
Forward Looking Statements
This press release includes statements that may constitute “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In particular, statements about future events and relationships, plans, future growth and future performance, including statements about the proposed acquisition of the RevWorks business, the anticipated benefits of the proposed acquisition of the RevWorks business, and the expected timing of the proposed acquisition of the RevWorks business, are forward-looking statements. These statements are often identified by the use of words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “designed,” “may,” “plan,” “predict,” “project,” “would” and similar expressions or variations, although not all forward-looking statements contain these identifying words. We have based these forward-looking statements on our current expectations and projections about future events as of the date hereof and any forward-looking statements contained herein should not be relied upon as representing our views as of any subsequent date. Subsequent events and developments, including actual results or changes in our assumptions, may cause our views to change. While we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Should one or more of these risks and uncertainties materialize, or should underlying assumptions, projections, or expectations prove incorrect, actual results, performance, financial condition, or events may vary materially and adversely from those anticipated, estimated, or expected. Our actual results and outcomes could differ materially from those included in these forward-looking statements as a result of various factors, including, but not limited to risks related to the satisfaction of the conditions to closing the acquisition of the RevWorks business in the anticipated timeframe or at all, risks that the expected benefits from the proposed acquisition of the RevWorks business will not be realized or will not be realized within the expected time period, the risk that the businesses will not be integrated successfully, significant transaction costs, unknown or understated liabilities, as well as the factors discussed under the heading “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2019, our quarterly reports on Form 10-Q and any other periodic reports we file with the Securities and Exchange Commission.
Contacts:
Investor Relations
Atif Rahim
R1 RCM Inc.
312-324-5476
Media Relations
Natalie Joslin
678.585.1206
Stephanie Greenwood
Cerner Public Relations
