R1 RCM

R1 RCM Inc. is an American revenue cycle management company servicing hospitals, health systems and physician groups across the United States. The company provides end-to-end revenue cycle management services as well as modular services targeted across the revenue cycle including pre-registration, financial clearance, debt collection, charge capture, coding, billing and follow-up, underpayments, and denials management.

R1 RCM Inc.
FormerlyAccretive Health, Inc.
TypePublic
Founded2003 (2003)
Founders
  • Mary Tolan
  • Michael Cline
HeadquartersChicago, Illinois, U.S.
Key people
  • Joseph Flanagan (CEO)
  • Rachel Wilson (CFO)
Services
  • pre-registration
  • financial clearance
  • charge capture
  • coding
  • billing and follow-up
  • underpayments
  • denials management
Websiter1rcm.com

History

R1 RCM was founded as Accretive Health in 2003 by Mary Tolan and Michael Cline. Tolan served as the company's president, chief executive officer, and board director until 2013. Cline served as board chairman between 2009 and 2013.[1]

In 2012, responding to a Senate inquiry, the company stated that nine thefts of patient data-bearing company laptops had occurred in 2011, and that 30 company laptops had lacked encryption.[2] As a consequence, in 2013, Accretive Health entered into a 20-year settlement with the Federal Trade Commission over its data security measures.[3][4]

In July 2012, Accretive Health entered into a $2.5 million settlement with the Minnesota Attorney General following an investigation into the company's debt collection practices.[5] The company admitted no wrongdoing.[5]

In April 2013, Mary Tolan stepped down[6] as CEO. Tolan was replaced by former Dell executive Stephen Schuckenbrock.[7]

In March 2014, as a result of missed financial restatements, Accretive Health was delisted from the New York Stock Exchange.[8] Over-the-counter trading continued.

On July 21, 2014, Emad Rizk replaced Schuckenbrock as CEO.[9]

In December 2014, the company restated certain previously filed financial statements[10] and, in June 2015, announced that they had completed their 2014 SEC filings[11] The company filed its 2015 Q2 10-Q with the SEC in August 2015.[11]

In 2015, Ascension selected Accretive Health as its exclusive hospital revenue cycle partner. As part of the transaction, Ascension and TowerBrook Capital Partners invested $200M to support growth initiatives at Accretive Health.[12]

In 2017, Accretive Health was renamed as R1 RCM.[13]

In mid-2017, R1 RCM announced a further expansion of the agreement with Ascension to include an additional $1.5B in net patient revenue handled, which included physician group revenue cycle services.[14]

In August 2020 R1 RCM was hit with a ransomware attack.[15]

Layoffs

In 2017, R1 RCM laid off 20% of its total employees, most of which included software developers.[16][17]

In 2020, R1 RCM laid off a number of employees in a reorganization.

References
  1. Schorsch, Kristen (May 20, 2015). "Accretive Health plans board refresh". Crain's Chicago Business.
  2. Stawicki, Elizabeth (June 19, 2012). "Accretive's stolen laptop contained patient names, Swanson says". MPR News.
  3. "Accretive Health Reaches Accord With FTC Over Adequacy of Data Security Measures". Bloomberg BNA. January 6, 2014.
  4. "Accretive Health Settles FTC Charges That It Failed to Adequately Protect Consumers' Personal Information". ftc.gov. Federal Trade Commission. December 31, 2013.
  5. Siddiqui, Zeba (July 30, 2012). "Accretive Health to exit Minnesota under settlement". Reuters.
  6. Wang, Andrew L. (November 13, 2013). "Accretive's Tolan stepping down as chairman". Crain's Chicago Business.
  7. Schorsch, Kristen; Corfman, Thomas A. (April 2, 2013). "Accretive replaces CEO Mary Tolan". Crain's Chicago Business.
  8. Frost, Peter (March 17, 2014). "Accretive Health delisted from NYSE". Chicago Tribune.
  9. "Accretive Health Appoints Emad Rizk, M.D., as President and CEO". Accretive Health. July 10, 2014. Archived from the original on July 4, 2015.
  10. Kutscher, Beth (December 30, 2014). "Happy New Year: Accretive Health returns to the black… for 2013". Crain's Chicago Business.
  11. "Accretive Health to Release 2014 Results and Host Conference Call on June 23". Business Wire. June 16, 2015.
  12. Murphy, Brooke (Feb 16, 2016). "Accretive Health, Ascension finalize 10-year partnership". Becker's Hospital CFO Report.
  13. Dave Barkholz (January 5, 2017). "Accretive Health changes performance, then name to R1". Modern Healthcare.
  14. Gooch, Kelly (May 10, 2017). "R1 RCM expands, amends agreement with Ascension". Becker's Hospital CFO Report.
  15. "Medical Debt Collection Firm R1 RCM Hit in Ransomware Attack — Krebs on Security". Retrieved 2020-08-15.
  16. "R1 RCM layedoff". ir.chicagotribune.com.
  17. "R1 RCM layedoff". ir.modernhealthcare.com.
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