R1 Completes Acquisition of VisitPay
CHICAGO, July 01, 2021 (GLOBE NEWSWIRE) -- R1 RCM Inc. (NASDAQ:RCM), a leading provider of technology-driven solutions that transform the patient experience and financial performance of healthcare providers, today announced it has completed the acquisition of VisitPay, the leading digital payment solution provider.
The acquisition will combine VisitPay’s best-in-class consumer payments platform with R1’s leading patient access technology to enable providers to deliver a seamless financial journey for their patients. With the ability to view digital statements across multiple visits, care settings and family members, patients will have improved transparency into their healthcare costs, along with flexible, personalized payment options that simplify the billing experience. With these added capabilities, R1 is positioned to deliver a highly differentiated technology-driven solution that transforms the patient experience from scheduling to payment.
“We are pleased to welcome the VisitPay team to the R1 family,” said Joe Flanagan, president and chief executive officer of R1. “We look forward to integrating VisitPay’s capabilities with R1’s functionality to transform the payment experience for patients.”
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.
Founded in 2010, VisitPay is the leader in patient financial engagement. The company’s third-generation cloud-based platform is used by the nation’s largest and most innovative health systems to deliver transparency, choice, and control to patients managing healthcare payments and transactions. Through VisitPay, patients can access a comprehensive accounting of their financial obligations, as well as critical health plan and healthcare information, via a health system-branded portal. VisitPay’s proprietary analytics tailor consistent and fully compliant financing options that meet the unique needs of patients and their families, creating a simplified billing experience that drives both higher payment rates and improved patient satisfaction scores. VisitPay’s investors include Norwest Venture Partners, Flare Capital Partners, Ascension Ventures and The Caprock Group.
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 acquisition of VisitPay and the anticipated benefits of the acquisition of VisitPay, 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,” “will,” “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 that the expected benefits from the acquisition of VisitPay 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, and 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, 2020, our quarterly reports on Form 10-Q, and any other periodic reports we file with the Securities and Exchange Commission.