New relationship builds upon R1’s existing automation technology to drive demonstrable results
R1 RCM Inc. (NASDAQ:RCM), a leading provider of technology-enabled revenue cycle management (RCM) services to healthcare providers, today announced a collaborative partnership with Automation Anywhere, a leader in Robotic Process Automation (RPA). The licensing of Automation Anywhere’s RPA technologies will further support R1’s mission to improve RCM performance and enhance the patient financial experience for hospitals, health systems and physician practices.
R1’s technology solutions currently leverage RPA, driving improved results for its clients, such as increasing net patient revenue and reducing RCM operational costs. As a Platinum Partner of Automation Anywhere, R1 believes this relationship will enable R1 to build on its work by expanding RPA use cases and accelerating the delivery of innovative solutions to enhance value to its customers.
R1 expects that Automation Anywhere’s AI-driven Digital Workforce platform – consisting of RPA, cognitive automation and built-in analytics – will help R1 further improve its clients’ revenue cycle management performance as measured by reducing denial rates, improving yield, reducing operating costs, improving the patient financial experience, and generating operational efficiency.
“R1 constantly looks for ways to transform our operation to further benefit healthcare providers,” said Joe Flanagan, President and CEO of R1. “We are excited to enter into this partnership with Automation Anywhere, whose market-leading platform will provide a critical lever to help us continuously improve results.”
Gary Long, Executive Vice President and Chief Commercial Officer, stated “From its industry expertise to its ease of use and ability to rapidly scale, we believe Automation Anywhere will enhance R1’s ability to deliver increasing levels of productivity, which we anticipate will yield improved financial results for our customers and improve their patients’ experience.”
“We are delighted to welcome R1 as a Platinum Partner and continue our strategic value creation with R1 in the RCM space,” said Anubhav Saxena, Executive Vice President, Partnerships, Strategy and Operations at Automation Anywhere. “This is an important step to continuing to build Automation Anywhere’s market growth and provide domain-focused solutions. R1 is uniquely positioned to take advantage of our complete Digital Workforce platform, including RPA, cognitive automation and analytics. This will help them transform healthcare RCM, continue to deliver superior results to current customers and improve the patient financial experience.”
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, 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, it has 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.
Investors are cautioned not to place undue reliance on such forward-looking statements. Any forward-looking statements made herein involve risks and uncertainties. All forward-looking statements included in this press release are expressly qualified in their entirety by these cautionary statements. 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, our ability to successfully implement the technologies described in this press release and the factors discussed under the heading “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2017 and any other periodic reports that we file with the SEC.
About R1 RCM
R1 is a leading provider of technology-enabled revenue cycle management services which transform a health system’s revenue cycle performance across settings of care. R1’s proven and scalable operating model, the R1 Performance Stack℠, seamlessly complements 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 Automation Anywhere
Automation Anywhere is the leader in Robotic Process Automation (RPA), the platform on which more organizations build world-class Intelligent Digital Workforces. Automation Anywhere’s enterprise-grade platform uses software bots that work side by side with people to do much of the repetitive work in many industries. It combines sophisticated RPA, cognitive and embedded analytic technologies. Over 1,400 organizations use this AI-enabled solution to manage and scale business processes faster, with near-zero error rates, while dramatically reducing operational costs. Automation Anywhere provides automation technology to leading financial services, insurance, healthcare, technology, manufacturing, telecom and logistics companies globally. For additional information, visit www.automationanywhere.com.