R1 Announces Agreement to Acquire Cerner RevWorks℠
03 June 2020 - 11:00PM
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: r1rcm.com.
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 Cerner.com, The Cerner Blog or connect
on Facebook, Instagram, LinkedIn, Twitter or The
Cerner Podcast. 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 RelationsAtif RahimR1 RCM
Inc.312-324-5476investorrelations@r1rcm.com
Media RelationsNatalie Joslin678.585.1206media@r1rcm.com
Stephanie GreenwoodCerner Public
RelationsStephanie.Greenwood@cerner.com
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