R1 RCM Inc - Revenue Cycle Management Solutions/Service Company
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R1 RCM Inc. [NASDAQ: RCM]: An End-to-End Intelligent Automation Ecosystem for RCM

Joe Flanagan, President and CEO, R1 RCM IncJoe Flanagan, President and CEO, R1 RCM Inc
As healthcare organizations are gradually recovering from an unprecedented health crisis that shut down their entire service lines to focus on curbing the spread of the catastrophic virus, revenue cycle enhancement has never been more important for them than it is today. According to data from the Healthcare Information and Management Systems Society (HIMSS) 2020 digital conference, the healthcare system in the country has as much as $200 billion in administrative waste, thanks to revenue cycle inefficiencies. The COVID-19 crisis has only worsened this scenario.

At this crucial juncture, healthcare providers are piggybacking on leading-edge technologies, such as artificial intelligence (AI) and robotic process automation (RPA), to reduce cost while not compromising on the patient experience. Though this technology adoption is indeed exciting, what’s worrying is the misguided approach among most healthcare providers. On the one side are healthcare organizations that are investing in revenue cycle management (RCM) without establishing an automation strategy that aligns with their anticipated ROI and value realization goals. On the other side are organizations that adopt a piecemeal approach, which doesn’t benefit in the long run. Then, some organizations also take a heads-on approach by developing automation in-house. But they swiftly realize that it would drastically shoot up their expenditure while impeding future scalability.

How does one solve this Gordian Knot?

The answer lies with R1 RCM Inc. [NASDAQ: RCM]. The company is setting a new benchmark for the healthcare industry by aiding healthcare providers to create an intelligent automation (IA) ecosystem that achieves sustainable value realization and improved financial and operational results.

The state-of-theart model that R1 puts forth combines computer vision/optical character recognition (OCR), natural language processing (NLP), machine learning, and RPA on an integrated workflow platform, which allows digital and human workforces to work alongside each other seamlessly. “With our sophisticated technology assets and unique operating model, we have demonstrated how organizations can improve both patient experience and financial performance,” says Joe Flanagan, president and CEO at R1 RCM.

Notably, IA is not meant to replace all the revenue cycle work handled by humans, and that’s what makes R1’s unique operating model pivotal. R1’s ecosystem makes digital tools carry out routine and redundant tasks, reducing the reliance on the human workforce for these time-consuming tasks. Meanwhile, it lets human staff handle the complex tasks that require additional skill sets and expertise, like exception handling and complex patient interactions. In order to facilitate it, the integrated workflow platform continuously tracks the activities on a given workflow item and decides if that action has to be handled by humans or bots. While humans work on the high-risk or low confidence exceptions, they can place them back into the workflow for the bots to handle once fixed. The model is as intuitive as it is efficient!

  • “With our sophisticated technology assets and unique operating model, we have demonstrated how organizations can improve both patient experience and financial performance,” says Joe Flanagan, president and CEO at R1 RCM


The numbers behind further substantiate the model’s efficacy. Incredibly, R1’s operating model has been enabling healthcare providers across the country to increase the net patient revenue (NPR) by 5 percent, minimize the cost to collect by 20 percent, and lower the bad-debt expense by 25 percent.

Besides the end-to-end RCM process automation, R1 also delivers other services to optimize RCM and enhance the patient-provider relationship, such as a patient experience digital platform, patient-friendly billing, valuebased reimbursement enablement, charge capture, and underpayment recovery, and much more.

Owing to such expansive competencies, R1 has already carved a niche out for itself as the leading provider of technology-enabled RCM services that transform and solve revenue cycle performance challenges across hospitals, health systems, and group physician practices. For organizations vying to transform their financial performance and patient experience today, R1 offers that one all-encompassing solution.

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Top 10 Revenue Cycle Management Solution Companies - 2021
R1 RCM Inc

Company
R1 RCM Inc

Headquarters
Murray, UT

Management
Joe Flanagan, President and CEO , R1 RCM Inc

Description
R1 puts forth a state-of-the-art ecosystem that combines computer vision/optical character recognition (OCR), natural language processing (NLP), machine learning, and RPA on an integrated workflow platform, which allows digital and human workforces to work alongside each other seamlessly. Notably, IA is not meant to replace all the revenue cycle work handled by humans, and that’s what makes R1’s unique operating model pivotal. R1’s ecosystem makes digital tools carry out routine and redundant tasks, reducing the reliance on the human workforce for these time-consuming tasks. Meanwhile, it lets human staff handle the complex tasks that require additional skill sets and expertise, like exception-handling and complex patient interactions