R1 RCM Inc. has recently released its 10-Q report, providing a detailed look into the company's financial performance and operations. R1 RCM Inc. is a leading provider of technology-driven solutions for health systems, hospitals, and physician groups. The company's services include revenue cycle management (RCM) solutions, which aim to improve financial performance and patient experience for healthcare providers.
In the 10-Q report, R1 RCM Inc. discusses its take-private merger agreement with Raven Acquisition Holdings, LLC, and Project Raven Merger Sub, Inc. The agreement outlines the merger of Merger Sub with and into the company, resulting in R1 RCM Inc. becoming a wholly owned subsidiary of the acquiring entity.
The report also addresses significant cyberattacks on healthcare systems, including the Change Healthcare cyberattack and the Ascension cyberattack. These events had a notable impact on R1 RCM Inc.'s revenue, with approximately $13.8 million in revenue impact for the six months ended June 30, 2024, primarily due to lower incentive fee revenue and reduced modular and other fees revenue.
R1 RCM Inc. incurred costs of approximately $3.8 million during the three months ended June 30, 2024, related to contract labor, interim hiring, and other expenses to support ongoing operations during the cyberattack outages and remediation efforts. The company also intends to pursue recovery of certain costs and lost revenue through its insurance company for both cyberattacks.
The 10-Q report provides insights into the company's financial performance, challenges, and strategic initiatives, offering investors and stakeholders a comprehensive view of R1 RCM Inc.'s operations and the impact of significant events on its business. Following these announcements, the company's shares moved 0.1%, and are now trading at a price of $13.96. Check out the company's full 10-Q submission here.
