The two parties signed a non-binding letter of intent, under which R1 would manage Presence Health’s $2.2 billion annual net patient revenue, according to a news release. Approximately 1,000 employees would also transition from Presence Health to R1 as part of the arrangement.
Presence Health and R1 said in the release they expect to ink a definitive agreement and implement the new arrangement in the second quarter of 2018.
The letter of intent comes as Presence Health signed a definitive agreement to join St. Louis-based Ascension, a longtime R1 client.
More articles on healthcare finance:
Kaiser Permanente sees revenue climb $8.1B in 2017
20 hospital CFOs in the headlines
Why a Seattle TV station bought $1M worth of medical debt
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.