R1 RCM completes Cloudmed acquisition

Revenue cycle management company R1 RCM said June 21 it completed its acquisition of Atlanta-based healthcare revenue recovery provider and consultant Cloudmed.

R1 RCM announced in January it planned to acquire Cloudmed in an all-stock deal worth about $4.1 billion. Cloudmed works with more than 400 of the largest health systems in the U.S. and recovers more than $1.5 billion in underpaid or unidentified revenue for its clients each year.

The acquisition will further drive digital transformation through automation and AI, according to an R1 RCM news release. 

Former Cloudmed CEO Lee Rivas is president of the combined company, according to the news release. R1 RCM CEO Joe Flanagan is the new Cloudmed CEO.

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