With the completion of the transaction, R1’s common stock has ceased trading and will no longer be listed on Nasdaq, according to a Nov. 19 R1 RCM news release. The deal was first announced Aug. 1.
With the closing of the deal, Joe Flanagan has reassumed the role of CEO, replacing Lee Rivas. Mr. Flanagan served as R1’s CEO from May 2016 through January 2023. Mr. Flanagan has remained on the company’s board of directors since stepping down as CEO and he will continue serving on the board.
Mr. Rivas became CEO after Mr. Flanagan stepped down from the role. He joined R1 RCM in June 2022 following the company’s acquisition of revenue recovery provider and consultant Cloudmed. In August, Mr. Rivas said in an email to employees that he was “supportive of this move as R1 approaches its next chapter as a private company.”
“TowerBrook and CD&R’s investment will propel our innovation as we expand our intelligent automation capabilities and drive customer value,” Mr. Flanagan said in the release. “On behalf of the board, I thank Lee for his invaluable contributions and wish him continued success. I’m enthusiastic about our strengths and opportunities to serve the broader market and maintain our steadfast commitment to customers’ success.”
Through the first three quarters of 2024, R1 reported a net loss of $62.6 million, down from a net income of $1.9 million during the same period in 2023.
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