R1 RCM, a revenue cycle management service provider, ended fiscal year 2017 with a $58.8 million net loss, compared to net income of $177.1 million reported in fiscal year 2016.
Here are four things to know about the company's most recent financials.
1. R1 RCM adopted new accounting standards in 2017. Taking that into account, R1 RCM saw its net service revenue climb 115.6 percent year over year to non-GAAP $449.8 million in 2017, up from a comparable $208.7 million reported in 2016.
2. The company saw operating expenses climb 62 percent in 2017 to non-GAAP $477.3 million, compared to $294.7 million recorded in 2016. Year over year, R1 RCM's service costs grew 108.5 percent.
3. R1 RCM also reported a $27.5 million operating loss in 2017, compared to operating income of $297.9 million posted in 2016. The company's adjusted EBITDA for 2017 was $4.1 million, compared to -$26.8 million for 2016.
4. Despite the losses, for the three months ended Dec. 31, 2017, R1 RCM posted net revenue of $140.3 million, up 32.1 percent compared to the same period a year prior.
"In 2017, we made significant progress in returning the company to a path of sustained profitability, and in the fourth quarter we generated our sixth consecutive quarter of revenue growth," said Joe Flanagan, president and CEO of R1 RCM. "We continue to invest in enhancing our value proposition and positioning in the market."