R1's revenue hits $385M as it tacks on provider clients

R1 RCM saw its revenue increase 12.6 percent in the first quarter of 2022 as it added new clients, according to the revenue cycle firm's recent financial report

Four key details:

1. The revenue cycle company saw revenue of $385.7 million in the first quarter, up $43.1 million from the comparable quarter one year prior. 

2. In the quarter ended March 31, R1 saw its net income increase to $29.4 million, up 14 percent from the same quarter in 2021.

3. R1 also said it is working to complete a contract with an organization that has $10 billion in net provider revenue. "We remain very confident in getting the deal completed and are working as expeditiously as possible towards signing," R1 said in the earnings report presentation.

4. R1 also said it saw strong commercial activity in the first quarter, signing a 10-year end-to-end operating agreement with ScionHealth, which has $2 billion in net provider revenue and a $750 million end-to-end deal with three large physician groups. 

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