R1 RCM finalizes restatement, maintains financial outlook

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R1 RCM finalizes restatement, maintains financial outlook
Credit: © Reuters.

CHICAGO - R1 RCM (NASDAQ: RCM ) Inc., a prominent provider in healthcare technology solutions, has completed a comprehensive restatement of its financial statements, the company announced today. This process involved adjustments for fiscal years leading up to December 31, 2022 and 2021 including interim periods within those years, and the first half of 2023. The revisions culminated with the filing of the Form 10-Q for the third quarter of 2023.

The restatement, which was concluded due to a technical accounting issue, has been addressed by R1 RCM's management. CEO Lee Rivas assured stakeholders that the restatement did not materially impact the company's previously reported revenues or Adjusted EBITDA. Moreover, he stated that these revisions have not affected the firm's cash flow or its forecasted business operations for the current year.

Despite facing the challenges associated with restating financials and potential concerns over stock prices and stakeholder relations, R1 RCM is maintaining its strategic focus on growth. The company said it is actively working to address any identified weaknesses in internal controls over financial reporting. As part of its long-term strategy, R1 aims to enhance net patient revenue for healthcare providers by implementing scalable operating models designed to reduce costs and improve patient experiences.

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