R1 RCM's 3 goals to advance its technology in 2023

At the business's earnings call on February 16, R1 RCM CEO Lee Rivas stated that the company is investing in three key objectives to enhance its technology in 2023:

• Automate revenue cycle processes that are traditionally performed manually.

According to a transcript of the call provided by Seeking Alpha, Mr. Rivas stated, "R1 has been on a digital transformation journey and we are accelerating progress here as we harness the Cloudmed capabilities in addition to those created as old R1." We automated 150 million tasks by the end of 2022, up from 110 million in the first half of the year.

• Improve the efficiency of tasks that cannot be fully automated.

In order to achieve this, according to Mr. Rivas, "we employ our extensive revenue cycle expertise as well as more than 14,000 proprietary rules and algorithms to allow automated and human-centric workflows to operate together smoothly."

• Take full advantage of data and analytics.

500 million patient encounters every year, totaling $900 billion or more in [net patient income], are projected based on the breadth and depth of data, according to Mr. Rivas. "To find patterns and trends, we employ data and analytics. This enables us to maintainably enhance both our performance and the customer experience."