R1 (fka Cloudmed)
R1 is a provider of technology-driven solutions that transform the patient experience and financial performance of hospitals, health systems, and medical groups that is powered by a unique platform that leverages technology, data, and AI/ML to drive revenue intelligence. In 2022 New Mountain merged Cloudmed with R1 after identifying an opportunity to drive significant value for healthcare providers by creating a leading end-to-end, IP led and automation-driven revenue cycle platform in the U.S. The combined platform has helped maximize yield for healthcare providers across the entire revenue cycle continuum and covers over $900 billion of net patient revenue and 500 million annual patient encounters.
Cloudmed was initially created through the New Mountain led merger of the predecessor company Revint Solutions, a leading technology-enabled revenue integrity platform, and IMA Consulting (“IMA”), a leading provider of revenue cycle management and consulting solutions. Cloudmed is a leading national provider of technology-enabled revenue integrity and recovery solutions for healthcare providers. Cloudmed serves over 3,000 healthcare organizations in the U.S. and helps recover billions of underpaid or unidentified revenue for its clients annually. Cloudmed offers a full revenue integrity “safety net” for all types of healthcare provider organizations.
New Mountain’s acquisitions of IMA and Revint were driven by the firm’s multi-year proactive “deep dive” effort around the theme of healthcare technology-enabled services companies that improve efficiency while raising quality. New Mountain first began a dialogue with the owners of Revint and identified a uniquely synergistic opportunity to combine the company with IMA, partnering on an exclusive basis to pursue the transaction. IMA selected New Mountain and Revint as their preferred partner, and the transaction with both companies was consummated on an exclusive basis in December 2017. In October 2020, with the support of Revint’s board and management, Revint merged with Triage Consulting to deliver the most comprehensive revenue integrity services and technology platform in the healthcare industry, and rebranded to Cloudmed.