STAT+: How powerful hospitals helped take R1 RCM private

You’re reading the web version of Health Care Inc., STAT’s weekly newsletter following the flow of money in medicine. Sign up to get it in your inbox every Monday.

The hospital power players behind R1

Private equity firms are leading the buyout of R1 RCM, a major provider of billing and administrative services for hospitals and physician groups. But R1’s hospital customers — some of the biggest health systems in the country — were influential in steering the company to that outcome.

Ascension was arguably the most involved, and understandably so. The nonprofit Catholic system is the largest shareholder of R1, through a partnership with private equity firm TowerBrook Capital Partners, and R1’s largest customer. Anthony Speranzo, the 75-year-old head of Ascension’s investment arm and one of the famous “two Tonys” that has been part of Ascension for the past two decades, ultimately helped TowerBrook with its offer.

Continue to STAT+ to read the full story…