Скачать или смотреть R1 RCM Bought Software Company VISITPAY For $305M (20X Revenues) -Ascension Ventures Was Investor

Part 2 - I mention some deeper research into medical biller R1 RCM. It was announced in August, 2024 TowerBrook Capital Partners and Clayton, Dubilier & Rice (CD&R) would acquire the healthcare technology company in a deal that values it at $8.9 billion USD. TowerBrook and nonprofit hospital operator Ascension Health were the company’s largest shareholders. Ascension (19 states / 140 hospitals, 160000+ associates & 36000+ affiliated providers) is R1 RCM''s top client.

In December 2023, R1 RCM settled a stockholder's litigation lawsuit in which it was charged that R1 directors as well as the Company’s controlling stockholders, Ascension Health Alliance and TowerBrook Capital Partners, breached their fiduciary duties in connection with the negotiation of a recapitalization transaction and adoption of an investor rights agreement containing provisions. A settlement was reached for $45,400,000 USD.

Leading up to this, I mention the insights of a 2023 94 page report by Jehoshaphat Research. According to Wikipedia, there, "it's asserted that RCM's “revenues and profits are grossly overstated,” that certain reported revenue growth has been “derived from inputs based on assumptions about future collections” which will eventually “collapse,” and that the Company's revenue is “chronically inflated.” The report also points out that RCM has “recently seen the departures of the CEO, CFO, CCO and CSO,” which “speak to the risks [that] have surfaced.”"

RCM spent $305m (20X revenues) to buy a small company called VisitPay from a group of investors including those affiliated with its customers, Ascension who had seats on the RCM board. VisitPay ended up being a disaster of an acquisition, with revenues plateauing shortly after the deal closed.

I share a bill I received from R1 RCM Medical Financial Solutions PO BOX 42008 Phoenix AZ (Arizona) 85080-2008 USA for $2,185, stemming from a 4/22/19 ER visit at Saint Vincent East's Hospital (Ascension), Birmingham, Alabama. I would like the bill collector to see who they are collecting money for and for what reasons. I was misdiagnosed this visit, told I had no injury in the CT scans of my head and cervical neck regions (analysis was provided by Doctor Julian Patrick Druhan). I later obtained my records and found in the images that I had broken the underside of my skull, contrary to what I was told. I was later billed the above amount.

My own experience going to an Ascension ER in Birmingham, AL. in 2018-'19. I found that when my disposition was qualified as "self pay" (no insurance or stated source of income) I did not receive adequate medical treatment and was told no injuries appeared in X-Rays and CT that show I had broken my skull (an injury I almost died from - see images in video). Furthermore, you can hear in recorded phone calls in my other videos the lengths other professional doctors will go to support this fallacy. Millionaires who went to college for 10 years to do their jobs risked their professional reputations versus correcting mistakes.

Between 2018-2019 I was an emergency department patient at Ascension St. Vincent’s East Hospital in Birmingham, Alabama. I believe I had broken my neck. I had an X-Ray, 2 CT scans and later an MRI looked at by Ascension Vincent's doctors, each time they told me I had no injuries in this area. I knew their diagnosis was in error as my condition worsened. The area became infected and infested with parasites by summer 2019. I almost died. I obtained my medical records from their hospital along with the X-Ray / CT / MRI imagery and discovered the truth of my injury. I had broken bone in the underside of my skull in the area of the condylar canal and occipital condyle (possibly my foramen magnum was also fractured).
I have compiled over 10 hours video documentation on what happened to me on my youtube channel:

My Medical Nightmare

I may have been "patient dumped" in the course of my seeking treatment (a violation of EMTALA). When I told medical staff associated with Ascension about my discovery, I was personally attacked and my psychological state challenged, this is reflected in medical records I obtained later. I could not obtain proper treatment or diagnosis for this injury or even claim disability (I have been seriously disabled for over 3 years with no recourse) because doctors and nurses would only entertain what the erroneous Ascension ER findings were. My mother who was a nurse for 20 years had the misfortune of working in an Ascension hospital when I questioned my mri findings involving St Vincent's Ambulatory Healthcare Network LLC and doctor Michael Brant Ruff in March, 2019. She was terminated from her job there at the same time. I challenge the misdiagnosis of ascension Saint Vincent's Hospital here again as well as the policy of the hospital administration.

#r1rcm #medicalfraud #emtala #phantombilling #malpractice #ascension #uab #visitpay