R1 RCM Inc. sold by TowerBrook Capital Partners/Ascensio
Towerbrook founder is ex-Soros Financial Goon-see below
R1 RCM Announces Pricing of Secondary Offering of 15,000,000 Shares by Selling Stockholders
R1 RCM Inc. (“R1 RCM” or the “Company”) (NASDAQ: RCM) announced that it has priced the underwritten offering of 15,000,000 shares of its common stock by selling stockholders at a price to the public of $22.50 per share. The selling stockholders are TCP-ASC ACHI Series LLLP (“TCP-ASC”), a Delaware series limited liability limited partnership jointly owned by Ascension Health Alliance and investment funds affiliated with TowerBrook Capital Partners L.P., and Joseph Flanagan, the President and Chief Executive Officer of the Company.
They agreed in 2016 to buy warrants at Tree- Fiddy ($3.50/sh) and executed that on May 27 then cashed outta that with the above.
On May 27, 2021, the Partnership exercised a warrant to purchase 16,912,646 shares of the Common Stock for $3.50 per share, pursuant to that certain Warrant No. 1 dated February 16, 2016 (the "Warrant").
scroll down to Response #6
R1 RCM Inc. is a provider of revenue cycle management (RCM) and physician advisory services (PAS) to healthcare providers-AKA Debt Colelction Services. The Company is engaged in providing management services of revenue cycle operations for the United States-based hospitals and other medical services providers. Its primary service offering consists of end-to-end RCM, which the Company deploys through a co-managed relationship or an operating partner relationship. The Company's PAS offering assists hospitals in complying with payer requirements regarding whether to classify a hospital visit as an in-patient or an out-patient observation case for billing purposes. The Company also provides customers with retrospective appeal management service support for both governmental and commercial payers. Its physicians conduct detailed retrospective reviews of medical records to identify medical necessity for hospital services and the required documentation to support an appeal. Number of employees : 20 200 people.
Ramez Sousou Founder
Mr. Sousou is founder, Co-Chair and Co-CEO of TowerBrook, Co-Chair of the Management Committee and Co-Chair of the Investment Committee. Mr. Sousou was previously Co-Head of Soros Private Equity and was a member of the Management Committee of Soros Fund Management LLC. Prior to that, Mr. Sousou was a senior member of the Principal Investment Area of Goldman Sachs in London and New York.
Ascension is a faith-based healthcare organization dedicated to transformation through innovation across the continuum of care. As one of the leading non-profit and Catholic health systems in the U.S., Ascension is committed to delivering compassionate, personalized care to all, with special attention to persons living in poverty and those most vulnerable. In FY2020, Ascension provided $2.4 billion in care of persons living in poverty and other community benefit programs. Ascension includes more than 160,000 associates and 40,000 aligned providers. The national health system operates more than 2,600 sites of care – including 146 hospitals and more than 40 senior living facilities – in 19 states and the District of Columbia, while providing a variety of services including clinical and network services, venture capital investing, investment management, biomedical engineering, facilities management, risk management, and contracting through Ascension’s own group purchasing organization.