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Yahoo
3 days ago
- Business
- Yahoo
R1 Announces Investment from Khosla Ventures as it Accelerates AI-Driven Healthcare Transformation
Investment Follows Recent R37 Launch MURRAY, Utah, May 28, 2025 (GLOBE NEWSWIRE) -- R1, an industry leader in managing and intelligently automating healthcare revenue management with over 20 years of experience, today announced an investment from Khosla Ventures, a leading backer of transformative AI companies. The investment follows the successful launch of R37, R1's enterprise-grade AI lab developed in partnership with Palantir, which is dedicated to strengthening the financial health of providers through core agentic AI applications. As U.S. healthcare providers continue to grapple with rising administrative complexity and margin pressure, AI-native solutions for revenue management have become mission-critical. Administrative costs account for over 40% of hospital expenses, and more than $160 billion is spent annually on revenue cycle operations alone. R1's R37 AI lab addresses this challenge head-on, delivering agentic AI solutions built on R1's unmatched proprietary data set that automate labor-intensive workflows such as coding, billing, and denials management with unprecedented speed and precision. Khosla Ventures invests early into companies that are bold and impactful. It was the first investor in OpenAI, Block, and DoorDash, and early into a range of AI companies from Cognition to Sword Health. 'AI is transforming every corner of the economy with healthcare being one of the largest sectors of impact,' said Vinod Khosla, founder of Khosla Ventures. 'R1 is pioneering the use of AI in healthcare revenue management, and we are excited to partner with them as they leverage AI to simplify the healthcare experience for patients and help providers operate more efficiently.' R1's unmatched footprint — serving 94 of the top 100 U.S. health systems — positions it as a category-shaping force in healthcare financial technology. With over 180 million annual payer transactions, 1.2 billion annual workflow actions, and 20,000 proprietary automation algorithms, R1 has built one of the richest and most actionable data environments in healthcare. The launch of R37 marked a turning point in the company's strategy to apply agentic AI across this ecosystem. 'Following the milestone launch of R37 this year, having Khosla Ventures as an investor is both a validation and a catalyst for the opportunity we see ahead as we bring our proprietary, agentic AI solution to the healthcare ecosystem,' said Joe Flanagan, CEO of R1. 'Khosla Ventures' impressive track record backing transformative AI companies speaks for itself. With their engagement and deep experience with AI, we'll continue our investments in R37 and drive toward a future where we seamlessly combine enterprise-grade AI with our unique data, scale and subject matter expertise, to strengthen the financial health of providers while delivering better patient care.' About R1R1 is a leading provider of automation solutions that transform the financial performance and patient experience for health systems, hospitals, and physician groups. R1's proven and scalable operating models seamlessly complement a healthcare organization's infrastructure, quickly driving sustainable improvements to net patient revenue and cash flows while driving revenue yield, reducing operating costs, and enhancing the patient experience. To learn more, visit: About Khosla VenturesKhosla Ventures is a venture capital firm focused on investments in artificial intelligence, financial services, healthcare, consumer, enterprise, and sustainability sectors. It is known for making early capital investments in startups such as OpenAI, Instacart, Affirm, DoorDash, and Block. Contacts R1:Jonathan Keehner / Madeline JonesJoele Frank, Wilkinson Brimmer Katcher R1RCM-JF@ Will ReillyVP, Marketingmedia@ Khosla Ventures:media@
Associated Press
14-03-2025
- Business
- Associated Press
R1 Launches ‘R37': An AI Lab to Transform Healthcare Financial Performance in Exclusive Partnership with Palantir
MURRAY, Utah & DENVER--(BUSINESS WIRE)--Mar 14, 2025-- R1, an industry leader in revenue cycle management ('RCM') with over 20 years of experience, and Palantir Technologies (NASDAQ:PLTR), a leader in artificial intelligence systems, have partnered to launch R37, an advanced AI lab dedicated to revolutionizing healthcare financial performance. By combining R1's deep category expertise in payer-provider dynamics and proprietary technology capabilities with Palantir's cutting-edge AI tools, the lab will develop intelligent automation solutions to address the most pressing challenges in healthcare reimbursement at an impressive speed and scale. Administrative costs now account for more than 40% of U.S. hospital expenses, with over $160 billion spent annually on RCM. As providers face escalating economic pressures and complex payer relationships, AI-native solutions have become a necessity. R37 will drive comprehensive automation in revenue cycle operations, reengineering labor-intensive processes such as coding, billing, and denials management to significantly improve efficiency, accuracy, and cash flow for healthcare organizations. R1's extensive reach—serving 94 of the top 100 U.S. health systems—uniquely positions it to transform RCM. R1 has been supporting automated revenue cycle workflows at scale across the largest repository of proprietary RCM structured and unstructured data. The repository includes: 180 million+ annual payer transactions, 550 million annual patient encounters, 20,000 proprietary payment algorithms, and 1.2 billion annual workflow actions. By integrating Palantir's AI tools and capabilities with R1's existing technology and domain expertise, R37 can unlock faster, more precise scalable reimbursement outcomes. 'R1 is thrilled to partner with Palantir to bring the transformational power of agentic AI to the revenue cycle through R37,' said Joe Flanagan, CEO of R1. 'With our leading experts in reimbursement and history of automation, this lab will further accelerate investments on behalf of providers and create a new revenue cycle that delivers a faster, frictionless, and more transparent financial experience for both providers and patients.' 'R1 brings unmatched ambition to an area of healthcare that desperately needs it,' said Alex Karp, co-founder and CEO of Palantir Technologies. 'By embedding our engineers directly within R1's operations, we can rapidly scale intelligent automation and drive measurable impact at speed—ultimately enabling providers to focus on delivering better patient care.' The lab has been operational for months and has been producing AI-powered agentic applications that are already driving transformational benefits in initial batch testing. R1 expects to deploy comprehensive 'agentic RCM worker' solutions to a group of enterprise customers in the second half of 2025. About R1 R1 is a leading provider of technology-driven solutions that transform the financial performance and patient experience for health systems, hospitals, and physician groups. R1's proven and scalable operating models seamlessly complement a healthcare organization's infrastructure, quickly driving sustainable improvements to net patient revenue and cash flows while driving revenue yield, reducing operating costs, and enhancing the patient experience. To learn more, visit: Foundational software of tomorrow. Delivered today. Additional information is available at Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, Palantir's expectations regarding the amount and the terms of a contract and the expected benefits of Palantir's software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond Palantir's control. These risks and uncertainties include the ability to meet the unique needs of customers; the failure of Palantir's platforms to satisfy customers or perform as desired; the frequency or severity of any software and implementation errors; Palantir's platforms' reliability; and customers' ability to modify or terminate the contract. Additional information regarding these and other risks and uncertainties is included in the filings Palantir makes with the Securities and Exchange Commission from time to time. Except as required by law, Palantir does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise. Yancey Casey Amendola Communications [email protected] Reilly VP, Growth Marketing [email protected] Contact Lisa Gordon [email protected] SOURCE: Palantir Technologies Inc. Copyright Business Wire 2025. PUB: 03/14/2025 06:59 AM/DISC: 03/14/2025 06:59 AM
