Q3 2021 R1 RCM Inc. Earnings Conference Call Presentation

Third Quarter 2021 Results Conference Call

November 2, 2021

Forward-Looking Statements and Non-GAAP Financial Measures

This presentation includes information that may constitute "forward-looking statements," made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future, not past, events and often address our expected future growth, plans and performance or forecasts. These forward-looking statements are often identified by the use of words such as "anticipate," "believe," "designed," "estimate," "expect," "forecast," "intend," "may," "plan," "predict," "project," "target," "will," or "would," and similar expressions or variations, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among other things, statements about our strategic initiatives, our capital plans, our costs, our ability to successfully implement new technologies, our future financial performance, and our liquidity. Such forward-looking statements are based on management's current expectations about future events as of the date hereof and involve many risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in our forward-looking statements. Subsequent events and developments, including actual results or changes in our assumptions, may cause our views to change. We do not undertake to update our forward-looking statements except to the extent required by applicable law. Readers are cautioned not to place undue reliance on such forward-looking statements.

All forward-looking statements included herein are expressly qualified in their entirety by these cautionary statements. Our actual results and outcomes could differ materially from those included in these forward-looking statements as a result of various factors, including, but not limited to, our ability to retain existing customers or acquire new customers; our ability to manage our operations effectively; competition within the market; the severity, magnitude and duration of the COVID-19 pandemic; responses to the pandemic by the government and healthcare providers and the direct and indirect impacts of the pandemic on our customers and personnel; the disruption of national, state, and local economies as a result of the pandemic (including as a result of supply chain interruptions, labor shortages, and inflationary pressures); the impact of the pandemic on our financial results, including possible lost revenue and increased expenses; and the factors discussed under the heading "Risk Factors" in our annual report on Form 10-K for the year ended December 31, 2020 and any other periodic reports that R1 RCM Inc. ("R1 or the "Company") files with the Securities and Exchange Commission.

This presentation includes the following non-GAAP financial measures: adjusted EBITDA, non-GAAP cost of services, non-GAAP SG&A expense and net debt. Please refer to the Appendix located at the end of this presentation for a reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures.

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Q3 Financial Highlights and Updated 2021 Adjusted EBITDA Guidance

Third Quarter 2021 Results

• Revenue of $379.7 million, up $72.5 million or 23.6% compared to the same period last year
• GAAP net income of $17.0 million, up $11.8 million or 226.9% compared to the same period last year
• Adjusted EBITDA of $89.3 million, up $38.9 million or 77.2% compared to the same period last year

Updated 2021 Adjusted EBITDA Guidance

	Prior Guidance	Updated Guidance	Change at Midpoint
Adjusted EBITDA	$330 - 340M	$337 - 343M	+$5M

Note: Adjusted EBITDA is a non-GAAP measure; please refer to the Appendix for a reconciliation of non-GAAP financial measures.	3

Q3 Commercial Update

Commercial Update

• End-to-endpipeline has grown by ~50% since Q2 2021; tighter labor market conditions are driving increased interest
• In contracting stage with prospective customers for end-to-end agreements; expect to exceed $4 billion NPR target if contracts are signed by year-end
• Strong traction across full spectrum of offerings:
• • Value-basedreimbursement: Selected by VillageMD and Archwell Health to drive revenue cycle performance while supporting their rapid growth
  • Entri (including VisitPay): Selected by Memorial Sloan Kettering Cancer Care Center and Department of Veterans Affairs for patient payment and patient intake solutions
  • Physician: Simplified and extended contract with American Physician Partners (APP) for a 10-year term

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Q3 Deployment and Technology Update

Deployment Update

• LifePoint
• • Phase 1 onboarding scheduled to be completed by end of November
  • Phase 2 onboarding scheduled to be completed in early 2022
  • Phase 3 onboarding >50% complete, on track for completion by mid-2022
• Mednax
• • Progressing on schedule, expect to complete onboarding in Q2 of 2022

Technology Update

• Automation and Entri present levers to sustainably address labor-related challenges
• Automation portfolio continues to build; 60 million annual tasks automated to date (10 million new tasks in Q3)
• Three Entri go-lives at current IDN customers in Q3, expect four go-lives in Q4
• VisitPay integration progressing on schedule, anticipate driving further innovation in healthcare payments arena

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