Jehoshaphat Research has issued a short report on R1 RCM, expressing concerns about the company's financial accounting, corporate governance, and business model. The report suggests that R1 RCM's stock is practically uninvestible due to aggressive revenue recognition, inflated EBITDA, under-reserving for customer bad debts, hidden customer acquisition costs, and high level of debt. The report also highlights the recent departures of the CEO, CFO, CCO, and CSO, and an oversized board full of customers. R1 RCM's business model is said to be dangerously reflexive, requiring a high stock price for the business to work. The report predicts a miss on incentive fees this quarter.