CHARLOTTE, N.C.--(BUSINESS WIRE)--AccessOne, a leading provider of patient payment options designed to help patients manage their healthcare costs, today announced that it has completed the second step in a growth recapitalization by closing a new credit facility with a group of lenders. The new credit facility, led by Capital One Bank with participating lenders Huntington Bank and Capital Bank (of Charlotte, N.C.), along with the previously announced Frontier Capital investment, brings a total of roughly $70 million of new capital to the company. The new funds will be used to further support AccessOne’s national expansion and continued investment in its proprietary technology platform connecting patients with the compassionate financing they need to access care.
“The successful completion of this financing is a great step forward for our company, as well as for the healthcare providers and patients we serve,” said Mark Spinner, Chief Executive Officer of AccessOne. “As a company founded by providers for providers, this partnership with the bank group will help us continue to innovate the industry’s most effective and compassionate patient financing programs for leading healthcare providers and their patient communities.”
Stephens Inc. served as the exclusive financial advisor to AccessOne.
“AccessOne’s platform enables a health system to provide empathetic financing solutions to their patients anywhere in their revenue cycle without interrupting their normal workflows,” said Andrew Lindner, Managing Partner of Frontier Capital. “We are excited about the partnership with the AccessOne team as part of our investment thesis around the trends toward consumerism in healthcare.”
Founded in 2002, AccessOne is a leading provider of patient payment options designed to help patient consumers manage their healthcare costs while driving best in class hospital reimbursement. AccessOne offers comprehensive low and no interest payment options for all patient balance types including high-deductible, catastrophic and financial assistance. No patient is ever denied credit or credit reported, and providers can rely on AccessOne to capture more revenue while driving compliance and financial performance. To learn more, visit www.accessonemedcard.com.
About Frontier Capital
Frontier Capital is a Charlotte-based growth equity firm focused exclusively on software and technology-enabled business services companies. Founded in 1999, Frontier partners with management teams that can benefit from capital to accelerate growth, fund acquisitions or generate shareholder liquidity. The firm makes minority and majority equity investments in high growth companies and has built an excellent track record of delivering returns to both investors and management partners. For more information, please visit www.frontiercapital.com.