Phreesia, a patient activation platform provider, announced it will acquire AccessOne, a healthcare financing solutions company and portfolio company of Frontier Growth, for $160 million in cash to expand its payment capabilities.
Key Points
- The acquisition involves Phreesia purchasing AccessOne for $160 million in cash, with the transaction expected to close during the third quarter or early fourth quarter of Phreesia’s 2026 fiscal year. The deal remains subject to customary closing conditions and regulatory approvals.
- AccessOne provides financing solutions for healthcare receivables and currently manages a receivables portfolio of approximately $450 million. The company works with large health systems across the U.S., operating across 160 provider organizations and 2,500 facilities.
- Phreesia expects the acquisition to contribute approximately $35 million of annualized revenue and $11 million of annualized Adjusted EBITDA. The company plans to finance the acquisition through a combination of cash from its balance sheet and proceeds from a new, fully committed bridge loan.
- AccessOne’s platform takes minimal credit risk and offers healthcare providers tools designed to improve collections without undermining patient trust. The company facilitates more than 3 million payments annually.
- Phreesia enabled approximately 170 million patient visits in 2024, representing about 1 in 7 visits across the U.S. The company has offered payment plans through partnerships with clients for several years.
This acquisition positions Phreesia to offer expanded payment solutions to healthcare providers while potentially addressing affordability challenges for patients seeking medical care.
The Data
- AccessOne manages approximately $450 million in healthcare receivables across 160 provider organizations and 2,500 facilities.
- The acquisition is expected to generate $35 million in annualized revenue and $11 million in annualized Adjusted EBITDA for Phreesia.
- Phreesia enabled approximately 170 million patient visits in 2024, representing 1 in 7 visits across the United States.
- AccessOne facilitates more than 3 million payments annually through its platform.
Industry Context
We have followed AccessOne’s progress over many years and admired its approach to addressing a critical gap in care that is consistent with our mission of making care easier every day.
Chaim Indig, Phreesia’s CEO and Co-Founder
AccessOne’s platform provides consumer payment products that aim to deliver affordability for patients while providing financial stability for health systems. The company’s solutions are designed to ensure patients have pathways to pay for care without fear of credit harm, while providers gain predictable revenue and reduced cost-to-collect.
Phreesia, founded in 2005, offers patient-driven digital solutions for intake, outreach, and education. The company has partnered with clients to offer payment plans for several years, and views the addition of AccessOne’s platform as a natural progression that will integrate with its existing products. According to Phreesia, the acquisition is expected to add to its overall addressable market.
This transaction brings together Phreesia, a publicly-traded company founded in 2005, and AccessOne, which has been operating since 2002, with Goldman Sachs serving as financial advisor to Phreesia and Houlihan Lokey serving as exclusive financial advisor to AccessOne. While the companies describe their approaches as addressing critical gaps in healthcare payment, the actual impact on patient affordability and provider revenue cycles will depend on successful integration and execution following the transaction’s close.
