Phreesia, a leader in patient activation, has announced a definitive agreement to acquire AccessOne Parent Holdings, Inc., a healthcare financing solutions provider, for $160 million in cash. The acquisition aims to enhance Phreesia’s offerings by integrating AccessOne’s platform, which manages approximately $450 million in healthcare receivables.
Phreesia (NYSE: PHR) will acquire AccessOne, a portfolio company of Frontier Growth. The transaction is projected to conclude in the third or early fourth quarter of Phreesia’s 2026 fiscal year, pending customary closing conditions and regulatory approvals. AccessOne specializes in providing financing solutions for healthcare receivables to U.
S. health systems. It offers a scalable, compliant, and operationally efficient tool that aids in collections while maintaining patient trust, taking minimal credit risk. The company currently manages a receivables portfolio of around $450 million, serves over 160 provider organizations across 2,500 facilities, and facilitates more than 3 million payments annually.
Chaim Indig, CEO and Co-Founder of Phreesia, stated that the company has observed AccessOne’s progress for many years, appreciating its approach to addressing a critical gap in care, which aligns with Phreesia’s mission of “making care easier every day.” He added that Phreesia has offered payment plans with clients for years, viewing AccessOne’s platform as a natural progression that will integrate with existing products and expand their total addressable market.
Mark Spinner, CEO of AccessOne, commented on Phreesia as a natural fit operationally, strategically, and culturally. He expressed anticipation for AccessOne to leverage the resources of a larger organization, including domain expertise, access to capital, and a strong reputation among clients, employees, and investors.
Lynn Ansley, VP of Revenue Cycle Management at Moffitt Cancer Center, a National Cancer Institute-designated Comprehensive Cancer Center, shared her perspective. She highlighted Moffitt’s commitment to personalized care, including the patient financial experience. Ansley noted that their partnerships with both Phreesia and AccessOne have benefited families through superior transparency and affordability, and expressed excitement for the two partners to unite.
Phreesia preliminarily anticipates the acquisition to contribute approximately $35 million in annualized revenue and $11 million in annualized Adjusted EBITDA. The company expects to update its fiscal 2026 financial outlook following the transaction’s close. The acquisition will be financed through a combination of cash from Phreesia’s balance sheet and proceeds from a new, fully committed bridge loan.
Goldman Sachs served as financial advisor and Lowenstein Sandler LLP as acquisition counsel to Phreesia. Houlihan Lokey was the exclusive financial advisor and Womble Bond Dickinson (US) LLP acted as acquisition counsel to AccessOne.
