Today patient financing company AccessOne announced that it has acquired HealthFirst Financial, a software-enabled service provider of patient financing programs to healthcare organizations, for an undisclosed sum.
"HealthFirst's focus on highly tailored solutions for healthcare systems complements AccessOne's commitment to offering flexible financing options for all patients, regardless of circumstance,” Mark Spinner, chief executive officer of AccessOne, said in a statement. "This combined offering accelerates our mission toward helping every patient lead their healthiest life through affordable access to needed care.”
The acquisition will allow AccessOne to offer healthcare systems tailored health products -- including mobile tools -- for their care setting, with the goal of lowering bad debt and improving patient satisfaction scores.
HealthFirst Financial was founded in 2001. Since then, the company reports, it has worked with 77,000 households and 220 facilities. In 2015 the company launched its first mobile app, which let account holders view and edit account details, make a payment, and see payment histories.
AccessOne was founded in 2002 and provides patient financing options, including low- and no-interest payment plans for people who are paying high deductibles and are in a dire financial situation. The Charlotte, North Carolina-based company is backed by major US bank Capital One Bank and Frontier Capital, a Charlotte-based growth equity firm.
"AccessOne has experienced significant growth with 26 new hospitals and one nationwide specialty physician practice added this year,” Andrew Lindner, managing partner at Frontier Capital, said in a statement. "With proprietary predictive analytics and software systems coupled with its patient-first advocate teams on both coasts, AccessOne is very well positioned to expand as a preferred partner to the large health system market.”