Frontier Capital has made an undisclosed investment in AccessOne. Based in Fort Mill, South Carolina, AccessOne is a financial engagement platform that helps patients manage their out-of-pocket healthcare costs. As a result of the transaction, AccessOne founder Dr. Russell A Salton III will retain “significant” ownership and continue in his role as board chairman.
CHARLOTTE, N.C. (Jan. 5, 2017) – Frontier Capital, a Charlotte-based growth equity firm focused exclusively on software and tech-enabled business services companies, announced today that it has completed a majority equity investment in AccessOne.
Founded by Russell A. Salton III, M.D., in 2002 and based in Fort Mill, S.C., AccessOne is a leading technology-enabled financial engagement platform that helps patients manage their out-of-pocket healthcare costs. AccessOne partners with providers to offer payment options that patients can realistically afford, so hospitals can help every patient on the path to total health while protecting their own financial viability.
Dr. Salton will retain significant ownership and continue in his current role as board chairman, assisting Frontier and the current AccessOne management team led by CEO Mark Spinner with setting the strategy for the company.
“Frontier is excited to partner with Mark and his team to build upon Dr. Salton’s vision and accelerate the growth of AccessOne by extending the company’s offering to more patients and providers,” said Andrew Lindner, co-founder and managing partner for Frontier Capital. “As financial responsibility for healthcare costs continues to shift to individuals, AccessOne is well positioned to assist hospitals and patients with effectively managing out-of-pocket healthcare expenses.”
Spinner, who brought substantial financial, IT and growth company experience when he joined AccessOne in March 2016, said, “We are thrilled about this partnership with Andrew and the Frontier team, which will provide added growth capital and valuable support to scale our business serving the rapidly growing number of patient consumers who need our assistance. Frontier’s track record of scaling companies in the healthcare technology category will be invaluable in helping us strategically expand our platform to better respond to the growing need for our services.”
“AccessOne has long been the leading innovator and consumer advocate in the patient financing industry,” said Salton. “I am confident that our partnership with Frontier will further enable AccessOne to bring our unique model of patient advocacy across the country while driving maximum hospital ROI and expanding access to healthcare for patient consumers of all kinds.”
AccessOne will use the new funds to:
· Invest in marketing activity and an expanded business development team;
· Continue to enhance its industry leading proprietary technology platform; and
· Build out its organizational infrastructure to support new growth initiatives.
Frontier’s investment in AccessOne represents its third healthcare IT investment from the firm’s $390 million Fund IV.
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 frontiercapital.com.
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.