CHARLOTTE, N.C. – 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.