AccessOne enters into its largest financial partnership to date, combining forces with PNC Bank to fuel its continuing growth
CHARLOTTE, NC – November 19, 2019 – AccessOne, a leading provider of patient financing solutions designed to help consumers manage their healthcare costs, today announced it has recently closed a $225 million financing with PNC Bank, a leading financial institution with deep ties to healthcare. The strategic move allows the AccessOne platform to serve more consumers with effective patient financing options, simplifying the way in which patients pay for healthcare and improving the overall patient financial experience.
“The future of healthcare is arguably clear in one way: the burden on patients paying their bills is not going away,” said Craig Rosato, CFO of AccessOne. “It is our mission to provide financial flexibility to consumers while protecting their financial viability, and PNC is one of the most well-respected banks. We are excited to partner with PNC, allowing us to expand our industry-leading low-cost financing options and, most important, lower the cost burden for even more patients and AccessOne account holders.”
A recent Kaiser study showed that one in six Americans who get insurance through their jobs say they’ve had to make “difficult sacrifices” to pay for healthcare in the last year, including cutting back on food, moving in with friends or family, or taking extra jobs. And one in five say healthcare costs have eaten up all or most of their savings. Furthermore, a 2019 Gallup poll showed 65 million adults had a health issue but did not seek treatment due to costs in the past 12 months.
“We recently surveyed more than 1,000 consumers and found that over half of families would switch healthcare providers for access to affordable payment arrangements to cover the cost of care,” said Mark Spinner, CEO of AccessOne. “This underscores how important it is for consumers to understand and have access to financing options. AccessOne provides consumers best-in-class technology-enabled solutions that address this critical market need and working with PNC will allow us to continue to transform the patient financial experience for healthcare stakeholders across the country.”
For more than 160 years, PNC has committed more than $23 billion in capital to the healthcare industry and has worked with more than 1,900 healthcare for-profit and non-for-profit organizations. For AccessOne, the partnership represents just one more step in its efforts to ensure all patients can afford healthcare.