Phreesia, Inc. announced on September 4 that it is acquiring AccessOne Parent Holdings, Inc. and all of its subsidiaries for aggregate consideration of $160 million in cash.
AccessOne is a market leader in providing financing solutions for healthcare receivables, working with some of the largest health systems in the United States. AccessOne currently manages a receivables portfolio of approximately $450 million. Prior to this deal, AccessOne was a portfolio company of North Carolina-based growth equity firm Frontier Growth.
Phreesia, formerly a portfolio company of Boston, Massachusetts-based venture capital firm Polaris Partners, offers a digital platform that provides revenue cycle management (RCM), clinical support, electronic medical record support, and analytics and reports to help healthcare businesses streamline administrative tasks. According to its FY 2024 financial report, Phreesia’s revenue during FY 2024 was $356.3 million, up 27% year-over-year.
Goldman Sachs is acting as financial advisor and Lowenstein Sandler LLP is acting as acquisition counsel to Phreesia. Houlihan Lokey is serving as exclusive financial advisor and Womble Bond Dickinson (US) LLP is acting as acquisition counsel to AccessOne. The transaction is expected to close during the third quarter or early fourth quarter of Phreesia’s 2026 fiscal year, subject to customary closing conditions and regulatory approvals.
According to data captured in the LevinPro HC database, this transaction represents the 217th eHealth acquisition of 2025, and 41st in the RCM specialty. RCM is the most active eHealth specialty of the year, making up approximately 19% of all eHealth deals announced since January. There were 36 RCM transactions announced in 2024, and 55 announced in 2023.
