Jan 10, 2021 1:27:00 AM |
December 21, 2021 (Boston, MA) – Covington Associates, a leading middle market investment bank announced its role as exclusive financial advisor to CueSquared, a one-touch mobile payment platform, in the sale of its business to AccessOne, a leading provider of inclusive Care Now, Pay Later patient financing solutions.
Through the acquisition, AccessOne will expand its solution portfolio with a mobile billing and payment platform that has proven to increase self-pay revenue, accelerate payments and reduce the cost to collect at some of the nation’s leading healthcare providers. The company currently offers a variety of 0%-interest and low-interest patient payment plan and financing programs that are tailored and flexible to a patient’s health and financial situation.
“Our purpose here is to solve payment problems for patients and providers so that families can live their healthiest lives through more affordable and accessible care.” says Mark Spinner, CEO of AccessOne. “CueSquared Direct MobilePayTM delivers on the promise of a mobile native, paperless solution that the majority of consumers will actually use and appeals to pragmatic providers who are not looking for another large costly technology project.”
CueSquared’s lightweight approach to mobile payments has shown to improve speed of collection by securely engaging patients without unnecessary steps. CueSquared Direct MobilePay modernizes the bill payment experience with an individualized, text-based payment solution eliminating the need for paper statements, apps or portal logins. Results show 70% of payments are received within seven days, and providers realize a 50% per-payment reduction of collection expenses.
Spinner adds, “We’re thrilled to welcome the CueSquared team and look forward to building on their proven track record of success serving IDN’s, ambulatory providers and RCM vendors.”
CueSquared was founded in 2017 by brothers William and Peter Dolphin – CEO and President—along with CTO, Damian Hagge. The company has experienced exceptional growth in recent years and currently boasts clients such as Mount Sinai Health System in New York, Baptist Health in Jacksonville, Fla., Albany Medical Center in New York, and Main Line Health in Pennsylvania.
“Mobile engagement and payment represent an important component of a provider’s consumer strategy, both today and in the future. Direct MobilePay is a mobile native product not tied to the methods of the past,“ said William Dolphin, CEO of CueSquared.
“With CueSquared, providers offer anywhere, anytime access to information and payment methods with no friction, causing patients to rapidly adopt,” said Peter Dolphin, president of CueSquared. “We are inspired by the AccessOne team and prospects and are excited to bring together the power of two leading companies working to deliver exceptional patient payment experiences.”
To support the acquisition and future company strategy, AccessOne will continue aggressively growing its team in 2022 across the United States. In all areas of the Company, AccessOne is seeking purpose-driven people looking to use their talent to create a positive impact in our community and join a high performing team.
Covington Associates is an investment banking firm offering advisory services in the areas of mergers and acquisitions (“M&A”), capital raising and strategic advisory to middle-market companies across the Healthcare, Business Services, Consumer & Industrial, and Technology verticals. Founded in 1991 and based in Boston, the vision for Covington has been to provide clients with the highest caliber of senior-level attention and to remain an advice driven and results focused organization. Since its inception, Covington Associates has completed over 350 transactions globally for both private and publicly traded companies totaling over $30 billion. Further information can be found at http://www.covingtonassociates.com/overview/.
Founded in 2017, CueSquared’s mission is to simplify the patient payment experience. CueSquared MobilePay creates a superior patient payment experience using automated SMS messages to deliver billing statements and collect payments directly. There’s no app to download or portal to log into. This streamlined approach improves cash flow, increases self-pay revenue, and lowers the overall cost to collect while strengthening existing payment collection channels.
For revenue cycle teams and practice managers, MobilePay integrates into their existing infrastructure like revenue cycle systems, payment merchants, and call center support teams. This approach makes implementations happen in as quickly as four weeks, with revenue collection occurring on day one of go-live. Customers typically see an immediate acceleration of payments with approximately 70% of statements paid within 14 days of a statement file being generated. Learn more at www.cuesquared.com.
AccessOne, the leading provider of inclusive Care Now, Pay Later patient financing solutions, has helped millions of patients nationwide afford to pay for out-of-pocket medical costs. With flexible payment terms, no credit reporting, and no one turned away, AccessOne partners with health systems to offer co-branded patient financing that helps providers reach more patients in their communities who need care, while meaningfully lowering the financial barriers to receiving high-quality healthcare. Physician founded AccessOne is designed to empower patients to get the care they need while supporting health systems financial performance and patient experience. Reimagining patient financial engagement for the way healthcare should be. Learn more at www.accessonemedcard.com.
CueSquared acquired by AccessOne
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