Phreesia
“Can a patient intake SaaS become the financial operating system for healthcare provider revenue cycle — payments, eligibility, and patient financing?”
Founded2005
HQWilmington, Delaware (all-remote)
Total raised$92.6M (pre-IPO)
Latest roundIPO (NYSE: PHR), 2019
Valuation$528M-$598M (IPO range)
IndustryVertical SaaS / Healthcare
The story
Founded 2005 as a patient intake software company, Phreesia evolved into a vertical SaaS platform combining patient registration, scheduling, eligibility verification, and payments for healthcare providers. It operates as a payment facilitator (PayFac) for healthcare merchants — a meaningful embedded finance posture. Through its AccessOne subsidiary (acquired and consolidated into the receivables facility), Phreesia also provides patient financing/MedCard receivables — pushing it further into embedded patient lending.
Product timeline
2005
Founded as a patient intake management company· pivot
2018
Partnered with Bluefin for PCI-validated P2PE payments· banking
2019
IPO on NYSE under ticker PHR· ipo
2025
Entered Capital One-led credit agreement (bridge loan)· lending
2026
Refinanced bridge loan with $275M revolving credit facility from Capital One· lending
2026
Upsized AccessOne receivables financing facility from $200M to $300M, extended to 2029· lending
Regulated entities
Payment Facilitator
US
Phreesia, Inc.
The stack
Payments / PSP
Lending
AccessOne MedCard patient financingPhreesia Intelligent Bill Pay / payment plans
Accounting
Accounting gap: minor