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PNC Bank Provides $85MM Financing to American Oncology Network

June 25, 2021, 07:50 AM
Filed Under: Medical
Related: PNC Bank

American Oncology Network closed on a financing agreement with PNC Bank. The $85 million financing deal will facilitate AON’s continued growth and the ability to provide exceptional cancer care to patients.

“Our credit facility with PNC Bank is an important part of our effort to ensure that we remain well-positioned to execute on our strategic imperatives and continue providing exceptional cancer care to our communities,” said Todd Schonherz, AON chief executive officer. “We appreciate the leadership and commitment of PNC and our own finance, accounting and legal teams for the countless hours spent over the past few months to get this agreement closed.”

This financing will allow AON to continue to execute on strategic imperatives including:

  • Investing in state-of-the-art information technology platforms and resources dedicated to providing services and support to its national footprint of 60 plus clinics;
  • Expanding AON’s ability to benefit from strategic pharmaceutical purchasing opportunities;
  • Increasing the organizations capacity to strategically grow its national practice and preserve its position as one of the fastest growing oncology networks in the United States; and
  • Exploring new service offerings to facilitate ongoing diversification of AON services ensuring patients continue to have access to the latest advances in care in the community setting.

“There is a correlation between the health of individuals and the economic health and vibrancy of a region,” said Chris Whitis, PNC Bank executive vice president and co-head of Corporate Banking for Texas and the Southeast. “We are privileged to support ventures that improve quality of care for oncology and hematology patients in our region. AON’s insightful oncology treatment and healthcare diversification advances are an asset well worth our involvement.”

AON currently serves an expanding network of partner practices across 17 states, providing dedicated end-to-end administrative support, access to an extensive array of centralized ancillary services, and proven practice management expertise. Delivered through its local market, physician-led model, AON empowers community-based oncology practices with the necessary tools, support and capital to effectively navigate today’s increasingly dynamic healthcare landscape and practice high-quality, value-based care within the community at scale.

David Gould, AON chief financial officer added, “This credit facility represents a significant financial commitment to AON by one of the largest banks in the nation and we are excited to work with PNC Bank as we continue to provide best-in-class cancer care to patients in their local communities. We’re very pleased this relationship will help to elevate community oncology care for the benefit of our patients.”

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