Phreesia is a healthcare software and payments company that sells digital intake, scheduling, payment processing, and patient engagement tools to ambulatory medical practices and health systems. The platform handles the full patient visit lifecycle — from scheduling and eligibility verification through payment collection and post-visit follow-up — and processed roughly 180M patient visits in FY26, approximately one in six U.S. ambulatory visits. Phreesia generates revenue through three streams: recurring subscription fees per provider client, transaction-based payment processing fees, and per-engagement campaign fees from life sciences companies. The life sciences business, called Network Solutions, delivers targeted patient education and drug awareness content on behalf of pharma and biotech companies at the point of care, when patients are interacting with Phreesia's intake tools immediately before seeing a physician. Phreesia acquired AccessOne in late 2025, adding a medical patient financing product that allows patients to pay healthcare bills over time; AccessOne generates revenue through a blended take rate on its managed loan portfolio, with credit risk sitting with PNC Bank and the provider. Phreesia tracks average healthcare services clients (AHSCs) as its key operating metric, targeting mid-single-digit AHSC growth annually, and drives higher revenue per client by cross-selling additional modules over time. Management views Network Solutions as the fastest-growing segment, followed by payment processing, then subscription, and expects continued margin expansion driven by AI-driven automation and reduced outsourcing costs.