American Oncology Network (AON), a medical oncology provider with a focus on supporting the long-term viability of oncology treatment in community-based settings, closed on a financing agreement with PNC Bank. The $85 million financing deal will facilitate AON’s growth and its ability to provide 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,” Todd Schonherz, CEO of American Oncology Network, said. “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 initiatives including:
- Investing in information technology platforms and resources dedicated to providing services and support to its national footprint of more than 60 clinics
- Expanding the ability to benefit from pharmaceutical purchasing opportunities
- Increasing the capacity to grow its national practice
- Exploring new service offerings to facilitate the ongoing diversification of services
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“There is a correlation between the health of individuals and the economic health and vibrancy of a region,” Chris Whitis, executive vice president and co-head of corporate banking for Texas and the Southeast for PNC Bank, said. “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 a network of partner practices across 17 states, providing dedicated end-to-end administrative support, access to an array of centralized ancillary services and practice management expertise.
“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,” David Gould, CFO of AON, said. “We’re very pleased this relationship will help to elevate community oncology care for the benefit of our patients.”
