- Limited locations
- Network size
- Credit only
- Interest rate
Like any business, AccessOne isn't without limitations. Despite the many advantages here, the company is still somewhat new and limited in terms of location. Fourteen years in business is no small feat, especially in today's economy, but compared to some financing companies who have been around for decades (or even more than a century), AccessOne is a new name, with lots of room to grow. Location-wise, they've limited themselves to just six states, which gives them a disadvantage from nationwide companies (especially for patients who don't live in the southeast).
An AccessOne card is only useful at hospitals that are registered providers in the company's network. All in all, AccessOne has about 50 registered hospitals in six states. So even though you can use your card for any medical procedure, it becomes quite useless to you if you can't use one of those hospitals to get the procedure. For any patient who lives outside of these states, AccessOne isn't really an option.
Here you can only obtain a medical credit card (which in reality establishes a line of credit for you through the hospital you use). What AccessOne doesn't provide are loans, which can be better suited to costly treatments. Even though your credit won't be affected by an application to AccessOne, it will be affected by the credit card you use here. So if you're great with a credit card, that should be no problem, but this is a limitation for patients who would be better off with a loan.
Whether loan or credit, though, interest rates are usually a burden. AccessOne's APR is 9.25% and doesn't really change no matter what plan you get. (Unless you get the one-year, no-interest credit card.) That rate is kind of high, and if you need more than a year to pay off the credit you use for your treatments, then you can't even use the interest-free plan. What's more, AccessOne doesn't provide any reduced-APR plans.
Truthfully, the company website here isn't incredibly informative either. And while this isn't the most important aspect of a company, it can make or break a potential patient's decision to work with AccessOne. Patients need communication, transparency, and trust-all things that can be built by a detailed website. In some ways, AccessOne provides only vague information about their products and would do well to give upfront specifics on interest rates, for example.
The disadvantages here deal primarily with the company's locations and the fact that they provide credit only. For patients who live outside of the southeast region or who are safer to use a loan for a medical treatment, AccessOne is really non-optional.