Sun Life Financial health care advisory firm PinnacleCare for $85m
Sun Life Financial has agreed to acquire US medical intelligence and health care navigation provider Pinnacle Care International (PinnacleCare) for $85 million.
The Canadian financial services company said that the acquisition of the personal health care advisory solutions provider will expand its stop-loss and health business in the US.
PinnacleCare, which is based in Maryland, has a workforce of over 170 employees. The company helps people in accessing an initial or second medical opinion for making vital, informed treatment decisions for complicated diagnoses.
The company will become part of Sun Life’s US Stop-Loss & Health business, which is claimed to be the largest independent stop-loss provider in the US.
Miles J. Varn – CEO of PinnacleCare said: “We are beyond excited to join Sun Life and work with their talented, insightful team to help drive better patient outcomes and reach more people with our advisory services.
“Our team’s empathetic and compassionate approach helps guide people through a very difficult time in their lives. It’s always an honor and privilege to help people when they need it most. We’re also very pleased to start offering our health advisory services in May to our new Sun Life family in the U.S.”
According to Sun Life Financial, the deal will grow stop-loss and health beyond the conventional model that reimburses employers for the costs of serious health conditions after the occurrence of employee’s care.
Through PinnacleCare, Sun Life Financial’s Stop-Loss & Health will engage with the employee at diagnosis to help enhance the full spectrum of the care experience and outcomes for the employee as well as employer.
Jen Collier – Senior Vice President of Sun Life Financial Stop-Loss & Health said: “People who get an unexpected diagnosis are facing a difficult life event and often don’t know where or how to start evaluating their options. Bringing in PinnacleCare’s innovative approach to help people at each step of the health-care process will help us improve the experience of our members so they feel supported and cared for when they need it most.”
The deal, which is subject to regulatory approval and customary closing conditions, is expected to close in mid-2021.