Sun Life Financial Inc. announced April 23 that it has agreed to acquire Baltimore, Maryland-based PinnacleCare International Inc., a leading medical intelligence and healthcare navigation provider.
The firm currently has more than 170 employees helping people access initial and second medical opinions to make informed treatment decisions about complicated diagnoses. The company says PinnacleCare will become part of Sun Life’s U.S. stop-loss and health business going forward. The firm’s services are currently available to two million plan members and individual clients. The company says it will explore extending the firm’s services to members of its other U.S. benefits plans as well, once the deal is complete.
“The acquisition will expand stop-loss and health beyond the traditional model that reimburses employers for the costs of serious health conditions after an employee’s care has occurred,” Sun Life stated. “Through PinnacleCare, stop-loss and health will engage with the employee at diagnosis to help improve the entire spectrum of the care experience and outcomes for both the employee and employer.”
In addition to guiding members using clinical knowledge and dedicated relationships with medical centres that allow the company to connect patients with health providers knowledgeable about their specific condition, PinnacleCare also conducts medical research, written and video-based second opinions, and appointment facilitation in coordination with a client’s health plan coverage.
“PinnacleCare extends the value of our stop-loss programs beyond reimbursement,” says Dan Fishbein, M.D. and president of Sun Life U.S. “Sun Life and PinnacleCare will create a new dynamic that will improve care, outcomes and costs.”
Sun Life says it will acquire PinnacleCare for US$85-million. The deal is expected to close mid-2021, subject to closing conditions, including the receipt of regulatory approval.
