Sun Life to acquire PinnacleCare for $85 million

Sun Life Financial plans to acquire healthcare navigation provider PinnacleCare for $85 million.

Based in Maryland, PinnacleCare has more than 170 employees and 20 years of experience helping people access an initial or second medical opinion. It will become part of Sun Life’s U.S. Stop-Loss & Health business, the largest independent stop-loss provider in the country.

The acquisition will expand Stop-Loss & Health beyond the traditional model that reimburses employers for the costs of serious health conditions after an employee’s care has occurred. Through PinnacleCare, Stop-Loss & 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. The transaction will create an integrated offering unique in the stop-loss market.

“We’re excited for PinnacleCare’s team to join us to help people with complex health conditions. 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.” – Jen Collier, R.N., Senior Vice President of Stop-Loss & Health.

“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.” – Miles J. Varn, M.D., CEO of PinnacleCare.

PinnacleCare’s services are currently available to more than two million people through employers and individual clients. Sun Life will work with PinnacleCare to build new Stop-Loss & Health client solutions and will explore extending PinnacleCare’s services to members of its other U.S. benefits plans.