Sun Life Financial Inc. plans to acquire Pinnacle Care International Inc. (PinnacleCare) for US$85 million (approximately $108 million), with the transaction expected to close in mid-2021.
The Maryland-based medical intelligence company, which has more than 170 employees, focuses on helping people “access an initial or second medical opinion to make critical, informed treatment decisions for complicated diagnoses,” a release said.
One effect of the buy should be the expansion of stop-loss health coverage, designed to help insurers and employers deal with large claims that exceed thresholds — an area with unmet needs in the U.S.
“The transaction will create an integrated offering unique in the stop-loss market,” the release said, noting that those who require health-care support will receive more help at the diagnosis stage.
“By offering experienced care navigation for members, Sun Life and PinnacleCare will create a new dynamic that will improve care, outcomes and costs in the process,” said Dan Fishbein, M.D., president of Sun Life U.S., in the release.