Medibank has announced its agreement to acquire Pinnacle Health Group, a corporate health and wellbeing provider in Australia.
This acquisition forms part of Medibank’s broader strategy to expand its corporate health services and aligns with the company’s long-term vision of enhancing health and wellbeing offerings nationwide.
Pinnacle, founded in 2010 by physiotherapists Tom Bosna and Josh Lambert, serves over 200 corporate clients across the country. The company offers a range of services, including skin cancer checks, employee health assessments, onsite physiotherapy, and ergonomic evaluations.
Bosna, who also serves as CEO, highlighted the importance of workplace health initiatives in supporting employee wellbeing.
“We started Pinnacle because we recognised that it can be challenging for people working in Australia to prioritise their wellbeing amidst busy schedules,” he said. “Our programs are designed to integrate seamlessly into the workplace environment, supporting employees in achieving their health goals.”
Upon completion of the acquisition, Pinnacle’s services will be integrated into Medibank’s existing corporate health and wellbeing offerings.
Rob Deeming (pictured), Medibank’s group lead digital and ventures, expressed confidence in the acquisition and the value Pinnacle’s team brings.
“We are looking forward to welcoming the Pinnacle Health team into the Medibank family. We have enjoyed getting to know Tom, Josh, and the team and are impressed with the operational capability they have built,” he said.
Medibank, which already provides corporate health programs alongside its health insurance offerings, anticipates that this acquisition will enhance its service portfolio, increase operational expertise, and broaden its customer base.
“We are building an offering that transforms the way a company cares for its workforce, delivering healthier, more engaged employees,” Deeming said.
Pinnacle’s existing team, led by its founders, will continue to manage day-to-day operations within Medibank’s corporate health division. The acquisition is subject to conditions precedent.
The acquisition of Pinnacle is part of Medibank’s wider growth strategy, which was outlined during a recent business update at the Macquarie Australia Conference.
At the event, Medibank executives shared insights into the company’s future direction and reaffirmed their commitment to delivering value to customers.
The insurer detailed its plans for growth in 2024, including a 3.31% average premium increase effective April 2024, and a $200 million cash-back offer for customers with active policies by June 2024. It is targeting growth among corporate clients, families, and new customers, aiming for a policyholder increase of 1.2% to 1.5% in FY24.
The company also shared its plans to expand its broader health services, with a focus on wellbeing, prevention, primary and virtual care, and community care through short-stay hospitals.
In addition to these initiatives, Medibank confirmed that it will increase its investments in virtual care and expand its Myhealth GP network to enhance patient access and improve the overall healthcare experience.
