Goal to broaden access to cost-effective and
innovative laboratory services in Ohio
SECAUCUS, N.J. and COLUMBUS, Ohio, July 10,
2024 /PRNewswire/ -- Quest Diagnostics (NYSE: DGX), a
leading provider of diagnostic information services, and
OhioHealth, a nationally recognized not-for-profit, charitable,
integrated health system, today announced a definitive agreement
for Quest to acquire select assets of OhioHealth's outreach
laboratory services business.
The transaction will broaden access to cost-effective and
innovative laboratory services in Ohio. After the acquisition's close, providers
and patients will benefit from access to Quest's industry-leading
test menu, network of patient service sites throughout the state,
broad health plan coverage, and lower out-of-pocket costs for many
services.
"As healthcare transforms, we need to ensure we can continue to
provide high-quality care to our patients that also provides them
value. As a trusted industry leader, Quest has the specialization
and scale to ensure our patients have continued access to high
quality lab services that, in many cases, will be more affordable
for patients," said Chris Clinton,
President, OhioHealth Regional Market and former Vice President,
Shared Services. "Our relationship with Quest is the right
strategic step to enable us to continue to deliver exceptional care
to improve the health of those we serve."
"Quest has the expertise and economies of scale to deliver
meaningful cost savings in lab services, while our patients
continue to access the high quality of care they have been
accustomed to from OhioHealth," said Juanita Swickard, Interim Vice President, Shared
Services, OhioHealth.
"Our transaction with OhioHealth exemplifies our ability to
attract and collaborate with high quality health systems seeking to
optimize their lab services," said Jim
Davis, Chairman, CEO and President, Quest Diagnostics.
"Health systems are increasingly turning to Quest because of our
unique ability to deliver laboratory testing that is innovative,
accessible and cost effective. This transaction also delivers on
our strategy, which includes generating growth through accretive
outreach lab acquisitions, and will extend our presence across
Ohio."
After the acquisition's close, most outreach testing performed
by OhioHealth will transition to the Quest Diagnostics full-service
laboratory in Pittsburgh,
Pennsylvania. OhioHealth will continue to wholly own and
operate its hospital labs, providing high quality laboratory
services for inpatient and hospital-based outpatient care as well
as anatomic pathology and oncology.
The parties expect to complete the transaction in the third
quarter of 2024, assuming customary regulatory reviews. Financial
details of the transaction were not disclosed.
About OhioHealth
Based in Columbus, Ohio, OhioHealth is a nationally
recognized, not-for-profit, charitable, healthcare outreach of the
United Methodist Church. Serving its communities since 1891,
OhioHealth is a family of 35,000 associates, physicians and
volunteers, and a network of 15 hospitals, three joint-venture
hospitals, one managed-affiliate hospital, 200+ ambulatory sites
and other health services spanning a 50-county area. For more
information, visit OhioHealth.com.
About Quest Diagnostics
Quest Diagnostics works across
the healthcare ecosystem to create a healthier world, one life at a
time. We provide diagnostic insights from the results of our
laboratory testing to empower people, physicians and organizations
to take action to improve health outcomes. Derived from one of the
world's largest databases of de-identifiable clinical lab results,
Quest's diagnostic insights reveal new avenues to identify and
treat disease, inspire healthy behaviors and improve healthcare
management. Quest Diagnostics annually serves one in three adult
Americans and half the physicians and hospitals in the
United States, and our nearly
50,000 employees understand that, in the right hands and with the
right context, our diagnostic insights can inspire actions that
transform lives and create a healthier
world. www.QuestDiagnostics.com.
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SOURCE Quest Diagnostics