Welcome to our dedicated page for Quest Diagnostics news (Ticker: DGX), a resource for investors and traders seeking the latest updates and insights on Quest Diagnostics stock.
Quest Diagnostics Inc. (NYSE: DGX) is a leading provider of diagnostic testing, information, and services in the United States, enabling people to make informed health decisions. The company provides diagnostic insights derived from the world’s largest database of clinical lab results, which aids in identifying and treating diseases, promoting healthy behaviors, and improving healthcare management.
Quest Diagnostics serves one in three adult Americans and half of the physicians and hospitals in the United States. Its workforce of nearly 50,000 employees is dedicated to transforming lives by providing actionable diagnostic insights. The company offers the broadest test menu available, with over 3,000 different tests, and has a strong focus on cancer diagnostics, anatomic pathology, and interpretive consultations through its medical and scientific staff of approximately 900 M.D.s and Ph.D.s.
In recent years, Quest Diagnostics has been at the forefront of innovation in diagnostic testing. The company has significantly invested in AI and digital pathology to enhance the accuracy and efficiency of cancer diagnoses. A notable collaboration with PathAI aims to accelerate the adoption of digital and AI pathology technologies, thereby improving the quality, speed, and efficiency of diagnosing cancer and other diseases. This partnership includes the acquisition of PathAI Diagnostics’ state-of-the-art digitized laboratory in Memphis, Tennessee, which will serve as Quest’s AI and digital R&D and solutions center.
Financially, Quest Diagnostics has shown robust performance, with annual revenues reaching $7.4 billion in 2014. The company continues to strengthen its market presence through strategic acquisitions and partnerships, expanding its services and enhancing its capabilities in specialized pathology services. The integration of digital and AI technologies across its operations has improved quality, efficiency, and customer satisfaction, positioning Quest Diagnostics as a leader in the diagnostic services industry.
Quest Diagnostics' extensive clinical testing network includes roughly 2,300 patient service centers, numerous doctors' offices, and hospitals nationwide. The company also provides clinical trials testing, risk assessment services, and information technology solutions through its diagnostic solutions segment.
By leveraging its comprehensive diagnostic insights, Quest Diagnostics aims to empower individuals and healthcare providers to make informed decisions that lead to better health outcomes, ultimately contributing to a healthier world.
Quest Diagnostics (NYSE: DGX) has completed its acquisition of select laboratory assets from OhioHealth, a not-for-profit integrated health system. The transaction aims to expand access to cost-effective and innovative laboratory services in Ohio. While financial terms were not disclosed, the acquisition is expected to benefit providers and patients through:
1. Access to Quest's extensive test menu
2. Expanded network of patient service sites
3. Broad health plan coverage
4. Lower out-of-pocket costs for many services
Quest's laboratory in Pittsburgh, Pennsylvania will handle most of the outreach testing previously done by OhioHealth. OhioHealth will continue to operate its hospital labs for inpatient and hospital-based outpatient care, as well as anatomic pathology and oncology services.
Branda Burke shares her journey with Quest Diagnostics, highlighting how a chance encounter at her coffee shop job led to a career opportunity. She applied for a driver position, doubling her salary and gaining access to benefits. Despite being a high school dropout with a GED, Branda utilized Quest's Employee Education Assistance program to earn an Associate Degree in Arts in Information Technology with honors.
Branda praises her supervisor's leadership and the company's supportive environment. Her role involves covering routes in East Texas and North Louisiana, interacting with clients, and assisting with office tasks. She emphasizes the importance of both client interactions and behind-the-scenes work in specimen pack-out and supply management.
Quest Diagnostics recently hosted an event at its Secaucus headquarters featuring Stephen Ritz, founder of Green Bronx Machine (GBM). GBM aims to advance health equity in under-resourced communities by growing vegetables in schools. Quest supports this initiative through its Quest for Health Equity (Q4HE) program.
The Quest Diagnostics Foundation has provided grants to help GBM expand to schools in Colorado, Ohio, New York, Baltimore, and Houston. Quest also unveiled its own Tower Garden in the Secaucus lobby, with produce to be donated to Oasis, a nonprofit in Paterson, NJ.
Jim Davis, Chairman, CEO & President of Quest Diagnostics, emphasized the alignment between GBM's mission and Quest's purpose of creating a healthier world. The event included a preview of Ritz's documentary, 'Generation Growth,' showcasing the impact of nutrition education and access to healthy food on community health.
Quest Diagnostics expanded access and affordability of diagnostic services in 2023 through enhanced financial assistance and innovative testing solutions. Key initiatives include:
- Updating the Patient Financial Assistance (PFA) program enrollment process and capping maximum payments for lower-income patients
- Expanding a supplemental PFA program for high-cost testing in genetics and oncology
- Collaborating with the CDC, Sarepta Therapeutics, and other organizations to improve public health strategies and testing capabilities
- Launching a Women and CVD Risk Assessment campaign to address cardiovascular disease risks in women
- Increasing consumer-initiated testing options and registered users on questhealth.com
- Expanding Quest Mobile in-home testing services
These efforts resulted in a 25% increase in patients accessing financial assistance services and improved access to diagnostic insights for various populations.
Quest Diagnostics has enhanced patient-centered care in 2023 through streamlined services, innovative testing, and a commitment to health equity. Key improvements include:
- New training programs for Patient Service Representatives (PSRs) focusing on experience, hospitality, and accessibility
- Streamlined check-in process with self-serve kiosks offering wait-time estimates and multiple language options
- Updated ordering and scheduling systems to capture gender identity
- Expanded testing offerings including the Apolipoprotein (ApoE) Isoform Test for Alzheimer's risk assessment, Minimal Residual Disease (MRD) testing for cancer detection, and a Novel Psychoactive Substances Panel (NPS) for detecting synthetic drugs
- Acquisition of Haystack Oncology to enhance MRD testing capabilities
These initiatives aim to improve patient experience, accessibility, and diagnostic accuracy across Quest's services.
Quest Diagnostics' Quest for Health Equity (Q4HE) team led a summer internship program in partnership with the American Heart Association's (AHA) Historically Black Colleges and Universities (HBCU) and Hispanic Serving Institutions (HSI) Scholars programs. The program provided hands-on work experience for students in medical, marketing, and lab operations, along with mentoring and networking opportunities.
The initiative supports Quest's commitment to promoting a diverse and inclusive workforce and broadening the healthcare career pipeline. Interns worked on various projects, including updating SharePoint sites, designing event banners, and contributing to lab operations. They gained exposure to different aspects of Quest's operations, from no-cost testing donations to grant funding processes.
The press release highlights the experiences of five interns, their accomplishments, mentors, and future aspirations in healthcare and STEM fields. This program demonstrates Quest's efforts in nurturing future leaders and promoting health equity.
Quest Diagnostics has enhanced its Corporate Giving Program in 2023, demonstrating a strong commitment to community impact. The company reported over $16 million in contributions through corporate giving and Quest for Health Equity grants. Additionally, Quest provided more than 950,000 donated or discounted test requisitions, valued at over $18 million.
Employee engagement was a key focus, with Quest employees volunteering over 30,000 hours and donating more than $300,000 to hundreds of nonprofits. The company's fourth annual Season of Giving campaign saw Quest double-matching donations to eligible organizations, resulting in over $200,000 collectively donated. Quest also supported various community initiatives, including the largest corporate team at the New York City Juneteenth 5K Run/Walk/Roll.
Quest Diagnostics (NYSE: DGX) has announced it will release its third quarter 2024 financial results on Tuesday, October 22, 2024, before the market opens. The company will host a conference call at 8:30 a.m. Eastern Time to discuss the results. Interested parties can access the call by dialing 888-455-0391 (U.S. and Canada) or 773-756-0467 (international) using the passcode "7895081". A live webcast and earnings release will be available on the company's investor relations website.
A replay of the call will be accessible online or by phone until November 5, 2024. Quest Diagnostics encourages listeners to review its periodic reports filed with the SEC, which include discussions of risk factors and historical financial information.
Quest Diagnostics has relaunched its HealthyQuest program in 2023 to provide holistic support for employee well-being. The company introduced new initiatives and enhanced existing ones based on a comprehensive benefits survey. Key improvements include:
1. Fertility and family-building benefits offering up to $10,000 in lifetime benefits for treatments.
2. Salary-tiered medical plan contributions to make healthcare more affordable for lower-earning employees.
3. An Employee Relief Fund that raised over $200,000 by the end of 2023.
4. Financial wellness tools including free personal financial coaching through FinFit.
The HealthyQuest program focuses on culture, prevention, and programs. Notable achievements include a 79% participation rate in the Blueprint for Wellness screening among those enrolled in Quest-sponsored medical plans, and 21% of eligible employees utilizing mental health support services through Spring Health.
Quest Diagnostics (NYSE: DGX) and Sentara Health Plans have announced a multi-year strategic collaboration to expand access to laboratory testing for Sentara Health Plans members in Florida and Virginia. Starting January 1, 2025, Quest will become the exclusive independent national laboratory provider for Sentara Health Plans, including commercial and government programs. The collaboration aims to:
1. Extend Quest's patient service center network
2. Educate members and providers on redirecting testing to Quest from higher-cost, out-of-network providers
3. Improve access to high-quality, affordable, and comprehensive laboratory services
This partnership aligns with both companies' goals of delivering quality and affordable care while reducing healthcare costs.
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