Quest Diagnostics Completes Acquisition of Lab Assets from OhioHealth

Rhea-AI Summary

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.

Positive

• Expansion of Quest Diagnostics' service offerings in Ohio
• Potential for increased revenue through broader patient access
• Opportunity to leverage Quest's extensive test menu and network

Negative

• None.

Goal to broaden access to cost-effective and innovative laboratory services in Ohio

SECAUCUS, N.J., Oct. 14, 2024 /PRNewswire/ -- Quest Diagnostics (NYSE: DGX), a leader in diagnostic information services, today announced that it has completed its previously announced acquisition of select laboratory assets from OhioHealth, a nationally recognized not-for-profit, charitable, integrated health system. Financial terms of the transaction were not disclosed.

The goal of the transaction is to broaden access to cost-effective and innovative laboratory services in Ohio. Providers and patients will benefit from access to Quest's industry-leading test menu, network of patient service sites, broad health plan coverage, and lower out-of-pocket costs for many services.

Quest's full-service laboratory in Pittsburgh, Pennsylvania will provide most of the outreach testing previously performed by OhioHealth. OhioHealth will continue to own and operate its network of hospital labs for inpatient and hospital-based outpatient care as well as anatomic pathology and oncology services.

Quest provides a complete portfolio of services to empower health systems and hospitals to improve the quality, innovation and insights of their diagnostic laboratory services, elevate the patient experience and lower costs for more accessible and affordable care. For more information, visit: Hospitals & health systems | Quest Diagnostics.

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

FAQ

What laboratory assets did Quest Diagnostics acquire from OhioHealth?

Quest Diagnostics acquired select laboratory assets from OhioHealth, but specific details of the assets were not disclosed in the press release.

How will the acquisition affect OhioHealth's existing laboratory services?

OhioHealth will continue to own and operate its network of hospital labs for inpatient and hospital-based outpatient care, as well as anatomic pathology and oncology services.

Where will Quest Diagnostics perform the outreach testing previously done by OhioHealth?

Most of the outreach testing previously performed by OhioHealth will be handled by Quest's full-service laboratory in Pittsburgh, Pennsylvania.

What benefits does Quest Diagnostics expect for providers and patients from this acquisition?

Providers and patients are expected to benefit from access to Quest's industry-leading test menu, network of patient service sites, broad health plan coverage, and lower out-of-pocket costs for many services.