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Labcorp (NYSE: LH) has finalized a transaction to acquire assets from AtlantiCare's clinical outreach business, enhancing their collaboration to serve patients in Southern New Jersey. This move expands Labcorp's diagnostic capabilities and patient access through various service centers, including Labcorp at Walgreens. The partnership aims to improve health services and patient care, especially post-pandemic. Labcorp reported a revenue of $16 billion in FY2021, reinforcing its position in the healthcare market.
Positive
Acquisition expands Labcorp's diagnostic services in Southern New Jersey.
Increased access to Labcorp's expansive testing through AtlantiCare locations.
Strengthens strategic relationship with a major health provider.
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None.
Arrangement Expands Labcorp’s Services to Patients and Providers in Southern New Jersey
BURLINGTON, N.C., and EGG HARBOR TOWNSHIP, N.J.--(BUSINESS WIRE)--
Labcorp (NYSE: LH), a leading global life sciences company, and AtlantiCare, the largest health care organization in southern New Jersey, today announced that they have closed a transaction to expand their long-term strategic relationship. Labcorp will acquire select assets from AtlantiCare’s clinical outreach business, which serves the AtlantiCare Physician Group and Affiliated Physicians and their patients across southern New Jersey. The transaction is the latest in a series of new and expanded collaborations between Labcorp and health systems across the country, demonstrating the value that Labcorp brings to improve laboratory services and help enhance patient care.
“Labcorp is keenly focused on delivering value to our health system partners, physicians, and the broader community,” said Bill Haas, senior vice president of Labcorp’s Northeast Division. “Our multi-year, comprehensive relationship with AtlantiCare is a prime example of that focus. Through this enhanced outreach relationship, Labcorp is furthering its commitment to AtlantiCare’s patients and providers to improve health and improve lives in the region, including through increased diagnostic testing access.”
AtlantiCare’s patients will be able to access Labcorp’s expansive test menu and services through the company’s extensive network of patient service centers including Labcorp at Walgreens. Many of AtlantiCare’s physician office phlebotomy sites and outpatient collection services will now be operated by Labcorp.
“As a health system, we are committed to evolving the care and services we provide,” said Lori Herndon, MBA, BSN, RN, president and CEO of AtlantiCare. “Our past collaboration with Labcorp has helped us provide comprehensive testing services to meet the growing needs of our community. Most recently, this has included Labcorp’s ability to provide critical testing, collections, lab equipment and supplies throughout the pandemic. This collaboration will enhance the breadth and quality of laboratory services patients and healthcare providers have come to expect from both of our organizations.”
About Labcorp
Labcorp is a leading global life sciences company that provides vital information to help doctors, hospitals, pharmaceutical companies, researchers, and patients make clear and confident decisions. Through our unparalleled diagnostics and drug development capabilities, we provide insights and accelerate innovations to improve health and improve lives. With over 75,000 employees, we serve clients in more than 100 countries. Labcorp (NYSE: LH) reported revenue of $16 billion in FY2021. Learn more about us at www.Labcorp.com or follow us on LinkedIn and Twitter @Labcorp.
About AtlantiCare
AtlantiCare is an integrated health care system based in Egg Harbor Township, N.J., whose more than 6,000 staff, providers and volunteers serve the community across Atlantic, Burlington, Camden, Cape May and Ocean counties of southern New Jersey. Its vision of building health communities together drives its mission of making a difference in health and healing, one person at a time, through caring and trusting relationships.
