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Labcorp Establishes Comprehensive Laboratory Relationship With Ascension
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Rhea-AI Summary
Labcorp (NYSE: LH) has finalized a long-term laboratory partnership with Ascension, a major non-profit health system in the U.S. This strategic collaboration includes Labcorp acquiring select assets from Ascension's outreach laboratory business and managing its hospital-based laboratories across several states, including Alabama, Florida, and Texas. The partnership enhances community access to Labcorp's clinical services, including advanced diagnostics and at-home test collection.
Positive
Acquisition of Ascension's outreach laboratory assets, expanding Labcorp's operational footprint.
Enhanced access to advanced diagnostics and clinical services for communities served by Ascension.
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None.
BURLINGTON, N.C.--(BUSINESS WIRE)--
Labcorp (NYSE: LH), a leading global life sciences company, today announced the completion of transactions that establish a long-term laboratory relationship with Ascension, one of the leading non-profit and Catholic health systems in the United States.
“Today’s announcement marks the beginning of an exciting chapter for both organizations, and for the patients, communities and clinicians we serve,” said Dr. Brian Caveney, chief medical officer and president of Labcorp Diagnostics. “We welcome those Ascension associates who will join Labcorp as a part of this strategic collaboration and look forward to working together to provide a smooth transition for patients, clinicians and employees.”
As a part of the companies’ strategic collaboration, Labcorp purchased select assets of Ascension’s outreach laboratory business and will manage the health system’s hospital-based laboratories in Alabama, Florida, Kansas, Maryland, Michigan, New York, Oklahoma, Tennessee, Texas and Wisconsin. The new relationship expands access for communities served by Ascension to Labcorp’s clinical laboratory services, analytics and laboratory network to enhance efficiency and advance health care. The arrangement also provides patients and clinicians access to Labcorp’s scientific expertise, advanced diagnostics in areas such as oncology, neurology and women’s health, and at-home test collection services.
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.
What is Labcorp's recent announcement regarding Ascension?
Labcorp has completed a long-term laboratory partnership with Ascension, acquiring assets and managing laboratory services.
How will the Labcorp and Ascension partnership impact patients?
The partnership will improve access to Labcorp's clinical laboratory services and advanced diagnostics for patients in communities served by Ascension.
What states are involved in Labcorp's collaboration with Ascension?
Labcorp will manage hospital-based laboratories in Alabama, Florida, Kansas, Maryland, Michigan, New York, Oklahoma, Tennessee, Texas, and Wisconsin.
When was the partnership agreement between Labcorp and Ascension announced?
The definitive agreements for the partnership were announced on February 9, 2022.
What is Labcorp's stock symbol?
Labcorp's stock symbol is LH, and it is traded on the NYSE.
