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Praia Health Secures Strategic Investment from Labcorp Venture Fund, Announces New Collaboration to Streamline Patient Lab Ordering Experience

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Praia Health has secured a strategic investment from Labcorp Venture Fund and announced a collaboration to enhance patient lab ordering experiences. The partnership will integrate Praia Health's technology with Labcorp's testing capabilities to streamline lab testing processes. Praia's platform will provide personalized notifications within health systems' mobile apps, allowing patients to easily schedule lab tests and locate appropriate Labcorp facilities. The collaboration will initially launch at Providence's Puget Sound location, with plans to expand to other healthcare systems nationwide.

Praia Health ha ottenuto un investimento strategico dal Labcorp Venture Fund e ha annunciato una collaborazione per migliorare l'esperienza di ordinazione dei test di laboratorio per i pazienti. Il partenariato integrerà la tecnologia di Praia Health con le capacità di test di Labcorp per semplificare i processi di test di laboratorio. La piattaforma di Praia fornirà notifiche personalizzate all'interno delle app mobili dei sistemi sanitari, consentendo ai pazienti di pianificare facilmente i test di laboratorio e trovare le strutture Labcorp appropriate. La collaborazione sarà inizialmente lanciata nella sede di Puget Sound di Providence, con piani di espansione ad altri sistemi sanitari a livello nazionale.

Praia Health ha asegurado una inversión estratégica del Labcorp Venture Fund y ha anunciado una colaboración para mejorar la experiencia de ordenación de pruebas de laboratorio de los pacientes. La asociación integrará la tecnología de Praia Health con las capacidades de prueba de Labcorp para agilizar los procesos de prueba de laboratorio. La plataforma de Praia proporcionará notificaciones personalizadas dentro de las aplicaciones móviles de los sistemas de salud, permitiendo a los pacientes programar fácilmente pruebas de laboratorio y localizar las instalaciones adecuadas de Labcorp. La colaboración se lanzará inicialmente en la ubicación de Puget Sound de Providence, con planes de expandirse a otros sistemas de salud a nivel nacional.

Praia Health는 Labcorp Venture Fund로부터 전략적 투자를 확보하고 환자 실험실 주문 경험을 향상시키기 위한 협력을 발표했습니다. 이 파트너십은 Praia Health의 기술과 Labcorp의 테스트 기능을 통합하여 실험실 테스트 프로세스를 간소화합니다. Praia의 플랫폼은 건강 시스템의 모바일 앱 내에서 개인화된 알림을 제공하여 환자가 쉽게 실험실 테스트를 예약하고 적절한 Labcorp 시설을 찾을 수 있게 합니다. 이 협력은 초기에는 Providence의 Puget Sound 위치에서 시작되며, 전국의 다른 의료 시스템으로 확장할 계획입니다.

Praia Health a sécurisé un investissement stratégique du Labcorp Venture Fund et a annoncé une collaboration pour améliorer l'expérience de commande de tests de laboratoire pour les patients. Ce partenariat intégrera la technologie de Praia Health avec les capacités de test de Labcorp afin de rationaliser les processus de tests de laboratoire. La plateforme de Praia fournira des notifications personnalisées au sein des applications mobiles des systèmes de santé, permettant aux patients de planifier facilement des tests de laboratoire et de localiser les installations Labcorp appropriées. La collaboration sera initialement lancée à Providence, dans la région de Puget Sound, avec des plans d'expansion vers d'autres systèmes de santé à l'échelle nationale.

Praia Health hat eine strategische Investition vom Labcorp Venture Fund gesichert und eine Zusammenarbeit angekündigt, um die Erfahrung der Patienten bei der Auftragserteilung von Labortests zu verbessern. Die Partnerschaft wird die Technologie von Praia Health mit den Testmöglichkeiten von Labcorp integrieren, um die labortechnischen Abläufe zu optimieren. Die Plattform von Praia wird personalisierte Benachrichtigungen innerhalb der mobilen Apps von Gesundheitssystemen bereitstellen, sodass Patienten Labortests einfach planen und die entsprechenden Labcorp-Einrichtungen finden können. Die Zusammenarbeit wird zunächst am Standort Puget Sound von Providence beginnen, mit Plänen zur Expansion in andere Gesundheitssysteme landesweit.

Positive
  • Strategic investment received from Labcorp Venture Fund
  • Partnership with major laboratory services provider Labcorp
  • Initial deployment at Providence, one of the largest US health systems
  • Planned expansion to additional hospitals and health systems nationwide
Negative
  • None.

Insights

The strategic investment and collaboration between Labcorp and Praia Health represents a modest but strategic move in healthcare tech integration. Praia's platform for streamlining lab orders through mobile applications addresses a clear market need, potentially reducing operational costs and improving patient satisfaction. While the financial terms weren't disclosed, the partnership with Providence as the initial launch partner provides a significant validation of the technology. The scalability potential across other health systems could create a meaningful revenue stream for Labcorp's diagnostic business.

The integration should help Labcorp optimize facility utilization and capture market share through improved patient routing and scheduling efficiency. However, the immediate financial impact on Labcorp's $19B market cap is likely to be minimal in the short term, with benefits materializing gradually as the platform expands to additional health systems.

Collaboration to leverage Praia Health’s technology and Labcorp’s comprehensive testing capabilities to streamline and personalize patient experience

CHICAGO & BURLINGTON, N.C.--(BUSINESS WIRE)-- Praia Health, the consumer experience orchestration platform for health systems, is pleased to announce it has secured a strategic investment from the Labcorp Venture Fund and will collaborate with Labcorp, a global leader of innovative and comprehensive laboratory services, to streamline and personalize the patient experience for lab orders and testing within select health systems.

“Our collaboration with Labcorp represents a significant step forward in delivering personalized and seamless healthcare experiences,” said Justin Dearborn, CEO at Praia Health. “We are thrilled to work together to bring these benefits to patients nationwide.”

Praia Health’s platform identifies patients with lab orders and provides tailored notifications and cards within a health system’s mobile application or logged-in web experience. Patients can easily schedule lab tests ordered by their physicians and find the closest appropriate Labcorp facility, ensuring their specific testing and lab requirements are met, including service availability, operating hours and staffing.

“This collaboration aligns with our commitment to provide physicians and patients with expanded access to high-quality, comprehensive and convenient lab services,” said Bryan Vaughn, Labcorp’s SVP, Health and Hospital Systems and Mid-America Division. “We look forward to what the future holds as we leverage Praia Health’s innovative technology to enhance the patient experience.”

The collaboration will initially launch at Providence, one of the nation’s largest and most innovative health systems, at their Puget Sound location.

“By simplifying the process for lab orders and testing, we are making healthcare more accessible and convenient for our patients. This initiative represents a significant advancement in enhancing the overall patient experience,” said Andy Chu, Providence’s SVP of Product and Technology Incubation.

Labcorp and Praia Health anticipate expanding access to other hospitals and health systems across the country. To learn more about these capabilities, contact Praia Health at Contact (praiahealth.com) or Labcorp at https://insights.labcorp.com/HealthSystemsContactUs.

About Praia Health

Incubated at Providence, one of the nation’s largest and most innovative health systems, Praia Health™ is an experience orchestration platform for health systems that is revolutionizing the delivery of individualized health solutions at scale. In April 2024, Praia announced the closing of a $20 million oversubscribed Series A financing round led by Frist Cressey Ventures and backed by SignalFire, Epsilon Health Investors, Providence Ventures and Labcorp. For more information about Praia Health, visit praiahealth.com and follow them on LinkedIn.

About Labcorp

Labcorp (NYSE: LH) is a global leader of innovative and comprehensive laboratory services that helps doctors, hospitals, pharmaceutical companies, researchers and patients make clear and confident decisions. We provide insights and advance science to improve health and improve lives through our unparalleled diagnostics and drug development laboratory capabilities. The company's more than 67,000 employees serve clients in approximately 100 countries, provided support for 84% of the new drugs and therapeutic products approved in 2023 by the FDA and performed more than 600 million tests for patients around the world. Learn more about us at www.labcorp.com.

Media Contact:

Jared Johnson, Chief Marketing Officer, Praia Health

jared@praiahealth.com

972-561-0025

Source: Praia Health

FAQ

What is the new collaboration between Praia Health and Labcorp (LH)?

Praia Health and Labcorp are collaborating to streamline and personalize the patient experience for lab orders and testing within select health systems, integrating Praia's technology platform with Labcorp's testing capabilities.

Where will the Praia Health and Labcorp (LH) collaboration first launch?

The collaboration will initially launch at Providence's Puget Sound location, with plans to expand to other hospitals and health systems across the country.

What features does Praia Health's platform offer for Labcorp (LH) testing?

Praia Health's platform provides tailored notifications within health systems' mobile apps, enables lab test scheduling, and helps patients find the nearest appropriate Labcorp facility based on specific testing requirements, operating hours, and staffing.

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