Transaction to broaden access to innovative,
quality diagnostic information services powering affordable
care in Ohio
SECAUCUS, N.J., and CLEVELAND, Aug. 21,
2024 /PRNewswire/ -- Quest Diagnostics (NYSE: DGX), a
leading provider of diagnostic information services, and University
Hospitals, one of the nation's leading nonprofit health systems and
academic medical centers, today announced a definitive agreement
for Quest to acquire select assets of University Hospitals'
outreach laboratory services business.
The transaction will broaden access in Ohio to Quest's industry-leading and
innovative test menu, network of convenient patient access sites
and broad health plan coverage.
"Laboratory testing is a critical and increasingly complex area
of healthcare and Quest is a trusted name in laboratory services
known for high quality and innovation," said Cliff A. Megerian, MD, FACS, Chief Executive
Officer, University Hospitals; Jane and
Henry Meyer Chief Executive Officer Distinguished Chair. "We
look forward to a collaboration with Quest that will maintain
streamlined and efficient operations, quality and breadth of menu
while enhancing access for our patients."
"Top health systems like University Hospitals are transitioning
their laboratory services to Quest in order to improve operating
efficiency and ensure continued access to affordable care," said
Jim Davis, Chairman, CEO and
President, Quest Diagnostics. "Our specialization and scale empower
us to optimize lab services for quality, innovation and
affordability, enabling health systems to dedicate more resources
to clinical patient care. We look forward to extending our presence
in the many communities in Ohio
that can benefit from our expertise."
The parties expect to complete the transaction in the fourth
quarter of 2024, assuming customary regulatory reviews. Financial
terms were not disclosed.
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.
About University Hospitals / Cleveland, Ohio
Founded in 1866, University Hospitals serves the needs of patients
through an integrated network of more than 20 hospitals (including
five joint ventures), more than 50 health centers and outpatient
facilities, and over 200 physician offices in 16 counties
throughout northern Ohio. The system's flagship quaternary
care, academic medical center, University Hospitals Cleveland
Medical Center, is affiliated with Case
Western Reserve University School of Medicine, Northeast
Ohio Medical University, Oxford
University, Taiwain University and the Technion Israel
Institute of Technology. The main campus also includes the UH
Rainbow Babies & Children's Hospital, ranked among the top
children's hospitals in the nation; UH MacDonald Women's Hospital,
Ohio's only hospital for women;
and UH Seidman Cancer Center, part of the NCI-designated Case
Comprehensive Cancer Center. UH is home to some of the most
prestigious clinical and research programs in the nation, with more
than 3,000 active clinical trials and research studies underway. UH
Cleveland Medical Center is perennially among the highest
performers in national ranking surveys, including "America's Best
Hospitals" from U.S. News & World Report. UH is also home to 19
Clinical Care Delivery and Research Institutes. UH is one of
the largest employers in Northeast
Ohio with more than 30,000 employees. Follow UH on LinkedIn,
Facebook and Twitter. For more information,
visit UHhospitals.org.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/quest-diagnostics-to-acquire-university-hospitals-outreach-laboratory-services-business-302227468.html
SOURCE Quest Diagnostics