Labcorp and Quest Diagnostics are snapping up lab businesses from health systems across the U.S. Here are seven deals Becker's has reported since March 20:
1. Quest Diagnostics acquired select assets of Dallas-based Steward Health Care System's outreach laboratory services business serving patients and physicians in Pennsylvania and Ohio for an undisclosed amount. Quest will also acquire assets from the lab business serving Hawthorn Medical Associates in Dartmouth, Mass., pending transfer of the lab license.
2. Portland, Ore.-based Legacy Health sold its outreach laboratory operations to Labcorp in a restructuring move aimed at improving the system's financial health.
3. Springfield, Mass.-based Baystate Health sold its laboratory assets to Labcorp for an undisclosed amount. Additionally, Labcorp will build a regional laboratory at Baystate's Holyoke, Mass.-based facility.
4. Philadelphia-based Jefferson Health on Aug. 14 sold its lab assets to Labcorp for $108 million. Jefferson continues to own and operate its existing hospital labs for outpatient and inpatient services.
5. New York City-based NewYork-Presbyterian sold its lab assets to Quest Diagnostics for $275 million. The assets acquired do not include the system's hospital-based labs.
6. Boston-based Tufts Medicine is selling its outreach laboratory business for an undisclosed amount to Labcorp as the first step to a broader partnership. Tufts is aiming for a partnership with Labcorp to expand diagnostics and provide a single-source option for patients and providers.
7. Quest Diagnostics acquired select assets of Northern Light Laboratory, the outreach lab services business of Brewer, Maine-based Northern Light Health. Quest now also provides professional lab management services for nine of Northern Light Health's hospital labs, along with its cancer center lab at Northern Light Cancer Care in Brewer.