Philadelphia-based Jefferson Health is offloading select assets of its outreach laboratory services to Labcorp, but will continue to own and operate its existing hospital labs for outpatient and inpatient services.
The strategic partnership aims to expand the scope and productivity of specialty lab testing retained by Jefferson and further the academic and research missions of Thomas Jefferson University, Labcorp said in a May 3 news release.
"This strategic relationship enables Jefferson to leverage Labcorp's wide-range of laboratory services, which will help deliver improved outcomes for our patients and optimal service to providers," Jefferson CEO Joseph Cacchione, MD, said. "This collaboration is another example of our continued efforts to provide critical healthcare solutions that will better serve the community and advance Jefferson's academic and research missions."
Labcorp said in February it sees hospital lab acquisitions as an opportunity for growth, with more health systems looking to sell their lab businesses or sign management agreements.
The transaction is expected to close by mid-2023. Financial terms of the deal were not disclosed.