UnitedHealth Group's revenue cycle management arm, Optum, has struck a 10-year deal with lab giant Quest Diagnostics, reports Wall Street Journal.
Under terms of the contract, Optum will take over revenue cycle services for Quest, including billing health insurers and consumers, managing collections and processing payments. Optum will absorb 2,400 Quest employees who were formerly responsible for revenue cycle processes.
Quest expects the deal to improve its claims efficiency, processing speed and collection rates, according to the article.
In a related deal, Optum will use Quest exclusively for diagnostic testing and services on behalf of Optum's payer and employer clients, according to the article.
Financial terms of the transaction were not disclosed.