Labcorp and Quest Diagnostics are snapping up lab assets from several health systems. Here are seven deals that Becker's has reported in 2024:
1. Johnson City, Tenn.-based Ballad Health on Dec. 11 finalized the sale of select operating assets of its outreach laboratory services to Labcorp. Ballad Health will continue to operate its inpatient and emergency department laboratory, as well as lab services for hospital-based practices, such as oncology.
2 Quest Diagnostics on Sept. 16 completed the acquisition of certain laboratory assets from Minneapolis-based Allina Health. As part of the deal, Quest will provide laboratory services to Allina's clinic physicians and outreach provider clients across Minnesota and Wisconsin.
3. Cleveland-based University Hospitals signed a definitive agreement on Aug. 21 to sell some lab assets to Quest Diagnostics for improved efficiency and affordability of services. The deal is expected to close in December 2024.
4. OhioHealth, based in Columbus, signed an agreement on July 10 to sell certain assets of its outreach laboratory services business to Quest Diagnostics. The parties expect the transaction to close in the third quarter of the year, pending regulatory approval. OhioHealth will continue to own and operate its hospital labsand services for inpatient and hospital-based outpatient care, and anatomic pathology and oncology.
5. Labcorp on April 23 completed its acquisition of select assets of Renton, Wash.-based Providence's laboratory business operated by the system's California medical group, including ambulatory lab draw stations, ambulatory laboratory facility and other equipment.
6. Labcorp on April 22 completed its acquisition of Springfield, Mass.-based Baystate Health's outreach lab business and select operating assets, including laboratory service centers previously operated by Baystate Health throughout Massachusetts.The company has also established a regional laboratory in Baystate Health's facility in Holyoke, Mass., where Baystate continues to provide professional support anatomic pathology and select specialty testing at its existing laboratory.
7. Quest Diagnostics on Jan. 8 acquired select assets of Dallas-based Steward Health Care System's outreach laboratory services business serving patients and physicians in Pennsylvania and Ohio.